How is your DCA solution? - page 4. | Bitcointalksearch.org

BITCOIN4X

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Quote from: Eureka_07 on July 31, 2023, 08:03:27 AM

Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

It is not recommended to do a BTC DCA (Dollar Cost Averaging) in Binance due to the exchange's high BTC withdrawal fee.

The expensive depending on how many bitcoin you want to withdraw from the exchange, but if the OP is often making withdrawals when he already has $100 in bitcoin then I guess the fees won't be as expensive as you say. To find out more details about bitcoin withdrawal fees, you can see this table so that it is not misleading.

Source: https://www.binance.com/en/fee/cryptoFee

Quote from: Eureka_07 on July 31, 2023, 08:03:27 AM

I believe the best way is for you to choose decentralized exchanges where you can buy and sell Bitcoins. The second-best option, in my opinion, is through peer-to-peer trades. You can find a trade partner here in our forum or anywhere you think there are people willing to do BTC trades. Once successful, you can then store them in your secure wallet.

Some of the other approaches are worth trying, but the OP will also have to adjust the withdrawal method if he still wants to trade and do DCA on Binance. I see Binance has a withdrawal feature to LN addresses, fees seem cheaper than bitcoin some way others.

Stalker22

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Quote from: Little Mouse on July 31, 2023, 10:57:05 AM

You should use DEX or I can recommend you instant swap. I have been using PNNV.com instant swap for the last few months as I was having the same problem as you. It works perfectly fine for me by saving some good amount on fees. They charge a very little commission + on-chain tx cost only.
~

How do you use instant swap with PNNV.com? I thought it was just a live price monitor. I just checked, and I can not see a coin swap option on the site anywhere. Huh

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1.

You should use DEX or I can recommend you instant swap. I have been using PNNV.com instant swap for the last few months as I was having the same problem as you. It works perfectly fine for me by saving some good amount on fees. They charge a very little commission + on-chain tx cost only. However, instead of buying $15/$20, save up to $100 or so and then buy Bitcoin. That will be good for you. Since you are saving Bitcoin in your wallet, every time you are receiving Bitcoin = 1 input and counting which will eat a large fee when you will go for sending Bitcoin. The less frequently you receive, the less input = less fee you have to pay. And don't forget to consolidate your inputs when fee is low.

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

I'll tell you a little story here, I have been doing DCA for a long time and hope to continue because I always set aside every week or month to buy BTC.

I buy Bitcoin from Binance exchange and some other exchanges but the withdrawal is quite expensive, at the moment but what I often use is Binance exchange which I think is the highest exchange and with its reputation.

My DCA is not big at most per week $15/$20 sometimes once a month $50, I store on the exchange until the estimated $100 when it is reached I withdraw it to a private wallet for security because I don't want to store all assets on parties when like exchanges, therefore I am a little burdened by high fees when withdrawing - for example on Binance bitcoin withdrawal is 0.0005BTC or ($14) that money is quite meaningful to me if you think about it.

I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1.

If the current transaction fee is giving you a burden, then adjust your DCA method. Instead of buying weekly or monthly, try to purchase twice or thrice a year but continue to save for your extra funds. Or better yet, timing your transaction during off-peak hours because when there are less transactions, it’s withdrawal fee also decreases. But if you want to completely get rid of high transaction or withdrawal fees, use a decentralized exchange instead. Centralized exchanges are never worthy of your bitcoin purchase and even its storage.

GazetaBitcoin

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Quote from: _BlackStar on July 30, 2023, 04:57:38 PM

Quote from: GazetaBitcoin on July 30, 2023, 02:27:58 PM

My suggestion is to produce BTC instead of buying.

GazetaBitcoin - I think you're right about that suggestion and I don't think it's wrong. Offering a service if the OP has some expertise would probably get him well rewarded in bitcoins - but the OP seems obligated to build a reputation and have good experience in forum for people to know him.

True; and building a reputation is certainly not easy thing to do. Maybe this topic of mine would be useful for OP: Why reputation is essential on the free market. However, OP can also try to do this in his real life, not necessarily on this forum. Nowadays there are many websites where people advertise their services for those living in the same city with them or in the same country. If OP can paint walls - for example - he can try to do this job and ask the payment in BTC.

