I know how it feels coz i pay a lot of fees on ETH! But i suggest if you're going to withdraw in an exchange try to use XRP since they have lower fees.
I think sometimes this is the perk of having higher price on BTC and ETH, their fees are getting higher as well.
Topic: Network fee is killing my small profit (Read 873 times)
That's very unlikely to happen, Blockchain is no longer congested and second layer solutions such as LN (Lightning Network) are there to lower fees and make transaction faster.
I haven't heard from other users here, complain about fees. Only you, could you provide us an screenshots.
Well, if it's true i believe you could adjust the fee amount but would take much longer like the duration or several hours.
I haven't heard from other users here, complain about fees. Only you, could you provide us an screenshots.
Well, if it's true i believe you could adjust the fee amount but would take much longer like the duration or several hours.
Have you tried using alts to move coins between exchanges for much lower fees? I do it all the time I need to move bitcoins between exchanges or other centralized services that allow exchanging coins. Though in your case it might not work well, since you're interested in arbitrage, but maybe it means that you should switch to arbitraging with altcoins instead? Give it some thought, and maybe get yourself a simple algorithm for finding the best altcoins for moving value between exchanges.
Day trading would really be killed by some network fees since we are depending on the profit that we might be making by making that trade. Maybe what you need to do is slow down a little on those trades since we are kinda experiencing sudden surges in prices that varies by the volume that we are trading and trading large amounts of Cryptocurrency then gaining little profits would really result into low profits. Maybe you can look for another exchange that offers lower fees.
The other day when I'm planning to do a cash out because I have done some trading coin and to take profit. To my surprise the fees is really high which killing most traders now. When btc becomes high it's value the fees it does increase. Well for that if there's any exchange could offer small fees it is good for us who can enjoy better profit.
Does all of each exchanges withdrawal fees? I mean, if you use bitcoin for your withdrawal on a particular exchange, it is also the same equivalent amount to USD or any fiats?
If not, try exchanging your funds on other cryptocurrencies. Ripple (XRP) has one of the lowest transaction fee, and also it is one of the fastest. It's based from my experience.
I heard, Litecoin also does have small fees (on some exchanges).
Try it
The fee should be set to just under 1% which is great for the exchange and is suitable for all types of income. maybe now many seem expensive for fees at some ecxchange but come on we are realistic if the fee has now reached an expensive point for those who have small profits
If you cannot revise a better plan to continue your earnings even if the bitcoin transaction fee is keep on increasing then it is best that you either stop your doings or you can
just do it using other currencies that has a lesser transaction fee compare to bitcoins.
What you need to do is to create a better plan that can counter your current problem now so you can still enjoy your current work.
Transaction fee is already the main disadvantage of bitcoin from the start and you should have consider it first before deciding to do that work.
just do it using other currencies that has a lesser transaction fee compare to bitcoins.
What you need to do is to create a better plan that can counter your current problem now so you can still enjoy your current work.
Transaction fee is already the main disadvantage of bitcoin from the start and you should have consider it first before deciding to do that work.
The other day when I'm planning to do a cash out because I have done some trading coin and to take profit. To my surprise the fees is really high which killing most traders now. When btc becomes high it's value the fees it does increase. Well for that if there's any exchange could offer small fees it is good for us who can enjoy better profit.
Does all of each exchanges withdrawal fees? I mean, if you use bitcoin for your withdrawal on a particular exchange, it is also the same equivalent amount to USD or any fiats?
If not, try exchanging your funds on other cryptocurrencies. Ripple (XRP) has one of the lowest transaction fee, and also it is one of the fastest. It's based from my experience.
I heard, Litecoin also does have small fees (on some exchanges).
Try it
Don't ever withdraw or transfer funds when your profit is still small. Make your transactions as efficient as possible so you can get profit.
Bitcoin or other currencies only charge a fee for those who make transactions, but for a trader who has little capital, what's wrong if you make a few more small trades without having to WD
That way, your profit will be more pronounced and your assets will increase. When assets increase, of course the capital to buy BDT coins will be even more and if you take a small profit, of course it will be more than you have a little capital.
