Input from community on transfer fees - page 2.

jrrsparkles

sr. member

Activity: 2436

Merit: 272

Eloncoin.org - Mars, here we come!

Quote from: MNster on May 25, 2024, 12:27:40 PM

Yes, Bitmaz, I meant Crypto dot com. I cannot wait to get away from these infernal CEXes!
I really need to learn how to buy from a non-KYC source.

P2P is the best way if you want to avoid paying huge withdrawal fee especially when the amount you are trying to withdraw is small.

https://kycnot.me/ is place where you can find all the available options to convert fiat to crypto or vice versa and crypto to crypto without going through any KYC process. You may have to pay higher fee than the market fee depends on which fiat that you are using to buy crypto.

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

Quote from: MNster on May 25, 2024, 12:01:18 PM

Anyhow, here's my dilema: I've been slowly accumulating Satoshis this year, and I also bought a cold storage wallet recently. I tried today to move a small amount of BTC to the wallet as a "test" transaction to insure it went to the designated wallet, but the fee was a lot of money in my opinion.

Slowly accumulating satoshis this year, does it mean you do multiple purchases, not only one?

It's good that you can spend money to buy a cold storage wallet but this is strange that you can not spend some money for transaction fee.

Cold storage wallet is good but if you can not have more money for it, you can use free wallet software, open source like Electrum wallet. You can set it up as single signature wallet or multi signature wallet, free.

Transaction fee now is cheaper than weeks or months ago and gives you good time for practice with on-chain transactions, pay fee.

If you have been accumulating bitcoin since start of 2024, you would have known about some worse times with more expensive transaction fee last 5 months.
https://jochen-hoenicke.de/queue/#BTC,6m,weight

MNster

brand new

Activity: 0

Merit: 0

Thank you to everyone who has responded so far.
You all have made interesting points. Like mk4 pointed out, I think the problem is I have a small amount of BTC and the exchange rates are unreasonably high, so a fifty dollar fee stings a bit, just to move currency that I ALREADY PAID FOR ONCE.

Yes, Bitmaz, I meant Crypto dot com. I cannot wait to get away from these infernal CEXes!
I really need to learn how to buy from a non-KYC source.

Odohu

sr. member

Activity: 350

Merit: 335

Quote from: MNster on May 25, 2024, 12:01:18 PM

Hi all, newbie to the forums here. Grin

I've been in Crypto for four years, but I've recently seen the light on BTC.
(wish it had been sooner!)
Anyhow, here's my dilema: I've been slowly accumulating Satoshis this year, and I also bought a cold storage wallet recently. I tried today to move a small amount of BTC to the wallet as a "test" transaction to insure it went to the designated wallet, but the fee was a lot of money in my opinion.

Should I just send everything and hope it gets there?
Or wait until the fees go down (will they go down? I'm using CDC as the custodial exchange atm.)
Normally, I always do a test transfer on new wallets, but the fee is almost the same amount I bought this week!..
Any thoughts?
Thanks in advance for your thoughts & ideas...

The transaction fee at the moment is one of the best we have seen in recent times. If you have been around during the time that the mempool was congested due to the Ordinal attack, you would have been happy seeing the fee as lows as it is now. So, I wouldn't want you to continue waiting and hoping that the fee will come down because it is already down.

Since it is the first transaction to the wallet, I think it is better you send small amount to test if everything work smoothly before you send the rest BTC. This will save you the pain of realising you made a mistake in any of the stages. If you are using CEX to collect your Bitcoin, you can withdraw monthly or thereabout instead of regularly, this will help you reduce the fees.

mk4

legendary

Activity: 2786

Merit: 3845

Paldo.io 🤖

Correct me if I'm wrong, but you're trying to move BTC from a centralized exchange to your cold storage, yes?

If so, some centralized exchanges simply have their withdrawal fees set too high unnecessarily; that, or you're balance is simply small. If that's the case, you're probably better off waiting for your BTC balance to increase a bit to make the withdrawal more worth it.

(and probably complain via customer support if they overcharge tx fees.)

Quote from: BitMaxz on May 25, 2024, 12:14:18 PM

What exactly is the CDC exchange you mean?

I assume it's Crypto Dot Com.

BitMaxz

legendary

Activity: 3304

Merit: 3037

BTC price road to $80k

What exactly is the CDC exchange you mean?
If the satoshis you that you collected and received it to some exchanges the fees when withdrawing it from the exchange are high sample on Binance the current fee for withdrawing BTC on Binance is around 0.001BTC in segwit network so that's too expensive.

So you don't have a choice but to hold it there or to exchange it to altcoin to be able to withdraw it with lesser fee.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

The fees are not really that high right now as you can see here[1]. The main problem here is the transaction size that is too big because you've been receiving multiple small amounts throughout the year.

EDIT: missed the exchange part. Very a few exchanges have dynamic fees. If you're been using a custodial exchange wallet, then it probably doesn't matter. The fees are going to remain the same

[1] https://mempool.space/

MNster

brand new

Activity: 0

Merit: 0

Hi all, newbie to the forums here. Grin

I've been in Crypto for four years, but I've recently seen the light on BTC.
(wish it had been sooner!)
Anyhow, here's my dilema: I've been slowly accumulating Satoshis this year, and I also bought a cold storage wallet recently. I tried today to move a small amount of BTC to the wallet as a "test" transaction to insure it went to the designated wallet, but the fee was a lot of money in my opinion.

Should I just send everything and hope it gets there?
Or wait until the fees go down (will they go down? I'm using CDC as the custodial exchange atm.)
Normally, I always do a test transfer on new wallets, but the fee is almost the same amount I bought this week!..
Any thoughts?
Thanks in advance for your thoughts & ideas....

Topic: Input from community on transfer fees - page 2. (Read 193 times)