Quote from: _BlackStar on July 30, 2023, 04:57:38 PM

There are many services offered by newbies in the services section - but not many forum users are interested in their services as people tend to go for users with a high reputation and a lot of experience. Apart from services - I think the OP could also earn bitcoin in other ways that most users do these days too. Signature campaigns are another solution - that is also great to consider instead of just buying.

On the other hand, working on building a strong reputation on this forum ~~may~~ will take years and I don't know if OP has enough patience. He should be passionate about crypto (and I believe he is) but he should also get involved in various topics on the forum, come with wise arguments, contribute to discussions, earn merits and so on. Then he should also try to make some deals, prove himself that he is trustworthy... And I don't know if he is up for doing all these. Not all people are interested in debating on forum, in trying to educate themselves or help others. So this solution is a long term one and requires a lot of time, patience, dedication and enthusiasm.

cryptoaddictchie

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I think with the budget you try to buy everytime youll spend on fees. I think extend your period of doing dca like instead of weekly do it monthly so you could have a bigger budget and to reduce your gas consumption.

But since you are using exchange I think the fees isnt that high I think binance have low fees or sometimes free transaction fees if they have promo.

Helena Yu

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Quote from: noorman0 on July 31, 2023, 03:36:44 AM

Is it true? I tried to check my binance account, and the bitcoin withdrawal fee is only 0.00005 ($1.4) onchain withdrawal, I used the web version.

Just choose withdrawal to bch32 address or LN method (if you are good at it). As far as I can remember, Kucoin charges a lower fee for withdrawing to a bech32 address. OKX also offers a fairly competitive fee, 0.00003 ($0.83).

I think he meant about the withdrawal fee during ordinal attack, but now Binance already lowering their withdrawal fee.

As for Kucoin, it's true they charge a low fee if you use bech32 address, but AFAIK the option to withdraw using bech32 address is still on pending. Not really know about the current condition because I stopped using Kucoin when they force every customer to submit KYC.

Eureka_07

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

It is not recommended to do a BTC DCA (Dollar Cost Averaging) in Binance due to the exchange's high BTC withdrawal fee. I believe the best way is for you to choose decentralized exchanges where you can buy and sell Bitcoins. The second-best option, in my opinion, is through peer-to-peer trades. You can find a trade partner here in our forum or anywhere you think there are people willing to do BTC trades. Once successful, you can then store them in your secure wallet.

FatFork

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Quote from: noorman0 on July 31, 2023, 03:36:44 AM

Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

-snip-
therefore I am a little burdened by high fees when withdrawing - for example on Binance bitcoin withdrawal is 0.0005BTC or ($14) that money is quite meaningful to me if you think about it.

Is it true? I tried to check my binance account, and the bitcoin withdrawal fee is only 0.00005 ($1.4) onchain withdrawal, I used the web version.

Just choose withdrawal to bch32 address or LN method (if you are good at it). As far as I can remember, Kucoin charges a lower fee for withdrawing to a bech32 address. OKX also offers a fairly competitive fee, 0.00003 ($0.83).

Haha, isn't it funny that no one, except for you, bothered to verify his claim before commenting on this thread? It's possible that he just miscounted his zeros, and that's why he came to the wrong conclusion.

I don't use Binance anymore, but I can confirm that the fee for withdrawing is currently 0.00005 BTC. However, you're mistaken about KuCoin, as they do charge a fixed fee of 0.0005 BTC for withdrawing to SegWit addresses (the same as for legacy addresses). You can check it here: https://www.kucoin.com/vip/level

It's also possible that the fee is actually lower now, and they haven't updated the information. Unfortunately, I haven't been able to verify that, and I can't recall the last time I withdrew BTC from KuCoin.

noorman0

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

-snip-
therefore I am a little burdened by high fees when withdrawing - for example on Binance bitcoin withdrawal is 0.0005BTC or ($14) that money is quite meaningful to me if you think about it.

Is it true? I tried to check my binance account, and the bitcoin withdrawal fee is only 0.00005 ($1.4) onchain withdrawal, I used the web version.