Bitcoin or other currencies only charge a fee for those who make transactions, but for a trader who has little capital, what's wrong if you make a few more small trades without having to WD
That way, your profit will be more pronounced and your assets will increase. When assets increase, of course the capital to buy BDT coins will be even more and if you take a small profit, of course it will be more than you have a little capital.
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.
sometimes in some exchange fees are very burdensome but we have to keep going, it looks unfair but it is the truth. but still there are many options for exchanges that have low fees and high levels of security, so it doesn't kill small profitsBut 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.
The same thing happens to me when I exchange Bitcoin to my local currency at this time. But to ease the burden of fees a bit, I exchange it only twice a month and do it to cover my daily needs.
That is the wisest thing to do, it is supposedly why not if have that option and think about saving rather than accumulating these fees. Always there is a way, only we need to find it. It is to understand that once the market does such pumps, fees will actually rise. This can't be avoided and just us to limit cashout transactions if that is the only way we can save. In fact, we all have suffered this thing and we have nothing to do but accept how these changes affects us in regards.
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.
sometimes in some exchange fees are very burdensome but we have to keep going, it looks unfair but it is the truth. but still there are many options for exchanges that have low fees and high levels of security, so it doesn't kill small profits 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.
The same thing happens to me when I exchange Bitcoin to my local currency at this time. But to ease the burden of fees a bit, I exchange it only twice a month and do it to cover my daily needs.
As you do work as a trader that is a big problem because you lose your profit. We are experiencing difficult times, high fees and inflation in the economy.
As you do work as a trader that is a big problem because you lose your profit. We are experiencing difficult times, high fees and inflation in the economy.
Crypto transaction costs for small amounts are less profitable due to the high cost of intermediaries. If the order is bigger then the cost is the same, but you will see a larger winnings. You should have better plans for higher profits.
For small amounts you should stay away from decentralized exchanges because deposit and transaction costs are very large, slippage rates are also high. Currently the Ethereum network has a huge number of transactions and the costs for exchanging currencies on decentralized exchanges as well as sending money are higher.
For small amounts you should stay away from decentralized exchanges because deposit and transaction costs are very large, slippage rates are also high. Currently the Ethereum network has a huge number of transactions and the costs for exchanging currencies on decentralized exchanges as well as sending money are higher.
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.
Unfortunately, the situation with the sale and purchase of bitcoin is becoming more and more complicated every year. Commissions really grow very much and resale and arbitrage becomes simply impossible. Many of my acquaintances have left this business. I think you need to look for something else, since Bitcoin arbitrage will soon become completely impossible. 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.
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.
All you can do is stop stop selling and buying until the network clog gets cleared because there is no way to make profits from trading such small amount when the trading fee is very high, maybe you can start trading for stable coin pair so you no need to move your funds to your wallet and there will be no transaction fee until you withdraw it. 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.
You need bigger fund to make a profit, little money give little profit to none.
It is not that simple, the OP stated that he is doing some peer to peer trades in his country, this means that he doesn't control the size of these trades, the ones that do that are his clients and anyone that has ever traded bitcoin peer to peer knows that for the most part the trades are going to be very small, and with the high fees he is finding out that something that used to be profitable it isn't anymore and he's trying to find a way around it but at least it doesn't seem possible to me.
Yeah mate, network fee this days is very high, it is very difficult for someone with small capital to transfer or but and sell, even eth that use to he my favourite currency to use has suddenly increase in network fees, there is absolutely nothing anyone can do to change this.
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.
Recently the network fee has increased too much. You have nothing to do with this fee increase for small traders like me. So I think the way to get rid of this is to sell at a slightly higher price or impose a part or all of the transaction fee on the customer. If that is not possible then small traders will not be able to survive. 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.
It has been my problem for so long now and that is why I also stop on gambling because even if I am happy with my small profit I would get less because of the high fee.
So I wouldn't feel any profit at all it is just like wasting my time and money for nothing so if I wanted to get a profit I have no other choice but to earn more and that would risk the profit that I already have instead of claiming it I am force to play more or even in trading I would need to do more.
So I wouldn't feel any profit at all it is just like wasting my time and money for nothing so if I wanted to get a profit I have no other choice but to earn more and that would risk the profit that I already have instead of claiming it I am force to play more or even in trading I would need to do more.
