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Author Topic: Network fee is killing my small profit  (Read 527 times)
Kez1817
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August 01, 2020, 08:22:31 AM
 #21

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.
You know we have nothing to do about the fees because if the value of bitcoin increasing the transaction fees are also increasing. So,i think the only solution is to sell for a little bit higher so that you can save even a small profit then if you are going to cash out if ever much better to wait another deep so that the fees is a little bit smaller.

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August 01, 2020, 10:29:18 AM
 #22

The only solution (not solution really) to this very high network fees is to just increase your total capital since you said that you are buying and selling Bitcoins.

Right now there is nothing we can do about it. I have some funds in an gambling site too and right now the withdrawal fees there is very high that I can't tolerate it unless I will withdraw once a month or 2 months. Maybe buying another coin will help you or just buy and sell ETH or LTC or XRP instead of BTC. Lower fees = higher profit Cheesy.

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August 01, 2020, 10:39:49 AM
 #23

You will be able to make real profits only with big deposit, sorry
No he actually can make profits with small amounts too. It only depends on the way he uses. I am aware of people trading that way but directly. For example, $50 = 0,0043 BTC. I will send to my client that amount using a wallet that allows me to select fees (satoshi/byte) so that client might wait long to get his funds (not necessarily of course). Or else, I will sell those 0,0043 BTC for him with $53 (or $50+fees) if he wants his funds faster.

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August 01, 2020, 11:29:21 AM
 #24

Mate, BDT is the fiat currency of Bangladesh. I used to buy sell BTC locally to make some profit since I have both some buyers and sellers. And there's no way you can get rid of the high fee now. Coinbase is better since they use batch payment now and fee is proportionally low but it's very risky to use coinbase for such trades because the source of BTC can be illegal too.
except your learn and use the bitcoin lightning network, there is no shortcut to this for now. The fee will continue to go higher as the price of bitcoin do. I sell for fiat through a local exchange also here in my country and I can see that the method adopted by most of these local exchangers now in order to mitigate the effect of the high fee is that they have increased their minimum order. some wallet also allow you to use custom policy fee so you can set the transaction fee to the lowest but confirmation time will be longer.

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August 01, 2020, 11:44:19 AM
 #25

There are multiple solutions to your problem op because high network fee has always been an issue with the BTC blockchain based on what I observed.

One solution is selecting the lowest fees possible even if the TX time increases drastically. You could then proceed to use free TX accelerators through different sites or services here on Bitcointalk.

Another solution is trading with alternate cryptocurrencies like LTC, Dogecoin etc whose fees are usually negligible at any point of time. Final solution is simply trading with big amounts like you mentioned since $300 is not really huge.

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August 01, 2020, 12:27:52 PM
 #26

It looks like you are doing a P2P transaction, because Bangladesh is banned Bitcoin so it is impossible to use local
centralized exchanges. If it's like that it's only natural that the network fee is big, if it's like that the solution as you
say has to deal with $ 300 or more. This is the best solution in my opinion.

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August 01, 2020, 12:50:55 PM
 #27

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.
The same case is with the Ethereum flash loans as well, you don't have any chance to make a decent income by doing arbitrage trade on the flash loan websites, if you are having the low entry point of 1ETH then there is mostly a fees of $15 for doing that flash loan transaction but the problem is that in most of the cases the profit margin is less than $15 per transaction and if you increase the flash loan amount then also you will be getting less number of coins in the same price as you were getting for 1 ETH.
This situation is also the same, this is also one of the problems that can actually be solved by the lightning network, but then a lot of people will do the same thing as you are trying to do so, less margin per trade for you.

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August 01, 2020, 01:05:36 PM
 #28

It's really very bad from Crypto because it's  transection fees is increasing day by day.
Now I just miss those golden days when Bitcoin or Ethereum or any other Crypto had no transection fees.Then transection was fully out of cost.

We need to deal with that because network fees make the bitcoin work and move. Without network fees, authorities will surely not process your transactions and they will not take actions for you. It is really a problem when your profit is not enough to shoulder the network fees that you need to pay because it will make your profit to be nonsense. In order for cryptocurrency network to work properly, you should really pay for it to prevent delays with your transactions. Increasing of fees are normal but this is our disadvantage when we earn our profits, instead of saving it, we will just spend it for fees.

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August 01, 2020, 01:36:17 PM
 #29

I guess you have to stop doing small trade if you wish to make any profit. I don't see any other option over here other than using third party wallets (risky!) like coinbase. But looks like you have already mentioned that you can't use coinbase due to some legally funded source reason (not sure what you mean by this, but I guess you mean that coinsbase doesn't serve your country or something).
Or you can switch and start selling other crypto currencies.

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August 01, 2020, 01:38:21 PM
 #30

Btc transaction fee is so high since the price started rising recently. And now the bitcoin network seems busy. Currently there are more unconfirmed tx than normal time. This situation won't last forever. Maybe you are afraid of price drop that's why you do instant trade, right?
As you trade with small amount you can't make any good profit for the high tx fee. So better to do larger trade. Or share the tx fee equally with the receiver. Hope they will understand you and agree with it. By this you can make little more profit.

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August 01, 2020, 01:42:53 PM
 #31

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.

