Kucoin Community Chain KCC | Bitcointalksearch.org

OmegaStarScream

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Quote from: NIrish on May 14, 2023, 09:05:43 AM

It looks like the Bitcoin network charges are almost getting back to normal, hoping KuCoin will reduce their charges back to 0.0005BTC again before I transfer out.

I have no idea if this is likely but hoping they won't "excessively" profiteer by keeping the charge at double it's previous amount when real costs reduce.

(Currently Bitcoin network charge is approx $5 and KuCoin withdrawal is $26.90!!!)

Exchanges tend to be very quick at increasing their fees when necessary, but not at decreasing them, so you might end up waiting for a while.

Have you checked if there are any bridges that support their chain's network for transferring bitcoin? If they do have one, maybe you could use that in this case. Meaning you can withdraw using their chain, but then bridge it to the main network. Some bridges do have some fees, but they shouldn't be that expensive.

NIrish

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It looks like the Bitcoin network charges are almost getting back to normal, hoping KuCoin will reduce their charges back to 0.0005BTC again before I transfer out.

I have no idea if this is likely but hoping they won't "excessively" profiteer by keeping the charge at double it's previous amount when real costs reduce.

(Currently Bitcoin network charge is approx $5 and KuCoin withdrawal is $26.90!!!)

NIrish

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You're right!! It appears the withdrawal fee on KuCoin for BTC has indeed now doubled to 0.001BTC

I hope they are as quick to reduce it when / if the network congestion dies back down.

rat03gopoh

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Quote from: NIrish on May 09, 2023, 02:06:58 PM

I STILL haven't moved my Bitcoin off exchange, was hoping to for the price to drop ($25k ish) so I could buy more and move it all together so the fee wouldn't burn as large a %

It doesn't differentiate the basic fees of whether you wanna send it later or today. 50k sats = 50k sats, it will be taken from some of the bitcoins you withdraw. At worst, the network will get clogged even more and then there will be adjustments for withdrawing fees from Kucoin. Now that the recommended fee has gone up a few times to get average priority, my estimate is that some exchanges will increase that too by at least 2 times (it will be 100k sats on Kucoin withdrawals.

Bitcoin_Arena

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Quote from: NIrish on May 09, 2023, 02:06:58 PM

Thanks for the info, I had never heard of Mempool until the previous post but have now seen it mentioned many times in videos as Bitcoin network fees have skyrocketed!

I definitely pre-empted something asking if it would be cheaper to send funds back to exchange than it is to withdraw them Undecided

I STILL haven't moved my Bitcoin off exchange, was hoping to for the price to drop ($25k ish) so I could buy more and move it all together so the fee wouldn't burn as large a %

That's if I can afford to move it back in a bull run with ordinals clogging up the network Grin

The skyrocketing Bitcoin transaction fees have definitely affected most of us who use the network. I used to make so a good number of transactions involving micro amounts but can't do it anymore since it does not seem sustainable.

All I can now do is wait and see if the fee rates can normalize after some time. The advantage I have is that most of my Bitcoins are in my noncustodial wallets and just a little in an exchange for day trading.

NIrish

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Thanks for the info, I had never heard of Mempool until the previous post but have now seen it mentioned many times in videos as Bitcoin network fees have skyrocketed!

I definitely pre-empted something asking if it would be cheaper to send funds back to exchange than it is to withdraw them Undecided

I STILL haven't moved my Bitcoin off exchange, was hoping to for the price to drop ($25k ish) so I could buy more and move it all together so the fee wouldn't burn as large a %

That's if I can afford to move it back in a bull run with ordinals clogging up the network Grin

OmegaStarScream

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Quote from: NIrish on May 02, 2023, 04:19:01 AM

Hi everyone, I've got my Coinbase Wallet set up now. To transfer BTC from KuCoin into it has a 0.0005BTC fee which definitely makes a dent in my holdings.

My question is, say I want to move half of it back to KuCoin to sell in the future, will the charge again be 0.0005BTC? I can't seem to find this info for Coinbase Wallet.

Some wallets allow you to customize fees (sats per byte). I can't remember if Coinbase wallet allows you to do that but if they do, you can check mempool when choosing the fees: https://mempool.space/

Or you could just use the priority option (low, medium, high).

But either way, the fees will be much less and would depend on the transaction size as well as how congested the network is. Coinbase wallet won't take any extra fees (unlike centralized exchanges).

NIrish

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Hi everyone, I've got my Coinbase Wallet set up now. To transfer BTC from KuCoin into it has a 0.0005BTC fee which definitely makes a dent in my holdings.