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.
I feel you man in my case I cannot transfer Bitcoin I've earned from campaign to our local wallet without incurring high fees, I have to wait for more coins to come to my wallet, I cannot use my local wallet for my campaign because they are changing my local address from time to time
i once incurred $4 fees for $5 transfer, really not worth to transfer a small amount.
@Little Mouse indeed it’s very risky to use coinbase as they may force you to submit your details for KYC purposes, and that’s why I left them because I was not comfortable revealing my personal information to them.
Also @pilosopotasyo these days bitcoin fees have shot up tremendously as I had to pay $23 in fees for a small transaction, and normally I would have paid just $1 - $3 for the same transaction.
Lastly the only option I can think of saving fees is by setting them manually in the electrum wallet, and hence I’m sharing the guide here in case anyone else is facing similar issue of bitcoin fees being too high.
How to set fees manually:
https://medium.com/@eaie6297/how-to-resolve-the-insanely-high-transaction-fees-in-electrum-wallet-98bc7dc74e64
You will be able to make real profits only with big deposit, sorry
Which exchange are you using to make your trade ?
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.
I feel you man in my case I cannot transfer Bitcoin I've earned from campaign to our local wallet without incurring high fees, I have to wait for more coins to come to my wallet, I cannot use my local wallet for my campaign because they are changing my local address from time to time
i once incurred $4 fees for $5 transfer, really not worth to transfer a small amount.
Recently so many network fees have increased.It cannot be imagined.Many small resellers have been forced to quit their jobs due to the increase in network fees.Etherium can grow as they improve their network system.However, in this situation the USDT can still be used as a medium of transaction.
Most likely you will have to find another way to earn money, I don't see any other options.
All he has to do is pass on the charge. It's not as if buyers will find a seller who magically swallows the cost on their behalf. This is a fundamental part of how Bitcoin works and there's no avoiding it.
Most likely you will have to find another way to earn money, I don't see any other options.
This is why trading was being discourage due to high fee when converting cryptocurrency to fiat. Here in our place is just the same. The problem adds up during withdrawals because remittances or banks also will made another deductions. It is just like a double or tripple kill for when one likes to invest again then bitcoin has higher rate when buying and lower rate when selling. Totally one will be having a hard time to earn or to just do trade.
It is right unfortunately. You can pay a $10 fee to make a single transfer. This makes it unfeasible to use Bitcoin to pay for purchases of small amounts.
I would've thought you could charge far more in a place where Bitcoin isn't legal. Even in places where it is fully legal P2P trades can often be way above the market rate especially when the market is heating up.
If I ran a business where a fundamental part of its cost was completely out my control I would either carefully plan how to handle an explosion in that cost, or find another business where I did have complete control. The obvious one is to pass on the cost to the buyer. The cost is right there in public for them to see if they moan about it.
Agreed, even in the countries where there isn't any opposition for buying/selling of bitcoin has got an added margin as profit. This is apart from the network fee and the third party charges, in simple this can be understood comparing the price with the current market on localbitcoins. Here the buyer will be charged for the fee. Doing the business in a country where it is illegal is high risk involved, and you should get the right reward for the same. If I ran a business where a fundamental part of its cost was completely out my control I would either carefully plan how to handle an explosion in that cost, or find another business where I did have complete control. The obvious one is to pass on the cost to the buyer. The cost is right there in public for them to see if they moan about it.
I would've thought you could charge far more in a place where Bitcoin isn't legal. Even in places where it is fully legal P2P trades can often be way above the market rate especially when the market is heating up.
If I ran a business where a fundamental part of its cost was completely out my control I would either carefully plan how to handle an explosion in that cost, or find another business where I did have complete control. The obvious one is to pass on the cost to the buyer. The cost is right there in public for them to see if they moan about it.
If I ran a business where a fundamental part of its cost was completely out my control I would either carefully plan how to handle an explosion in that cost, or find another business where I did have complete control. The obvious one is to pass on the cost to the buyer. The cost is right there in public for them to see if they moan about it.
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.
