Topic: Network fee is killing my small profit - page 5. (Read 873 times)
Unfortunately there's almost nothing we can do right now because while you can use Lightning, not much exchanges support lightning right now. Your only choice is probably to use low fees(obviously waiting longer for the transaction to be confirmed), but then you're adding risks due to bitcoin's volatility.
When you said you trade locally, is it peer to peer or is it on a local centralized exchange? If it's done peer to peer, you'll definitely have an issue with the fees if you want faster deals. Perhaps you can time your trades to minimize tx fees but with decent confirmation time like on a weekend? Check the mempool on https://jochen-hoenicke.de/queue/#0,24h first to determine the best possible rate. Right now, you can transfer with 10+ sats/byte and it'll get confirmed on the next block or two. Other than timing, you can also adjust your rate to make up for the high fees (sell at 88 instead of 87 for example). If neither of them is a good option, you just have to suck it up then.
You probably know all that already but you just wanted to rant
You probably know all that already but you just wanted to rant
Fees sometimes have to be high in times when the network is bombarded with transactions. But I guess this is your only choice if you don't want to delay confirmations of your dealings and probably look bad in the eyes of your clients. But then you should just pass on to them a portion of these fees rather than let your profit be killed altogether. I bet they would understand if the prices would slightly increase due to very high fees.
It's really very bad from Crypto because it's transection fees is increasing day by day.
Now I just miss those golden days when Bitcoin or Ethereum or any other Crypto had no transection fees.Then transection was fully out of cost.
Now I just miss those golden days when Bitcoin or Ethereum or any other Crypto had no transection fees.Then transection was fully out of cost.
legendary
Activity: 2268
Merit: 2327
Marketing Campaign Manager |Telegram ID- @LT_Mouse
Mate, BDT is the fiat currency of Bangladesh. I used to buy sell BTC locally to make some profit since I have both some buyers and sellers. And there's no way you can get rid of the high fee now. Coinbase is better since they use batch payment now and fee is proportionally low but it's very risky to use coinbase for such trades because source of BTC can be illegal too.
Haven't heard of BDT before and from the sounds of it is just like USDT or a different sort of stable coin.
I remember trading them on binance years ago until the fees killed all the profit as well.
The fees are high but there are apps and ways to get around this only if they aren't on an exchange, there is noway to avoid paying those high fees to transfer out your crypto without losing the profit you have accumulated from those trades.
Unfortunately.
I remember trading them on binance years ago until the fees killed all the profit as well.
The fees are high but there are apps and ways to get around this only if they aren't on an exchange, there is noway to avoid paying those high fees to transfer out your crypto without losing the profit you have accumulated from those trades.
Unfortunately.
legendary
Activity: 2268
Merit: 2327
Marketing Campaign Manager |Telegram ID- @LT_Mouse
I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.
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