My question is, say I want to move half of it back to KuCoin to sell in the future, will the charge again be 0.0005BTC? I can't seem to find this info for Coinbase Wallet.

Darker45

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Quote from: NIrish on April 09, 2023, 04:17:25 PM

I still haven't moved anything off exchange, partially paralysed by too many stories of losing money by transferring incorrectly and not wanting to pay the sizeable Bitcoin network fee when I haven't got a large holding.

There are features some exchanges offer that are misleading. You may notice that certain exchanges offer you a menu of networks you can use in moving funds. These networks' respective fees are indicated. Exchanges make them appear as if you can easily switch between them. In avoiding high fees, the tendency is that some users choose the network with the cheapest fee, therefore ending with the wrong network. Funds are lost in the process. Indeed, in avoiding high fees, you may lost everything.

Quote

Although partially reassured by moving USDT from KuCoin to Kraken successfully and having been told the fee to transfer out of the wallet should be less than the fee to transfer from exchange.

These centralized exchanges are imposing high fees. This is just one of their numerous disadvantages. But if you want to move Bitcoin from one exchange to another, why not trade it first into an altcoin with a much cheaper transaction fee and do another trade as soon as it arrives in its destination?

Anyway, I haven't tried it but Trust Wallet has made announcements almost a year ago that it already integrated Kucoin Community Chain (KCC) to their wallet. Did you not proceed with this option?

NIrish

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Ok thankyou, appreciate the clarification on Polygon! Thanks

I still haven't moved anything off exchange, partially paralysed by too many stories of losing money by transferring incorrectly and not wanting to pay the sizeable Bitcoin network fee when I haven't got a large holding.

Although partially reassured by moving USDT from KuCoin to Kraken successfully and having been told the fee to transfer out of the wallet should be less than the fee to transfer from exchange.

OmegaStarScream

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Quote from: NIrish on April 09, 2023, 03:17:59 AM

Can I please re-visit part of this topic ....

So I now realise I should only transfer Bitcoin on the Bitcoin network to avoid wrapped versions of the coin!

However can I confirm how this works with Eth? Can I use Layer2 networks like OP/ARB/MATIC to transfer Eth as they sit on the Ethereum network as these are substanially cheaper options.

Thanks all!

Yes, it should be fine with Arbitrum or Optimism. However, for MATIC, you're probably referring to the sidechain and not the actual L2 (Polygon zkEVM) which was released a couple of weeks ago, so I don't think it's currently supported by major exchanges yet.

NIrish

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Can I please re-visit part of this topic ....

So I now realise I should only transfer Bitcoin on the Bitcoin network to avoid wrapped versions of the coin!

However can I confirm how this works with Eth? Can I use Layer2 networks like OP/ARB/MATIC to transfer Eth as they sit on the Ethereum network as these are substanially cheaper options.

Thanks all!

NIrish

jr. member

Activity: 50

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Ok, so the initial aim of the query was how the best and if possible most cost effective way to get Bitcoin off KuCoin exchange into a self custody wallet.

Are you suggesting if I move Tether into my Coinbase Wallet I can buy BTC there???
(The quoted charge to transfer USDT $20, even more than the $14 for Bitcoin)

Since then my queries had moved to how this applies for other coins as I also hold ETH and a basket of ALTs on KuCoin that ideally I'd like to move into a wallet too, although some are currently earning decent staking rewards which are hard to turn down!!!

ALTs seem particularly bewildering as every coin has it's own network or a choice, do wallets accept all of these various networks?

BitMaxz

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Quote from: NIrish on March 21, 2023, 09:55:59 AM

Can anyone help me with how this works with regards ETH and ALTs? Do they all have to be transferred on their native ERC20 or alternate network such as AVAX to be legit?

If you talking about ETH then it's ERC-20 or Ethereum blockchain about the other alts they also have other networks but what is your main goal?

If you just want to transfer your BTC from Kucoin to Coinbase I suggest you convert BTC to USDT and use the ERC20 network to transfer them to Coinbase and then buy BTC with your USDT.

NIrish

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Goodness!!! With every reply I need to delve into google to understand new terms, I have no idea how P2P works in Crypto so I need to learn about that .... and as for Mempool, I'm none the wiser after a little reading so I need more time on that too!

I am now aware that for Bitcoin, everything other than the Bitcoin network is a poor imitation and I appreciate the help!

