Need help sending BTC

[sumguy2017]

I don't use BTC much. So I forget how it works? I use Electrum.

I want to send someone $50.00.

Under my Electrum account History it shows my last purchase and to the far right I see a balance of 0.00527672.

0.00527672 Bitcoin equals $38.50 United States Dollar according to the Internet.

$50 equals 0.0069 Bitcoin

$50.00 - 38.50 = $11.50. So I need $11.50 worth of BTC. $11.50 equals 0.0016 Bitcoin.

So if I buy $11.50 or 0.0016 Bitcoin. And I send it to my Electrum wallet. Will the $11.50 or 0.0016 Bitcoin be added automatically to my balance? I presume it would be.

So are my numbers above correct? I know there are certain fees that get deducted from the money you receive or send.

So how much BTC do I need to buy and be safe I have enough after fee deductions?

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

Any suggestions appreciated. Thanks, Bill

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[NeuroticFish]

I'll try to help, but please double check my math and the logic too, just to be sure.

So are my numbers above correct? I know there are certain fees that get deducted from the money you receive or send.

So how much BTC do I need to buy and be safe I have enough after fee deductions?

You should calculate some extra for the price fluctuations. They can be even 7-8% .. in both directions.
The transfer usually costs under 10 cents when you send from your own wallet (if you don't have too many inputs), but there's also the fee you pay to transfer from exchange to your wallet, which is usually bigger and it depends on each and every exchange.
Then you have to keep in mind that there are "live" exchanges where you buy at around the "internet price" (and there too buy and sell prices are different, while the internet price is a median), but some others will also add their own commission over that.

What I want to say is that you should compute in Bitcoin.
You need some 0.0069BTC + ~4% (half of 7-8%) = 0.0072BTC; the sending fee is negligible; the exchange withdrawal fee let's say 0.0005BTC (I used Bitstamp's, but I hope you can find a cheaper option)
Total = 0.0077BTC
Since you have 0.00527672BTC, you may still need to buy 0.00242328BTC.

By doing this you may buy a bit more than you need, but you should not get into situation you didn't buy enough. However, you've got the idea and you may play with the extra % and the exchange withdrawal fees, just try to compute your needs in Bitcoin..

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

Here i cannot help. For such a small amount it may not worth it to use live exchanges (like Coinbase, Bitstamp, ...) because of the bigger withdrawal fees and I've used only such exchanges.

[CypherMonk]

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

You may checkout localbitcoin, you can buy any amount since they got different offers at varying price.

here is the link: https://localbitcoins.com/

[keyscore44]

@NeuroticFish already said quite detailed how you should count it to buy enough to cover $50 amount.

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

Any suggestions appreciated. Thanks, Bill

If you don't want register and verify on exchanges like Coinbase, you can try to look for Bitcoin ATM in your zone. You can use for it for example this website: https://coinatmradar.com/

How to use Bitcoin ATM depends from its model, so if you have any in your range, check model and look for manual in internet.

[sumguy2017]

I'll try to help, but please double check my math and the logic too, just to be sure.

So are my numbers above correct? I know there are certain fees that get deducted from the money you receive or send.

So how much BTC do I need to buy and be safe I have enough after fee deductions?

You should calculate some extra for the price fluctuations. They can be even 7-8% .. in both directions.
The transfer usually costs under 10 cents when you send from your own wallet (if you don't have too many inputs), but there's also the fee you pay to transfer from exchange to your wallet, which is usually bigger and it depends on each and every exchange.
Then you have to keep in mind that there are "live" exchanges where you buy at around the "internet price" (and there too buy and sell prices are different, while the internet price is a median), but some others will also add their own commission over that.

What I want to say is that you should compute in Bitcoin.
You need some 0.0069BTC + ~4% (half of 7-8%) = 0.0072BTC; the sending fee is negligible; the exchange withdrawal fee let's say 0.0005BTC (I used Bitstamp's, but I hope you can find a cheaper option)
Total = 0.0077BTC
Since you have 0.00527672BTC, you may still need to buy 0.00242328BTC.

By doing this you may buy a bit more than you need, but you should not get into situation you didn't buy enough. However, you've got the idea and you may play with the extra % and the exchange withdrawal fees, just try to compute your needs in Bitcoin..

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

Here i cannot help. For such a small amount it may not worth it to use live exchanges (like Coinbase, Bitstamp, ...) because of the bigger withdrawal fees and I've used only such exchanges.

