How una dey cash out small BTC without paying high charges for Naija?

[Sammysmart001]

Anytime person won cash out small BTC, it just so annoying that the fee is something else, almost collecting half of what u want to withdraw.
Giving it an example u are withdrawing from 10k to 50k worth of money in Naira, fee wea them go charge fit Dey reach almost 2k. P2P Dey kind Dey better and seller to their rate they vary and waste time most times.

A friend was saying Lightning are also fast abd cheap not just that it not every vendor that do accept it. Some allot of users do wait for their money to pile
Up first before withdrawal.

my question
What ways do u guys use to withdraw small amount. Have any one try lightning here what ur experience.

[Orpichukwu]

Which method you they carry transact way they wan chop you high fee like that which wallet you they use Abi nah P2P they give you the headache, if nah to send BTC from self custody wallet to exchange average fee rate currently they below 1,000 self, and for the P2P you suppose get few vendors way you don’t mark way no they delay or negotiate price for DM way they below Watin they show for ads.

For small amount way be say you wan they sell and no they save some go advise you make you use exchange any platform you trust receive direct make eh for save you from the sending fee way you for pay to carry move am go where you wan swap, but note say to carry exchange receive money aside from say eh they save fee also get in own danger.

[coinlary]

Don't  confuse us, is it withdrawing it directly from your  self-custody wallet?  or when you  need to trade because ads offer lower offer for those trading small amount compared to those trading higher amount( most sellers don't do it in BTC though).

On the other hand, the network doesn't  pose a specific amount you have to pay as feerate except that it has a minimum which is low anyway.

The fee on the other hand, could've increased if you're combining multiple small inputs or using higher feerates or doing both.

[Audrey Simmons]

my question
What ways do u guys use to withdraw small amount. Have any one try lightning here what ur experience.

Fee for what? Nigerians don't pay direct taxes, and if it's for transaction fees, then it's cheap.

From your custodial wallet to exchange, it will cost you an average fee of 1 sat/byte, less than $0.5 dollar.

I can trade as small as $5 worth of Bitcoin from a non-custodial wallet, as long as my exchange allows a minimum deposit of that amount.

[Charles-Tim]

Lightning bitcoin wallets are good.

But exchanges are charging not more than $1 to $1.5 recently for bitcoin onchain transactions. You can decide not to withdraw weekly, but be withdrawing the coins every month.

Giving it an example u are withdrawing from 10k to 50k worth of money in Naira, fee wea them go charge fit Dey reach almost 2k. P2P Dey kind Dey better and seller to their rate they vary and waste time most times.

Which exchanges are charging you for P2P? Many exchanges do not charge for P2P.

[Exitoral]

Simple. Convert to another cryptocurrency like litecion that don't collect too much fees. That's if you want to send it and withdraw.

[GiftBtca]

If you want cash out small amounts of BTC, without paying high charges, try to use some Crypto-to- Naira platform like Breet wey go allow you to send your BTC to a generated wallet address and then convert the BTC to Naira and credit your bank account directly in few minutes.

[Hypnotizer]

Anytime person won cash out small BTC, it just so annoying that the fee is something else, almost collecting half of what u want to withdraw.

“Collecting half” which Bitcoin you dey use first? because the Bitcoin wey I know no get charges like that but maybe this statement isn’t literal…

Giving it an example u are withdrawing from 10k to 50k worth of money in Naira, fee wea them go charge fit Dey reach almost 2k. P2P Dey kind Dey better and seller to their rate they vary and waste time most times.

Okay let’s break this down, who dey collect the charges? And which wallet do you use?

Based on my level of understanding of this your statement I feel you’re talking about converting bitcoin to naira...I’ve exchanged bitcoin for naira either converting it to USDT first or exchanging directly and I’ve never lost almost 2k for inside my money as charges before.. you for like specify how you take lose that amount to charges make we take know first.

my question
What ways do u guys use to withdraw small amount. Have any one try lightning here what ur experience.

You should clarify more on the issue.

Taking about Lightning, I’ve not try it out yet but I still think this your problem you’re taking about can’t be solved with Lightning.