Can anyone help me with how this works with regards ETH and ALTs? Do they all have to be transferred on their native ERC20 or alternate network such as AVAX to be legit?

joniboini

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Quote from: NIrish on March 21, 2023, 04:12:40 AM

As mentioned above there are many available networks at varying costs, is it the same story where only one is authentic for holding the actual coin or are the likes of Arbitrum/Optimism usable options?

It is the same thing, the real Bitcoin is on the Bitcoin mainnet, other networks just use a wrapped token with scammy BTC or shady BTC to back it up, just like fiat if you ask me. If you don't want to pay many fees, consider using P2P where you can change the transfer fee. If that's not an option wait until the mempool becomes free. Unless you use a terrible exchange that doesn't update the fee according to the network condition, that should be an okay option.

Quote from: NIrish on March 21, 2023, 04:12:40 AM

As for the tether it's a long story from another thread, I have GBP on KuCoin from Bitcoin sales which I now realise I can't withdraw, trying to switch to tether at a decent rate and go from there ... prob transfer somewhere else to go back to GBP to withdraw unless the market drops in the meantime ... all more tricky than I'd hoped!

Make sure you do some research first if you decide to use another exchange to process your GBP. I'd also check if there is any USDT to GBP P2P trade available on this forum or other P2P marketplace before you decide to do KYC on another platform. Or, you can also just buy more BTC with your available GBP if you can afford the risk (unless it is not possible for one reason or another).

NIrish

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Thanks everyone, appreciate the input, definitely a big learning point.

I do take some profits as Bitcoin price moves and at my level the cost of the Bitcoin network is high but I'll be sure to stick to it regardless!

In the name of more learning can I redirect this in the direction of how it works with Eth and Alts?

As mentioned above there are many available networks at varying costs, is it the same story where only one is authentic for holding the actual coin or are the likes of Arbitrum/Optimism usable options?

As for the tether it's a long story from another thread, I have GBP on KuCoin from Bitcoin sales which I now realise I can't withdraw, trying to switch to tether at a decent rate and go from there ... prob transfer somewhere else to go back to GBP to withdraw unless the market drops in the meantime ... all more tricky than I'd hoped!

rat03gopoh

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Quote from: NIrish on March 20, 2023, 05:29:42 PM

so if I don't use the official Bitcoin network, then I'm holding a copy effectively rather than the real thing,

Given your goal of long-term holding , I don't recommend that you continue with this. Remember that you withdraw bitcoins through the KCC network are not real bitcoins. One day you may have a problem with it.

Such bitcoin tokens are not acceptable everywhere.
The KCC network is suddenly damaged or corruopt.
The bitcoin token issuing entity is experiencing liquidity problems.

dkbit98

legendary

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Quote from: NIrish on March 20, 2023, 03:39:28 AM

Has anyone used KCC to transfer Bitcoin??

No.
My advice: Don't use this crap.

Quote from: NIrish on March 20, 2023, 05:29:42 PM

However it seems I have a lot to learn here, so if I don't use the official Bitcoin network, then I'm holding a copy effectively rather than the real thing, collaterised against something else entirely??? This is bewildering but need to understand what I'm doing before choosing a network.

Just use Bitcoin mainnet and forget about all this fake tokens on different centralized chains.
There is no ''community'' in KCC community chain, it's all operated by few people that are probably tightly connected with exchange owners.
You are going to pay low withdrawal fee today, but tomorrow you could be paying much higher price when they shut down their nodes/chain and tokens go to zero. Tongue

Quote from: NIrish on March 20, 2023, 05:29:42 PM

and as for Tether .... ETH, TRX, SOL, ALGO, KCC, EOS, Arbitrum, Optimism, XTZ Huh

I don't trust Tether at all in any chain.
It' can be useful temporary in some cases, but we saw what happened with USDC, BUSD and other dead ''stable'' coins.
You should never hold any stable coin long term.

NIrish

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I'm aware Coinbase Wallet doesn't accept KCC which is why I was enquiring about Trust Wallet who KuCoin list as accepting it.

However it seems I have a lot to learn here, so if I don't use the official Bitcoin network, then I'm holding a copy effectively rather than the real thing, collaterised against something else entirely??? This is bewildering but need to understand what I'm doing before choosing a network.

How does this work for ETH where I have further options ERC20, KCC, Arbitrum, Optimism.

and as for Tether .... ETH, TRX, SOL, ALGO, KCC, EOS, Arbitrum, Optimism, XTZ Huh

Topic: Kucoin Community Chain KCC (Read 277 times)