I think there are non-custodial wallets out there that are in partnership with certain Bitcoin-selling services. When you buy, they will directly send you your Bitcoin in your wallet. You can also buy through P2P so that you can request for a lower fee if you are willing to wait.
The problem with centralized exchanges is that they are setting higher fees. These fees are not just for your withdrawal's network fees, a portion of it is for them.
You can also choose to widen your DCA's interval. If you are buying weekly, you may want to change it to monthly.
Topic: High transaction fees affects those who DCA - page 8. (Read 1755 times)
If you are doing it on a weekly basis, do it less often like once every 2 weeks, or if possible once a month. It's also hard for me to do DCA because of these insanely high gas fees, so my solution to this is to just hold other altcoins (staking coins in particular) so that I can still gain some tokens while holding it in preparation for the bull run. It doesn't mean that I'm not holding Bitcoin though, but if the transaction fees go back to normal, I will continue to accumulate Bitcoin again. It's my strategy, and I don't recommend it especially if you only want to hold Bitcoin.
Patience. One word that's very hard to apply when it comes to investing. Being patient is very hard because people nowadays don't want to wait for a long time to gain money. If you don't want to pay those high gas fees, it's wait for the fees to go back to normal, or follow what your friend said.
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I feel like I may use the money kept for DCA for other expenses.
Well, as long as those "expenses" that you're saying are way more important than investing it into Bitcoin then I guess there's no problem. After all, it's your money.I feel like I may use the money kept for DCA for other expenses.
Patience. One word that's very hard to apply when it comes to investing. Being patient is very hard because people nowadays don't want to wait for a long time to gain money. If you don't want to pay those high gas fees, it's wait for the fees to go back to normal, or follow what your friend said.
The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.
I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
I don't know if you have found the right solution to your problem - but personally I can advise you to withdraw once a month once your bitcoin accumulate more. However there is nothing wrong with utilizing LN - it has been recommended for microtransaction involving small amounts of bitcoin. If I were you - then I would only withdraw bitcoin from the exchange every 4 or 8 DCA cycles - that would reduce the transaction fees.I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
On Binance - you can withdraw your bitcoins with a minimum withdrawal of 0.000005 btc using the LN network. The fee charged is 0.000001 btc - that's reasonable for you especially if buying $10 each DCA. But if you don't trust Binance or any centralized exchange to store your $80 worth of bitcoin in two months - then you should withdraw using LN every week.
The transaction fees are currently affecting many people, but those who do DCA are the most affected. My advice is that you reduce how often you send money from the exchange to your wallet immediately after purchasing some coins. Why not leave it to accumulate for a while, say twice a week or monthly depending on how you make your purchase, so that the money spent on transaction fees is reduced? And if the transaction fees decrease at any point in time, you can immediately move them out; otherwise, you should wait to gather them before moving them out. Waiting for a lump sum is not a good idea because you will have easy access to the money and be compelled to spend it before buying bitcoin with them.
Sadly this is a big issue right now, those who have $10 -$20 dollars to DCA into Bitcoin every week can't do it right now, they will have to gather up the money for month before they can purchase some Bitcoin, the problem doing this is the value of Bitcoin after every month, what if it keeps going up while you waiting for every month ending?
I still advice someone to do this two days ago as this is the only way for people who have less money to DCA into Bitcoin every week, only $50 to $100 worth of Bitcoin is worth buying with $3-$4 transaction fee, or else you are going to keep wasting money on transaction fee alone, it's not encouraging for beginners at all.
Many beginners don't want to get their heads into things that seem complicated, learning about LN ( Lightening Network ) can be confusing for them, it's a matter of choice at this point but not everyone can go this path.
I still advice someone to do this two days ago as this is the only way for people who have less money to DCA into Bitcoin every week, only $50 to $100 worth of Bitcoin is worth buying with $3-$4 transaction fee, or else you are going to keep wasting money on transaction fee alone, it's not encouraging for beginners at all.