[Sammysmart001]

Anytime person won cash out small BTC, it just so annoying that the fee is something else, almost collecting half of what u want to withdraw.

“Collecting half” which Bitcoin you dey use first? because the Bitcoin wey I know no get charges like that but maybe this statement isn’t literal…

Giving it an example u are withdrawing from 10k to 50k worth of money in Naira, fee wea them go charge fit Dey reach almost 2k. P2P Dey kind Dey better and seller to their rate they vary and waste time most times.

Okay let’s break this down, who dey collect the charges? And which wallet do you use?

Based on my level of understanding of this your statement I feel you’re talking about converting bitcoin to naira...I’ve exchanged bitcoin for naira either converting it to USDT first or exchanging directly and I’ve never lost almost 2k for inside my money as charges before.. you for like specify how you take lose that amount to charges make we take know first.

my question
What ways do u guys use to withdraw small amount. Have any one try lightning here what ur experience.

You should clarify more on the issue.

Taking about Lightning, I’ve not try it out yet but I still think this your problem you’re taking about can’t be solved with Lightning.

@Hypnotizer you did a great job over here and I love that, it an Honor.
You are right about the collecting of the half no Dey literal. Just that na the fee wea them fit chop from like 1500 to 2k most times for trade worth 10 to 50k worth in Naira.

And for that of the charges it mostly on P2P exchange rate difference and again see for onchain sometimes when I send from wallet to exchange. I use regular mobile wallet. I notice i didn’t make it so clear on this but have take note.

And for the Lightning I love your honesty. People with the idea let come up with it let share our experience. Learning goes on

[Emjay24]

Anytime person won cash out small BTC, it just so annoying that the fee is something else, almost collecting half of what u want to withdraw.
Giving it an example u are withdrawing from 10k to 50k worth of money in Naira, fee wea them go charge fit Dey reach almost 2k. P2P Dey kind Dey better and seller to their rate they vary and waste time most times.

Convert the BTC to USDT before if possible before sending it to the exchange for P2P. Unless you use a fraudulent Exchange or wallet, you'll not spend more than 0.1 USDT for such conversion and you only need 0.01 USDT to send the USDT through BSC network to any exchange address for P2P and most P2P platforms don't charge you for selling your coins. I have sold over 1000 USDT before on P2P and never had to pay a dime.

If you withdraw from your non-custodial wallet, on a single input to single output tx, you would not even pay up to $0.25 for that small amount even with the high priority set to 1 sat/vB as at now.

[Dr.Bitcoin_Strange]

Like the first comment already said, there are two ways to being charged a high fee like that, one is if you are withdrawing from a centralized exchange instead of a self custodial wallet, and two is if you are doing p2p with those scammers that will lie to you that you have to pay them for ads fee. Currently, transaction fee is below $0.5 if you are withdrawing from your personal wallet, not from exchange. So I guess that issues is dependent on the platform you are using.

[Localhostspeed]

Like the first comment already said, there are two ways to being charged a high fee like that, one is if you are withdrawing from a centralized exchange instead of a self custodial wallet, and two is if you are doing p2p with those scammers that will lie to you that you have to pay them for ads fee. Currently, transaction fee is below $0.5 if you are withdrawing from your personal wallet, not from exchange. So I guess that issues is dependent on the platform you are using.

Most centralized exchanges allow one to convert small amounts of coins between 0.1$ and above, if anyone is in this condition and your coin is allowed on convert because not only Bitcoin one can have as left over on the exchange, you can have other coins. The best is to convert them to usdt and then move your usdt to p2p and sell to fiat. However, if you have balance less than ₦5k, you can buy small usdt on the p2p and then sell everything to fiat again to have all the money back to your account.

Decentralized exchanges might be hard, since fees can be larger than the amount you want to clear from your wallet. Most times, the fees will be bigger than the balance, there is nothing to sell with such balance. It's also good to avoid dust balance, some wallet address randomly send you Bitcoin with so as they can know if wallet belongs to you, many people are guilty of spending free money but there is no free money on the internet.