Just choose withdrawal to bch32 address or LN method (if you are good at it). As far as I can remember, Kucoin charges a lower fee for withdrawing to a bech32 address. OKX also offers a fairly competitive fee, 0.00003 ($0.83).

ImThour

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I have a very different approach to Dollar Cost-Averaging and I even shared it once and will do it once again.
Go to the 1D timeframe on the Bitcoin chart, put the RSI indicator and Bollinger Bands. When the price is below Bolling Band and RSI 30, I buy.
That's how I do. I am in profit despite being the market so low as I was able to predict the $40k to $20k dump. I have posted my ideas in Speculation board, go check them out.

SeriouslyGiveaway

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

My DCA is not big at most per week $15/$20 sometimes once a month $50, I store on the exchange until the estimated $100 when it is reached I withdraw it to a private wallet for security because I don't want to store all assets on parties when like exchanges, therefore I am a little burdened by high fees when withdrawing - for example on Binance bitcoin withdrawal is 0.0005BTC or ($14) that money is quite meaningful to me if you think about it.

With $14 in withdrawal fee for $100 withdrawal, it is too expensive for your small fund. It is 14% of your withdrawal value. Why do you need to use Binance and help them richer by eating your withdrawal fee?

Use decentralized peer to peer exchange, Bisq.network.
https://bisq.network/
https://docs.bisq.network/getting-started.html#fund-your-bisq-wallet
https://bisq.wiki/Trading_fees
You can use BSQ and get 50% discount trading fee.

Dollar cost averaging Bitcoin https://dcabtc.com/

Bisq.network does not have high trading volume but you buy small amount so it is helpful for you as you don't plan to buy big amount.

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

~
I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1.

P2P or just buy Bitcoin on Decentralized Exchanges. I guess that's the best solution so far.

Using Binance for DCA isn't really a good thing to do IMO especially if you are withdrawing your money there on a monthly basis, and at the same time you are investing a small amount like what you're doing. The fees will just eat your capital, and unless the price of Bitcoin goes up significantly in just a matter of weeks, transaction fees on these Centralized Exchanges really is high.

Well, if you don't want to do any of the 2, I think there's a 3rd option. To limit your withdrawing to at least once every 3 months if you aren't thinking of increasing your capital, or to just increase your money you invest if you really want to withdraw on a monthly basis.

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Quote from: GazetaBitcoin on July 30, 2023, 02:27:58 PM

My suggestion is to produce BTC instead of buying. Meaning to offer your services and get paid in BTC. This way you may have 100% profit if you cash out. Think about what you are good at and try to obtain money from your expertise. It will help you much more.

Bitcoin market for work is very small and tends to favor the employers, because there's so many workers looking for jobs paid in Bitcoin. This means that the salaries might be not competitive compared to fiat economy. Not to mention that a lot of people have non-online jobs, and it would be nearly impossible for them to find a job that pays in Bitcoin, because Bitcoin is not a legal tender in most of the world.

Trying to start earning Bitcoin is a good idea, but if it's clear that it isn't working, it should be abandoned, rather than desperately trying to make it work and losing a lot of time and opportunities in the process.

kamvreto

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Quote from: _BlackStar on July 30, 2023, 04:57:38 PM

Quote from: GazetaBitcoin on July 30, 2023, 02:27:58 PM

Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

-snip-

My suggestion is to produce BTC instead of buying. Meaning to offer your services and get paid in BTC. This way you may have 100% profit if you cash out. Think about what you are good at and try to obtain money from your expertise. It will help you much more.

GazetaBitcoin - I think you're right about that suggestion and I don't think it's wrong. Offering a service if the OP has some expertise would probably get him well rewarded in bitcoins - but the OP seems obligated to build a reputation and have good experience in forum for people to know him.

There are many services offered by newbies in the services section - but not many forum users are interested in their services as people tend to go for users with a high reputation and a lot of experience. Apart from services - I think the OP could also earn bitcoin in other ways that most users do these days too. Signature campaigns are another solution - that is also great to consider instead of just buying.