Many beginners don't want to get their heads into things that seem complicated, learning about LN ( Lightening Network ) can be confusing for them, it's a matter of choice at this point but not everyone can go this path.
The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.
I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
I'd say it depends on how much you DCA? I mean it might break the pattern but really, investing idk $40-$50 per week with $10 fees does not seem worth it since that's 1/4 of your total investment already. Maybe set a maximum in terms of fees so that you can guarantee it, and if it goes past that, just hold the money or something temporarily. If you can't hold it then actively look out for hours where the Mempool isn't as congested to get cheaper fees. I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
LN sounds good if you want to though. There are a lot of guides out there and there are also ones in the forum made by others as well. If you really don't want to break the pattern then I'd suggest go for that, but if you can handle breaking the pattern then it's up to your preference by then.
But considering that $2.67 is the top priority for doing a transaction as of this moment. I'd probably DCA and have a minimum like $50 and above.
That's right, $50 is the minimum price and if you want to enter more than that figure it would be even better and if you want to do WD after you can earn money later, I don't think it's too much of a cut from your initial capital.
But, if it's not necessary, just hold on and continue to make DCA purchases regularly whenever you have extra fortune.
If you can't take the fee and you're feeling that there's such a waste. I agree that it's better to hold and wait until the fees drop a lot like reaching back to 1 sat/vB but we don't know when exactly that will come back. 
To be honest, bitcoin transaction fees are becoming quite annoying for small investors like us. Today I just transferred a small amount of my bitcoin to an exchange to sell for fiat and if I remember correctly with 2 transactions, I lost almost $6 and I'm really uncomfortable with the fees. Yes, it's not a large amount of money but $6 for transaction fees is something that makes me feel unsatisfied. I usually don't sell my bitcoins but today I had urgent business so I had to sell some and I was quite surprised at the fee I had to pay.
I also tried it yesterday and the results are almost the same as what you said in terms of the fee request range, and if approved then it can be executed, but it's still not bad compared to last week, almost 3x more than today. and the waiting time is up to five days before completion. Is this the case and do we seem forced to do it or is it just my opinion, regardless of network congestion when BTC is going up.
Today the transaction fee increased again by 6%, electrum issued a warning and another thing is that my transaction is still not confirmed
. It is true that nothing is perfect and we need to accept, adapt and be satisfied with everything. Bitcoin fees and confirmation times may make us feel uncomfortable, but in return it gives us almost absolute safety. It is not like other blockchains that are vulnerable to attacks and hacks. Anyway the market is correcting, I hope when my transaction is confirmed bitcoin will also reach 38k$ 
. But considering that $2.67 is the top priority for doing a transaction as of this moment. I'd probably DCA and have a minimum like $50 and above.
That's right, $50 is the minimum price and if you want to enter more than that figure it would be even better and if you want to do WD after you can earn money later, I don't think it's too much of a cut from your initial capital. But, if it's not necessary, just hold on and continue to make DCA purchases regularly whenever you have extra fortune.
The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.
I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
The Mempool congestion has been an issue and who knows when the fees will be beaten lower to accommodate reasonable fees. This is a discouragement truly but is not the first time that we will experience this kind of situation, which is why I know it's not going to be the last. I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
You and your friend have also made the right suggestions, so don't be discouraged, I also advise you to continue to DCA without minding the situation. You can use your Debit/Credit card, P2P, or Lightning network if the money is not big. But if the money is big enough, I wouldn't mind the network fee if I were you, but I will be DCAing once a month.
This would have saved you a lot of money if followed and could be paying barely $3+ for the transaction a month if you study the Mempool correctly.
If you notice we are settled in solidly around 45 sats.
So if fees are always at 45-50 sats.
People will have to adapt usage of side coins.
and LN chain .
I think 40 sats could be forced for long time periods.