I guess fees are just common problems when investing in cryptocurrency or especially in bitcoin since the market value is always increasing the same as the network fee.

Sometimes there was some platform that you needed to transfer your bitcoin in order to withdraw that is adding to the fee, I guess investing directly in a trusted wallet where you could immediately take out the bitcoin or convert it is a good option.

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August 01, 2020, 02:23:44 PM
 #32

You're trading though, so you're not incurring any fees until you actually withdraw the money. The fee you pay also isn't Bitcoin's miner fee but the trading platform's own fee for withdrawal. So you're angry at the platform not Bitcoin.

And you knew all this already anyway before you started trading. So what's the problem here?

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August 01, 2020, 02:36:06 PM
 #33

Bitcoin price is surging so expect a congested network that will define the transaction fee, the more congested it gets the higher the fee you will be paying for. And this is why you should calculating everything before making a sell out especially when you only got a small profit, I don't wonder why you are not getting a profit because you are paying a quite high transaction. Besides you'll see the fee before selling so why decide to sell with a small profit? Raise the level of risk that you are taking, don't take it too easy , you are overlooking the expenses of having the profit.

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August 01, 2020, 02:42:47 PM
 #34

As you sell bitcoin on local people, try to transfer bitcoin through coinbase email. By this method, you will be able to transfer bitcoin instantly and it is totally free. Then you will be able to make some extra profit.  Wink

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August 01, 2020, 02:47:39 PM
 #35

Mate, BDT is the fiat currency of Bangladesh. I used to buy sell BTC locally to make some profit since I have both some buyers and sellers. And there's no way you can get rid of the high fee now. Coinbase is better since they use batch payment now and fee is proportionally low but it's very risky to use coinbase for such trades because source of BTC can be illegal too.
This means not the trading on exchanges. You do trade with different buyers and sellers at a very minimal profit. In short you buy for a less price and sell it a little above the buying price. Repeated trading gives good profit, and I need to ask a question. Is it legal to trade cryptocurrency within Bangladesh. I read an article where a person using bitcoin is arrested by policemen.
As far as I know, crypto currency is not legal in Bangladesh but many people are using crypto currency there though it is illegal. But recently I saw a news where government proposed to enter on blockchain based technology.

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August 01, 2020, 04:33:51 PM
 #36

Mate, BDT is the fiat currency of Bangladesh. I used to buy sell BTC locally to make some profit since I have both some buyers and sellers. And there's no way you can get rid of the high fee now. Coinbase is better since they use batch payment now and fee is proportionally low but it's very risky to use coinbase for such trades because source of BTC can be illegal too.
This means not the trading on exchanges. You do trade with different buyers and sellers at a very minimal profit. In short you buy for a less price and sell it a little above the buying price. Repeated trading gives good profit, and I need to ask a question. Is it legal to trade cryptocurrency within Bangladesh. I read an article where a person using bitcoin is arrested by policemen.

Cryptocurrency specifically Bitcoin is not legal in Bangladesh.But we are using bitcoin for our transaction.And I didn't face any problem till now.But some people arrested because I think they opened a local exchange where they buy sell Btc,Eth and other currency to BDT(Bangladeshi currency).And they have scammed many people through their website.So many complaints are filled by public and I think they are also involved many illegal things through Btc.Thats why they are arrested so far what I have heard.

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August 01, 2020, 04:40:36 PM
 #37

there are historically some points were btc transaction are not cheap! you should be aware of this...
What you can do? You can try to pay less fee and have your transaction confirmed after a while.
You can try to trade using online wallets that offer to pay your fees (like coinpot).
You can try to make the same "trick" with another coin (like Dogecoin) or try to use it as a medium for exchange in btc.
Probably it's just matter of time and we will see again better price for our fees...

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August 01, 2020, 05:09:06 PM
Last edit: August 02, 2020, 01:43:53 PM by Fatemablabla
 #38

I'm from Bangladesh also and I do this same type of business some times if I have enough supply of bitcoin from my sellers. But for that I always use coinbase for this business and most of the sellers like me from BD use coinbase also.
There are some benefits of using coinbase for buy sell btc in Bangladesh.
1. It doesn't take any charges or fees if you buy btc from another coinbase user. He/she can easily send you btc with your email address.
2. The fastest transfer speed. It takes only few seconds to confirm a transaction in coinbase if you are receiving it from another coinbase user.
3. I use it mostly because it is also easy to sell in BD because almost everyone use coinbase here.

I think you can  also switch coinbase if your buyers are using it too. It will give you extra profit also.

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August 01, 2020, 05:47:01 PM
 #39

You can use electrum wallet which is very customizable to set lower fees for BTC transection.Hope you will now have to pay lower fees than before.

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August 01, 2020, 07:16:44 PM
 #40

Yeah some exchange and even mobile wallets required more fees than it used to be in converting fiat to crypto and sending to other wallet, and the confirmations also take too long to confirm than the usual, but usually if i gain some of my profits in trading i wait until the fees become lower and when i'm sending it to my wallet, sometimes i usually choose xrp or xlm because of the lower fees and a bit faster confirmations. And just like you said maybe gather your funds up to 300 or something or choose some good exchange with lower fees.

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