That's quite better than having to buy at CEX which will cost you a shipping fee which you just have to pay considering the number of Op purchases each week. The number is small, so it is necessary to find a reliable P2P service on the forum, there are many services to choose from, just need to see how their reputation is. I once made a Bitcoin purchase by directly transferring Fiat to a Bitcoin reseller and it was done quickly. And the DCA of the signature payment is a pretty good idea, it can be set aside at least 50% so that we don't have to buy again, no fees, just hold it.

_BlackStar

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Quote from: GazetaBitcoin on July 30, 2023, 02:27:58 PM

Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

-snip-

My suggestion is to produce BTC instead of buying. Meaning to offer your services and get paid in BTC. This way you may have 100% profit if you cash out. Think about what you are good at and try to obtain money from your expertise. It will help you much more.

GazetaBitcoin - I think you're right about that suggestion and I don't think it's wrong. Offering a service if the OP has some expertise would probably get him well rewarded in bitcoins - but the OP seems obligated to build a reputation and have good experience in forum for people to know him.

There are many services offered by newbies in the services section - but not many forum users are interested in their services as people tend to go for users with a high reputation and a lot of experience. Apart from services - I think the OP could also earn bitcoin in other ways that most users do these days too. Signature campaigns are another solution - that is also great to consider instead of just buying.

imamusma

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1.

All exchanges seem to have high withdrawal fees for bitcoin so far (especially centralized exchanges), but I don't know how much withdrawal fees are from decentralized exchanges like Bisq or others. My solution for you is to buy from someone whether it's someone you know in real life or someone in a forum. Make one thread, it may save more fees for you.

Centralized exchanges seem to rarely adjust withdrawal fees on bitcoin networks even though low priority transactions are processing at 8 sat/vB as I write. Paying 0.0005 for $100 worth of bitcoin assets when you make a withdrawal still seems like an expensive fees to pay for it, so explore alternative solutions.

Stalker22

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1.

Using Binance for DCA when the withdrawal fees are so high is really not recommended. I suggest you look for a better option. One option is P2P. Ask in local communities if someone offers the option of buying and selling in person in your area. There are also P2P platforms, or you can view market offers on this forum. Just be sure to choose a reputable member or use escrow services.

Saint-loup

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

I'll tell you a little story here, I have been doing DCA for a long time and hope to continue because I always set aside every week or month to buy BTC.

I buy Bitcoin from Binance exchange and some other exchanges but the withdrawal is quite expensive, at the moment but what I often use is Binance exchange which I think is the highest exchange and with its reputation.

My DCA is not big at most per week $15/$20 sometimes once a month $50, I store on the exchange until the estimated $100 when it is reached I withdraw it to a private wallet for security because I don't want to store all assets on parties when like exchanges, therefore I am a little burdened by high fees when withdrawing - for example on Binance bitcoin withdrawal is 0.0005BTC or ($14) that money is quite meaningful to me if you think about it.

I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1.

Binance has recently added Lightning Network withdrawals and deposits few days ago, you should check the withdrawal fees for LN, they are certainly significantly lower than onchain operations. You should also compare those fees to the ones of the 2 other large and reputed exchanges already offering LN withdrawals, Kraken and Bitfinex, their fees are very interesting.
And the deposits/withdrawals through LN are quick and smooth there.

GazetaBitcoin

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Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

I buy Bitcoin from Binance exchange and some other exchanges but the withdrawal is quite expensive

First of all, you should stop using centralized exchanges. That is only if you care about your funds and your privacy. If you don't care about that, keep using CExs. If you are not aware of the risks you're facing, you may consult these topics:

If you want to buy BTC (although I have other ideas in mind), you can do it by using a decentralized exchange, a peer-to-peer transaction or a crypto ATM. All these solutions are anonymous.

Quote from: BABY SHOES on July 30, 2023, 01:17:11 PM

My DCA is not big at most per week $15/$20 sometimes once a month $50 [...]

I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1.

My suggestion is to produce BTC instead of buying. Meaning to offer your services and get paid in BTC. This way you may have 100% profit if you cash out. Think about what you are good at and try to obtain money from your expertise. It will help you much more.

Topic: How is your DCA solution? - page 4. (Read 931 times)