BTC Insufficient Balance to Cover Network Fee - Now What?

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: Sinistlercoin on January 11, 2018, 01:40:37 PM

I earned a small amount of BTC for a referral on an exchange that I have let sit for a few months. It is under $10US. I wanted to send it to another exchange

Since you already have it in one exchange, you can try to change to an altcoin there.
Since it's an exchange, there's a good chance they pay higher network fee than you should, however, if you afford to wait, then wait. Solutions for faster and cheaper transfer are already in testing phase from what I've read.

nightmanisrightman

full member

Activity: 252

Merit: 101

Global Risk Exchange - gref.io

You could convert to dogecoin or there are some zero fee transaction coins out there now too that you can use to transfer funds. Try a coin called Raiblocks if it is on your exchange the fees are zero and transactions are instant.

btcton

legendary

Activity: 1302

Merit: 1007

What exchange did you get your bitcoins in? If that same exchange lets you exchange bitcoin for other cryptocurrencies such as Ethereum then you should convert it over and then transfer it through that blockchain. It works this way because most exchanges do transactions off the chain, meaning that they do not have to pay any network fees in order to move wealth around. The reason the transaction fee is high is that Bitcoin is the most popular of the cryptocurrencies. By converting your bitcoins to a less popular cryptocurrency, you have to pay that other coin's fees, which are going to be much lower than Bitcoin's because it is used much less. Until the Lightning Network comes, this is the way you want to be transacting. The fees will remain (relatively) high for a while.

Jet Cash

legendary

Activity: 2814

Merit: 2472

https://JetCash.com

Quote from: Sinistlercoin on January 11, 2018, 01:40:37 PM

I earned a small amount of BTC for a referral on an exchange that I have let sit for a few months. It is under $10US. I wanted to send it to another exchange to buy an inexpensive altcoin just for fun. I didn't even have enough to cover the network fee to send a miniscule amount to the other exchange. I'm not going to buy more, so what do I do with this? It seems like waste, and it makes me think that using BTC for day-to-day living will never work. Thoughts?

If you can use a .com domain name registration, then you can send it to me with a 50 cent fee, and I'll register a name for you and push it into a Name Silo account. It might take a month for the payment to confirm, but I gather it is still possible to send coins with low fees. I'm assuming it will result in a payment of around $9.

aardvark15

hero member

Activity: 1008

Merit: 510

Quote from: Sinistlercoin on January 11, 2018, 01:40:37 PM

I earned a small amount of BTC for a referral on an exchange that I have let sit for a few months. It is under $10US. I wanted to send it to another exchange to buy an inexpensive altcoin just for fun. I didn't even have enough to cover the network fee to send a miniscule amount to the other exchange. I'm not going to buy more, so what do I do with this? It seems like waste, and it makes me think that using BTC for day-to-day living will never work. Thoughts?

If it’s on a wallet where you can’t convert to a different coin, then it’s basically just dust in a wallet that you can’t get out right now. I have a few paper wallet s with dust on them from faucets.

However, as Bitcoin increases in value over the years, that $10 worth of Bitcoin could be worth $100 or more at some point and maybe the fees will be low enough that you can get it out at that point. Just don’t forget about it.

Jltan

member

Activity: 61

Merit: 10

Yes since you got it for free by a referral you can afford to let it rest in the account. Bitcoin has its cons, but we can be sure that the future is definitely promising for Bitcoin and better improvisation is on the way.

poptok1

hero member

Activity: 1638

Merit: 756

Bobby Fischer was right

Quote from: Sinistlercoin on January 11, 2018, 01:40:37 PM

I earned a small amount of BTC for a referral on an exchange that I have let sit for a few months. It is under $10US. I wanted to send it to another exchange to buy an inexpensive altcoin just for fun. I didn't even have enough to cover the network fee to send a miniscule amount to the other exchange. I'm not going to buy more, so what do I do with this? It seems like waste, and it makes me think that using BTC for day-to-day living will never work. Thoughts?

Buy dogecoin and send it instead. You will loose some small percentage in the process of exchanging back and forth.
Check carefully what are the doge prices on both exchanges, if they differ somewhat a lot, try to find another coin with cheap transaction fees
(that obviously exist on both exchanges U are using).
About you fears regarding BTC usage... you just wait

and be surprised AnD amazed in the same time, with brand new lightning network.
However for now, you are right.

Sinistlercoin

member

Activity: 71

Merit: 10

I earned a small amount of BTC for a referral on an exchange that I have let sit for a few months. It is under $10US. I wanted to send it to another exchange to buy an inexpensive altcoin just for fun. I didn't even have enough to cover the network fee to send a miniscule amount to the other exchange. I'm not going to buy more, so what do I do with this? It seems like waste, and it makes me think that using BTC for day-to-day living will never work. Thoughts?

Topic: BTC Insufficient Balance to Cover Network Fee - Now What? (Read 118 times)