And yes, people have started opting for the alternatives, it's normal when they will be paying multiples with Bitcoin.
This would have saved you a lot of money if followed and could be paying barely $3+ for the transaction a month if you study the Mempool correctly.
Many want the process to be fast. Well, Previously it was very easy and the fees were also relatively comfortable and if you felt it was expensive it was very easy to set the sat value if the fees were high. But, in recent days it can no longer be done as it has been locked. For example, if we use Trust Wallet. If you receive 2x receipts and want to disburse them, each transaction is subject to a fee, for example one transaction is set at $3.05 the amount becomes $6.10 for the transaction to be successful.
The current Bitcoin fees wouldn't have mattered to me because I am not selling, but the fees do matter because I DCA, and I don't want to leave my coins in the centralized exchange. This month, I have spent roughly $5 to $10 in transaction fees when I DCA every week. It may seem small, but in my country, it's enough to cover my feeding expenses for a month cumulatively.
I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
The Mempool congestion has been an issue and who knows when the fees will be beaten lower to accommodate reasonable fees. This is a discouragement truly but is not the first time that we will experience this kind of situation, which is why I know it's not going to be the last. I discussed this issue with my friend, and he suggested I use an exchange that utilizes the Lightning Network. According to him, this would help me get off with no fees any day. While I'm considering this alternative, another option is to wait for a month or two, then use the amount we kept for weekly DCA, hold it for a month or two, and lump sum. This way, i would incur just a one time fee. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
You and your friend have also made the right suggestions, so don't be discouraged, I also advise you to continue to DCA without minding the situation. You can use your Debit/Credit card, P2P, or Lightning network if the money is not big. But if the money is big enough, I wouldn't mind the network fee if I were you, but I will be DCAing once a month.
This would have saved you a lot of money if followed and could be paying barely $3+ for the transaction a month if you study the Mempool correctly.
If you notice we are settled in solidly around 45 sats.
So if fees are always at 45-50 sats.
People will have to adapt usage of side coins.
and LN chain .
I think 40 sats could be forced for long time periods.
What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
My thoughts exactly are that these is an example of a challenge to DCA-ing that an investor who is committed to investing in bitcoins should be ready to face when they plan to DCA. As an investor you should not allow the high transaction fees affect your investment plan, you have to find a way around it else you will regret it. If you know that keeping the money meant to DCA while tx fees are high will be difficult for you, give it to someone trusted who can hold money for you.
That's why if you have spare money and you want to DCA it and you want to avoid the fees, there is no other option that's left for you. I'd also gonna try to wait for the network to get some breathe out of the clog that it has got.
But considering that $2.67 is the top priority for doing a transaction as of this moment. I'd probably DCA and have a minimum like $50 and above.
What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
My thoughts exactly are that these is an example of a challenge to DCA-ing that an investor who is committed to investing in bitcoins should be ready to face when they plan to DCA. As an investor you should not allow the high transaction fees affect your investment plan, you have to find a way around it else you will regret it. If you know that keeping the money meant to DCA while tx fees are high will be difficult for you, give it to someone trusted who can hold money for you.
. What are your thoughts on this? I feel like I may use the money kept for DCA for other expenses.
To be honest, bitcoin transaction fees are becoming quite annoying for small investors like us. Today I just transferred a small amount of my bitcoin to an exchange to sell for fiat and if I remember correctly with 2 transactions, I lost almost $6 and I'm really uncomfortable with the fees. Yes, it's not a large amount of money but $6 for transaction fees is something that makes me feel unsatisfied. I usually don't sell my bitcoins but today I had urgent business so I had to sell some and I was quite surprised at the fee I had to pay.
I also tried it yesterday and the results are almost the same as what you said in terms of the fee request range, and if approved then it can be executed, but it's still not bad compared to last week, almost 3x more than today. and the waiting time is up to five days before completion. Is this the case and do we seem forced to do it or is it just my opinion, regardless of network congestion when BTC is going up.
