Recently that Bitcoin withdrawal has been attracting high network fee, do you think it is wise to swap or convert your Bitcoin to other crypto coins of your choice which has low network fee to withdraw before you sell at P2P section of your wallet exchange or you would hold until the high network fee for Bitcoin withdrawal is settled.
Would you swap your bitcoin to withdraw with low fee?
- Thread starter Blessed19
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That would be a viable option but how sure are you that the fees incurred in the process of swapping wouldn't be as much as the Bitcoin fee itself? You have to double-check that first.
- Thread starter
- #3
Most of the time, the swapping or converting of a coin does not accrue any form of fee for the process to be completed but it at times depends on the wallet exchanges you are making use of to complete it.
Actually, not only is the Bitcoin blockchain fee currently high, in 2016, I did a Bitcoin to Doge swap on Crypto Yobit exchange, to avoid high withdrawal fees. and now we also have to do a swap like I recently did Bitcoin to Litecoin on Faucetpay.
Is it cheaper to swap to another crypto before sending? I thought there are fees for that. When you consider the fees in swapping and sending direct, which is cheaper?
Those of us who live in a country where Bitcoin is not a medium of exchange, even though it is only a commodity and investment, also suffer because of very high Bitcoin transaction fees. How are they in El Salvador, where Bitcoin is a medium of exchange, of course, will suffer more. So making Bitcoin as a payment will be even more difficult to do.
The thing with doing this is that you may end up spending more during the process.
If the amount of BTC that I want to withdraw is huge, I will definitely not want to swap since the cost won't be that much. This is a key factor in making such decisions.
If the amount of BTC that I want to withdraw is huge, I will definitely not want to swap since the cost won't be that much. This is a key factor in making such decisions.
A month ago I withdrew Bitcoin from my hot wallet to my private wallet worth $400, and I was charged a blockchain fee plus the amount of Bitcoin withdrawn was $584.15 (0.01916527 BTC) and added a transaction fee of $21.79 (0.00071476 BTC) so the total fee I spent was more than 50%. ($184.15 + $21.79).
I heard someone say up there on this thread that going that route is even more expensive. I don't know how true that is. I would research more to see how true that claim is. B
I wait until I can find a fellow member to swap my Crypto with and get Amazon Gift Cards, then there are no fees. I store it in my Amazon account until I find something I want, so it's just like Fiat Money to me and I buy a lot of stuff from them, so there is not much chance it will sit there too long. It never expires, so even if it does it won't cost me anything.
Depending on your goals, if your goal is to hold Bitcoin in the long term you should not exchange it, and you would rather pay the fees than exchange your Bitcoin, if you are not interested in Bitcoin as a long-term investment and only want Crypto for payments, exchange and all that, better exchange it for other cheaper currencies such as LTC, BCH or others.
As I was waking up this morning, I started thinking about this question and how I decided that no matter what the price does, it has been one of the most thrilling activities I have participated in since I started making money online in September of 2000 when I retired. I started Freebitco.in over two years ago and I start every day spining the Wheel of Fortune and checking my email for the one more spin every day and add as much bonus as my Reward Points will buy, then take my Free Rolls as often as I can throughout every day. I keep my CryptoTab browser running to add a few extra Satoshi anytime I am online and just let them add up. I play the Faucet on CryptoWin and buy as many Active Shares as I can with my earnings from any free Bitcoin programs I have time for and only sell about $100 USD worth about once a month for fun money. No matter what happens to the Price I don't even think about that, the bottom line is it's all FREE MONEY and I just keep the wheels spinning as fast as I can and enjoy it.
