what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
Yeah, the problem with this is that you started in the wrong order.
You should really think more what you;re trying to achieve, with the steps in a different order
- Chose your place to
buy bitcoin?
- Understand how
transactions from and to exchange work?
- Understand bitcoin transactions take and w
hat fees should you pay to get a fast confirmation
Once you're past that, if you want to exploit this hypothetical few hours period in which the price skyrocket you have to choose one path
- One I don't recommend at all, and you shouldn't do it in my opinion, like keeping your coins on an exchange with a sell order active, the moment the price hits 30k the order is executed.
- Keep your coins in your wallet, set an alarm on your smartphone, the moment it triggers you deposit your coins by paying a fee that guarantees you a first block confirmation, you sell and get your money back.
With the first, you can sleep tight because you don't need alarms, but there is always the possibility of losing all your money if the exchange is hacked or goes bust, with the second, you won't sleep if you think you might miss the moment, but at least nobody can touch your coins.
That would take time to transfer it from your hardware wallet to exchanges, an hour/s, or even days sometimes depending on the network traffic.
Really? If he pays a 1000sat/b fee, will it still take days?
If you're about to make 20k profit at least, would you cheap on for a 5-10$ fee?