Indeed, and I wasn't surprised that the BCT transaction fee will start skyrocketing again. It always happens when the BTC price is going up. I just scratch my head when I have a tx fee of around $4 equivalent from a $60 BTC transaction.
Transaction fees have always been the problem for small scale traders like us. Personally, I stopped due to this huge transaction fees. I realized that almost 50% of my profits were being used for transaction fees. The nature of transaction fees for smaller transactions is one disadvantage making it difficult for some people to adopt to crypto business transactions.
This is really a hindrance to success if this fees are really high.
Some people are only earning small profits and they are having a hard time to save their money and these fees really make them lose their profits.
But we can't really have a third party if we are living in a state that allows cryptocurrency.
Always expect to have a transaction fees because that's where the government or the platform can benefit your crypto. That's the reason why some people who are earning small profits with crypto are making other businesses so that they can somehow have support for those transaction fees.
Transaction fees have always been the problem for small scale traders like us. Personally, I stopped due to this huge transaction fees. I realized that almost 50% of my profits were being used for transaction fees. The nature of transaction fees for smaller transactions is one disadvantage making it difficult for some people to adopt to crypto business transactions.
That was the sad reality in cryptocurrency, if the value of some coins increase the network fee also increase. It is good only for those high capital to invest but those with those the money is limited and just small amount , it will turns to nothing instead of making profit. 
Are you using a local exchange? if so, I guess you will not be getting a price like a price you will see in Binance and other popular big exchanges.
We have a local exchange also, if I buy bitcoin, the rate is higher like 2% to 3%, and there's always a transaction charge buying bitcoin, so that transaction alone would already cost you an amount which is considered expense, when selling, you are get lesser on the percentage mentioned so you can't maximize your profit.
Bitcoin trading is not really good for micro amount especially if you withdraw and use the blockchain as currently the fee is really expensive.
Try to increase the amount you are trading so you will not feel the fee.
We have a local exchange also, if I buy bitcoin, the rate is higher like 2% to 3%, and there's always a transaction charge buying bitcoin, so that transaction alone would already cost you an amount which is considered expense, when selling, you are get lesser on the percentage mentioned so you can't maximize your profit.
Bitcoin trading is not really good for micro amount especially if you withdraw and use the blockchain as currently the fee is really expensive.
Try to increase the amount you are trading so you will not feel the fee.
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.
Too much fees will really kill small trader's profit.
You can try trading on other exchanges if you want.
Well that's probably the best thing to do. Find some exchanges that has a lower fees compared to where you came from.
You'll feel your profit if you became successful there.
Less fees, less worries.
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.
Too much fees will really kill small trader's profit.
You can try trading on other exchanges if you want.
Well that's probably the best thing to do. Find some exchanges that has a lower fees compared to where you came from.
You'll feel your profit if you became successful there.
Less fees, less worries.
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.
Are you using any third party site ?
-because even there you have to pay them some amount.
Or Do you have your own network?
-I made a local community of the Bitcoin holders near my area whom I know , this way whenever someone had to sell/buy we would just message on the group and take the nearest approximate value or whatever the person thinks is right .
This way :
- No controlling body
- Trust , since you already know them
- No fee
- Can directly send the BTC in the wallet straight therefore don't have to juggle it between many.
I do think this issue might now be resolved sooner , you can start charging a little more but that would only bring you less Investors.
(You can change the amount manually in most platforms)
Well I do think you should first look around for a good trading platform they all have different rates .
Because this way you are loosing a lot of money .
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 $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.
Bad thing with your payment fees, I think is not fair when buying 100$ and you got only $86 and how come its possible using as good for trading or investing, maybe you got wrong exchange with your investing and looking other exchange with lower fees payment when trading and withdrawing your assets. 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.
Never mind, I would like to share you a secret. When fee is high enough for getting confirmed within 1st block, I think custodial wallets like Coinbase offers the cheapest fee. Because they now do batch payments which give them the chance of saving a lot of fees. As a result, they charge same fee from everyone.
If you simply use 1 input and 2 output in non custodial wallets, I think you will pay much higher than what coinbase charges, the case is true when cheapest and fastest fee is 100 sat+.
