Topic: Bitcoin cost (Read 132 times)

Seems this is your first comments on the forum. So welcome to the community. Yes, it would raise above $10K at any time since it was raised up to $20K once a time. But no one can say when it would happen exactly. If you are wondering to invest on bitcoin then you should know everything about it especially technical issues like choose right wallet to hold your bitcoin. Also price would dump anytime, you can't expect always about raise price. That's the first mistake of newbies they always expect profits from volatility. But they become regret if price dump for any reason. So study more about bitcoin history before jump on it. But for sure it will be always 1BTC if you buy 1BTC, doesn't matter what is the price on USD. Just invest whatever you afford loss because its crypto-currency and much volatile and anytime could happen huge dump beside of pump.

This is a bit of a subjective question.  If bitcoin were to never go below the price it's at right now, then I'd say transaction cost aren't too high.  I would recommended checking each main exchange available to you to cross compare costs, as well as try and do it OTC ( over the counter) to lower costs ( i.e. not paying the exchange expense).

Let's go! If you are planning to trade with BTC, among your plans there should be other priorities to understand, because knowing how much are the fees for the different transactions within the trade is vital that this intrinsic know, if you are trying to trade.

Making transactions for purchase or sale generates a fee, on exchanges, generally these amounts vary between exchangers, for the market average they are small fees. But be careful always check the FAQ of any exchanger.

Then there are also some for depositing or withdrawing your assets, they can be fixed fee others are in percentages, be careful with those who intend to charge you a fixed + variable rate, this type is usually used a lot in deposits / withdrawals on credit cards

There is always in any bitcoin shipment the fees to those who confirm the transactions, miners.

Well, yea they can definitely be a bit unnecessarily high. But that's what you get in exchange for using a very convenient platform as you literally convert the coins with only a few taps on your smartphone. You can use Coins Pro if you want to save more on fees, but obviously it will be less convenient because it's a spot exchange.

My answer is, it depends on the speed-time limit you want.

For the faster transaction, of course, you need to pay a high amount for that. And you can calculate your transaction cost here, https://bitcoinfees.net/ including the details of a speed limit when it will be confirmed.

Exactly, and using the GDAX platform your Bitcoin network transfers are free and fast. Here is the guide on that. Or I think most probably custodial wallet has a feature like this, but you can't have a free transaction when it comes to an external wallet.

I'm using the same bitcoin wallet, coins.ph, you can say that the transaction from wallet to wallet is 'free' because @mk4 is right, they are off-chain which means that they are not publicly viewed in the blockchain. However the conversion from cryptocurrency to local currency might be expensive, I've already tried it and suffer from unwanted loss.

To sum up this thread, the cost of fees depends on how immediate you need it, the faster the higher the fee, vice versa. Also the congestion of network will vary every time, so always watch out for the fee before buying and selling.

Yeap. Just fyi, Coins.ph transactions are "free" because they're off-chain transactions. Basically just a change of balance numbers of Coins.ph's database. This is why the transactions are only free only if it's between two Coins.ph users. Same thing with Coinbase <-> Coinbase transactions.

Do you mean transaction fees ?

If thats what you mean, then the answer is exchange have  idifferent transaction fees asked for  very exchange . So better search for exchange fee you are planning to use to have idea how much they will deduct for that transaction even in trading fees you can also find it there .
But mostly they only ask smaller fees.

Yes bitcoin transactions are not that pricy. Honestly there are some transactions that are free from fee. Just like transactions using the coins.ph bitcoin wallet. But then if you want a transactions that is high and you want it to be quicker you may pay them for faster transactions. But natural transactions may cost only cheaper. But then bitcoin transactions are really worth it. You may have a faster and safer transactions if you would use the bitcoin transactions online which are really accessible.

Bitcoin transaction fees can be as cheap as just a few cents and as expensive as a few dollars. It just depends how quickly you need the transaction to be confirmed. As we speak, I just had a 6 sats/b transaction, which just costed me a few cents, and it was confirmed in no time because the blockchain isn't congested; whereas sometimes you'd need to increase your transaction fees higher if you want it to be confirmed faster.

if you mean the price of the asset compared to underlying value.
well its not $20k but then its not $5k
maybe do some research on historic prices and make some judgements.

but im guessing you mean trade/withdrawal fee's within an exchange
each exchange is different. some pretend to offer low trade fee's. (maker/taker 0.X%) but then the spread between buys and sells are also wider which is where exchanges get their other hidden cut in the middle
while diluting your profitability due to the wide spread

then there is the deposit and withdrawal fee's when you want to exit the exchange
this forum has a sub-category about exchanges so best to check in there.

also be very careful. a few(more then care to admit) exchanges are not official exchanges of carefully vetted businesses with insurance/liabiity. but instead 'boilerroom' setups.

so be cautious
do alot of due elegance not only on the costs/fee's but also on the service/site you find legitimacy
especially alot of the ones pumping adverts on social media.

if you cant find a true office address in their contacts and cant find a business registration number. be very careful and dont risk it
you may think for a few weeks your making profit inside the boiler room type exchanges. but then realise there is no real way to withdraw funds. and suddenly their 'support' contacts stop replying

imagine the bitcoin era like the 90's stocks/commodity era. (wolf of wallstreet)

Hi everyone,

I am planning to trade using BTC. Is the transaction cost of btc high