R. Okay thanks, appreciate the input. It's 4:20am here and I need to sleep. I'm just guessing if I only need $11.50, maybe I should just purchase $20 worth of BTC somewhere.

[NeuroticFish]

It's 4:20am here and I need to sleep. I'm just guessing if I only need $11.50, maybe I should just purchase $20 worth of BTC somewhere.

Then get some sleep. Working with money when you're so tired leads to mistakes.

[sumguy2017]

@NeuroticFish already said quite detailed how you should count it to buy enough to cover $50 amount.

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

Any suggestions appreciated. Thanks, Bill

If you don't want register and verify on exchanges like Coinbase, you can try to look for Bitcoin ATM in your zone. You can use for it for example this website: https://coinatmradar.com/

How to use Bitcoin ATM depends from its model, so if you have any in your range, check model and look for manual in internet.

R. Thanks appreciate it I will look at those sites tomorrow. Its 4:28am here, need to sleep. Thanks.

[keyscore44]

…  I'm just guessing if I only need $11.50, maybe I should just purchase $20 worth of BTC somewhere.

R. Thanks appreciate it I will look at those sites tomorrow. Its 4:28am here, need to sleep. Thanks.

Sure, if you don't have very limited time, then you better rest.
I also think that buying more BTC with such small amounts will be a better option. If something will left, treat it as a forgotten investment. In a few years, this small amount can turn into a big surprise

[Kupid002]

R. Okay thanks, appreciate the input. It's 4:20am here and I need to sleep. I'm just guessing if I only need $11.50, maybe I should just purchase $20 worth of BTC somewhere.

yes, its better to buy morethan what you need to because of the transaction fees for every time you want to transfer it to other wallet. Considered also that the price might change the time you buy that bitcoin and the time you want to transfer it.

[sumguy2017]

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

You may checkout localbitcoin, you can buy any amount since they got different offers at varying price.

here is the link: https://localbitcoins.com/

R. Tried localbitcoins but got nothing in the US for $18 ? Do I have to register to get a BTC quote?

[joniboini]

R. Tried localbitcoins but got nothing in the US for $18 ? Do I have to register to get a BTC quote?

Maybe nobody sells as low as that. Most seller has at least $50 or $100 iirc. Try other websites such as Coinplaza or buy more. You can save the rest of your Bitcoins, consider it as an investment.

[Juggy777]

I don't use BTC much. So I forget how it works? I use Electrum.

I want to send someone $50.00.

Under my Electrum account History it shows my last purchase and to the far right I see a balance of 0.00527672.

0.00527672 Bitcoin equals $38.50 United States Dollar according to the Internet.

$50 equals 0.0069 Bitcoin

$50.00 - 38.50 = $11.50. So I need $11.50 worth of BTC. $11.50 equals 0.0016 Bitcoin.

So if I buy $11.50 or 0.0016 Bitcoin. And I send it to my Electrum wallet. Will the $11.50 or 0.0016 Bitcoin be added automatically to my balance? I presume it would be.

So are my numbers above correct? I know there are certain fees that get deducted from the money you receive or send.

So how much BTC do I need to buy and be safe I have enough after fee deductions?

And where is the best place to buy BTC? I live in Florida. Coin Mama doesn't service Florida last time I checked?

Any suggestions appreciated. Thanks, Bill

@sumguy2017 since you’re using Electrum wallet after a long time, then I would suggest you to update it first to the latest version by going to their official website. Then you can open up preev.com and see latest bitcoins rates, and at current rates you need to send 0.006752 worth of bitcoins. Now to complete this transaction make sure you have confirmed the receivers address is correct, I would suggest you to do it manually and then hit the send button. At this stage it’ll show you the number of fees required for this transaction to go through, if you have the required fees transaction shall go through but if you don’t have the required fees then make sure you buy some more funds and then try again.

[Shakreen]

if you have a credit card ....
binance exchenger can already use credit card deposits.
You can find out how on Google ...
and if you make a purchase and delivery through binance there is a shipping fee for btc between 00005 finance bills equivalent to 3.6 $ so you should devote about 15.1 $ to buy and send your btc (11.50 3.6 = 15, 1 $) ..... hope that helps thank you 

[sumguy2017]

So my new question is when buying BTC and they ask for your wallet address?