You don't have to be forced to do this as long as you don't need money suddenly or still want to keep Bitcoin because you don't want to sell it at the current price. You can use the time to wait for the fees to become cheaper so that you don't pay more fees when making transactions. So don't think of it as a complicated problem as long as you can still wait for cheaper fees on the current Bitcoin network, because I'm sure this fee problem will change again in the near future when Bitcoin prices start to run more stable. 
This is the same challenge that everyone is having especially those that DCA weekly. I know that it is not advisable to keep your funds in CEX but presently, I think there is nothing that can be done rather than pile up your bitcoin that you bought through DCA on CEX for up to a month, whereby you can transfer them to your noncustodial wallet to lessen the tx fee. I would have suggested that you keep the pile up the fiat for one month before you DCA and transfer immediately to your wallet but nobody can predict the price movement of bitcoin as the price might be higher when you are ready to buy with the money that you have saved for one month than the previous weeks. Therefore, you should use Binance to save your coins but you should also be praying that it is safe till when you will move it to your wallet.
Any will do. They seem to be good plans at all and if the time comes that the price of Bitcoin goes into correction and yet the fees are still not yet fine. I think that you have to do it and take those fees by that time or calculate if it's worth it to pay those fees for you to buy the cheap price by that time. But it's not a problem if you're going to wait until the fees goes down. We've got ways of how to deal with these high fees and gives us more idea on how we'll able to continue DCAing. IMHO, many does this that they keep and save first their money and wait for the right timing of cheaper fees and price of Bitcoin if it's possible then that's when they do the transfers whichever is favorable but much better if both does at the same time.
What you are doing may be similar to what I do by doing DCA every week because buying on Binance exchange and then storing within 1 month will save costs for 1x instead of doing it every week then this might be said to be a waste considering our DCA is not too big then the expenditure of $10 per week for withdrawing it is still quite large of course it becomes our burden.
I always have a target when the DCA has accumulated $100 - $150 after it is high then I withdraw to the hardware wallet for security, so that is the strategy I do because I have never used a low-cost express network even though many exchanges accept this express network, but still the desire on the onchain rather than the express network.
You are free to choose other alternatives, but that's what I do with DCA every week and then make withdrawals every month.
I always have a target when the DCA has accumulated $100 - $150 after it is high then I withdraw to the hardware wallet for security, so that is the strategy I do because I have never used a low-cost express network even though many exchanges accept this express network, but still the desire on the onchain rather than the express network.
You are free to choose other alternatives, but that's what I do with DCA every week and then make withdrawals every month.
Bitcoin DCA in this period of time is worrying, I now have to wait for weeks before moving Bitcoin into my offline wallet for long term hold, sometimes I have to check mempool from time to time to make sure that the transaction fee is affordable, it's going to be very hard for people that make less money, it's not worth sending $50 Bitcoin with $4-$10 on Bitcoin network, if you do this in few months you will realise that you have spend a lot of transaction fee alone.
I recommend storing your fund somewhere for weeks before buying Bitcoin unless the transaction fee becomes reasonable enough, if not it's better to keep saving up the money first, this will be a very hard thing in the coming bull market as there will be a lot of congestion on the network and only those with the $$$ will be able to do some transactions successfully, it's really a big concern.
I am glad that I already bought some Bitcoin before the transaction starts going up but now I can't make small transactions because I am worried about the transaction fee, I just decide to use something else for daily payment solution.
I recommend storing your fund somewhere for weeks before buying Bitcoin unless the transaction fee becomes reasonable enough, if not it's better to keep saving up the money first, this will be a very hard thing in the coming bull market as there will be a lot of congestion on the network and only those with the $$$ will be able to do some transactions successfully, it's really a big concern.
I am glad that I already bought some Bitcoin before the transaction starts going up but now I can't make small transactions because I am worried about the transaction fee, I just decide to use something else for daily payment solution.
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