I use Electrum and there are two places to get the wallet address. One is under the "receiving address". And the 2nd is under "addresses" where there are many wallet addresses listed.

I noticed the "receiving address" is also listed under the "addresses". I presume I can use any of these addresses to have BTC sent to my wallet. Is this correct? I just want to confirm I am doing the right thing?

Thanks.

[sumguy2017]

I used one of my wallet addresses to receive the BTC. Bought $339.00 worth of BTC from Xcoins. They charge 5% of the order total. Which was $16.95 in this case. Is this a normal charge to buy BTC? Or are there cheaper alternatives?

[sunsilk]

I noticed the "receiving address" is also listed under the "addresses". I presume I can use any of these addresses to have BTC sent to my wallet. Is this correct? I just want to confirm I am doing the right thing?

Thanks.

Right, as long as it's under that address and it's showing on your wallet. You own it.

You have logged in through your seed and every bitcoin wallet address that generates on that wallet can be used as your receiving address, new or old, used or not. You are making it sure correctly.

[sheenshane]

I used one of my wallet addresses to receive the BTC. Bought $339.00 worth of BTC from Xcoins. They charge 5% of the order total. Which was $16.95 in this case. Is this a normal charge to buy BTC? Or are there cheaper alternatives?

Just to make it sure you're using a reliable wallet that safe and you own the private key and password. If you want a free hardware wallet just download the Electrum wallet(https://electrum.org/#download), it is considered safe at this time. Or Trezor and Ledger Nano S. if you want to purchase your own wallet.

Back to your question, that is a normal charge fee because usually, this fee can vary between exchanges from  1% to 5% fee. You can always check the FAQ for looking first at the fees. And the exchange you've used is a lending platform and probably that is the reason they have high fees. Have you tried Coinbase? -- it's has low fees of 3.99% compared to others buying bitcoin using bank account or credit card.

Maybe these links might help you.
Buy Bitcoin with Credit & Debit Card
Buy Bitcoin with your Bank Account

[whyrqa]

I noticed the "receiving address" is also listed under the "addresses". I presume I can use any of these addresses to have BTC sent to my wallet. Is this correct? I just want to confirm I am doing the right thing?

Thanks.

Right, as long as it's under that address and it's showing on your wallet. You own it.

You have logged in through your seed and every bitcoin wallet address that generates on that wallet can be used as your receiving address, new or old, used or not. You are making it sure correctly.

Perhaps the problem may be similar to what I met earlier.  The fact is that I used a coinomi wallet to receive Bitcoin, and when I indicated one Bitcoin address to the sender and expected to receive funds, a completely different recipient address was formed in the wallet.  Of course, I started to worry, but as it turned out, the wallet generates different bitcoin addresses, but regardless of this, the funds come to the same wallet.

[keyscore44]

I used one of my wallet addresses to receive the BTC. Bought $339.00 worth of BTC from Xcoins. They charge 5% of the order total. Which was $16.95 in this case. Is this a normal charge to buy BTC? Or are there cheaper alternatives?

It's a huge commission, but it probably came from the fact that you paid directly with a credit or debit card..?

Commissions are normally lower, here you have information from Coinbase:

Buy/Sell Transactions

Coinbase charges a Spread of about one-half of one percent (0.50%) for Digital Currency Purchases and Digital Currency Sales. However, the actual Spread may be higher or lower due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes.

We also charge a Coinbase Fee (in addition to the Spread), which is the greater of (a) a flat fee or (b) a variable percentage fee determined by region, product feature and payment type. The flat fees are set forth below:

If the total transaction amount is less than or equal to $10, the fee is $0.99.
If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49.
If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99.
If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99.

For example, if you are in the United States and wish to purchase $100 of bitcoin and pay with a U.S. bank account or your USD Wallet, the flat fee would be calculated as $2.99. As noted below in the variable fee section, the variable percentage fee would be 1.49% of the total transaction, or $1.49. Since the flat fee is greater than 1.49% of the total transaction, your fee would $2.99. If you wanted to purchase bitcoin with a credit or debit card, we would charge a fee of 3.99% since the variable percentage fee is higher than the flat fee.

Variable percentage fee structure by location and payment method are shown in the last section below. These fees do not apply to Digital Currency Conversions. As a reminder, the Coinbase Fee will always be the greater of the minimum flat fees described above or the variable fees described below.