There is no secret that platforms, not only Coinbase always do batch payments for their customers - that is one of reasons we have waiting time for withdrawals on platforms to get txid - but I don't mind that because fees on platforms are higher (I could be wrong), except if they waive the fees (some casinos do waive the fee, Fortune Jack for now AFAIK).If you simply use 1 input and 2 output in non custodial wallets, I think you will pay much higher than what coinbase charges, the case is true when cheapest and fastest fee is 100 sat+.
I don't use Coinbase so that I can not confirm what you said. Honestly I don't know the fee they save from batch payments will be for themselves or will be shared to customers. Yes, it is a secret I've not yet known.
The key point is: choose the day to move your bitcoin, you will have cheapest fees no matter what from where you move them (from Coinbase or from your Electrum wallet).
Bonus:
How do they (platforms) save fee from batch payment?
Doing batch payment, they will save fees from lower size of payments. Let's see the different size of transaction, from 1 input and different output (all are P2PKH), calculations are from the https://coinb.in/#fees
| | | No of Outputs
legendary
 Activity: 2268
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 Marketing Campaign Manager |Telegram ID- @LT_Mouse
 Avoiding frequent transactions is not an option for Little Mouse I believe. He just said in his recent comment that he trades instantly. If someone's selling, he buys and if someone's buying, he sells. In short, he competes with other traders in their local p2p community. Exactly, I am in such a trade system that I can not avoid frequent transactions because the more transactions I can do a day, the more profit I can earn a day. May be LimLims did not get my point.Quote Is the rate that competitive in your community that you cannot increase your mark up to compensate for the fees? I am paying seller the highest rate I think. No other buyer will pay 86 BDT per USD at the moment as far as I know because BTC price has increased. I can decrease buy rate and increase sell rate but that may hamper my community. I want to build strong relationship with all of them so that we can have long term dealings. Since network fee is variable, you can also adjust your rate. If fees are high, sell higher. If fees are low, you can choose your normal rate. ........ Avoiding frequent transactions is not an option for Little Mouse I believe. He just said in his recent comment that he trades instantly. If someone's selling, he buys and if someone's buying, he sells. In short, he competes with other traders in their local p2p community.The best way to deal with the current situation is right now to avoid frequent transactions. I mean you can just hold your money for a longer period of time and gather all your profits together. When you have a decent amount of BTC stored then only sell it. Moreover you can also convert the BTC into a stable altcoin and can sell it, the fees i am sure will be comparatively less than that of Bitcoin. And as far Coinbase is considered i would rather advice to stay away from it. If you can't provide them a Legit way of earning the BTC, they will liquidate your BTC for no reason. ....... Is the rate that competitive in your community that you cannot increase your mark up to compensate for the fees? It does not depend which day it is. When I have buyer, I sell and when someone wants to sell BTC, I have to buy. Most of the times, I buy and sell instantly ad I have community who are in need of BTC always. Since network fee is variable, you can also adjust your rate. If fees are high, sell higher. If fees are low, you can choose your normal rate. legendary
Activity: 2268
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Now, you can move your bitcoin at cheaper fees (see above). Of course, fee will be higher if you use custodial wallet (you mostly are not allowed to customize fee), and cheaper if you can choose your fees in non-custodial wallets (with some delay obviously). Never mind, I would like to share you a secret. When fee is high enough for getting confirmed within 1st block, I think custodial wallets like Coinbase offers the cheapest fee. Because they now do batch payments which give them the chance of saving a lot of fees. As a result, they charge same fee from everyone.If you simply use 1 input and 2 output in non custodial wallets, I think you will pay much higher than what coinbase charges, the case is true when cheapest and fastest fee is 100 sat+. I do not accept no confirmation tx and same my clients also does. As a result, we have to use the maximum required fee. I am from Bangladesh if you mean that. No, I meant you moved your bitcoin from non-custodial wallet or from exchange wallet because it decides whether you will have control on fees.I have BTC in custodial wallet, non custodial wallet both. Now, you can move your bitcoin at cheaper fees (see above). Of course, fee will be higher if you use custodial wallet (you mostly are not allowed to customize fee), and cheaper if you can choose your fees in non-custodial wallets (with some delay obviously).Quote Does not matter even if I can choose the fee, for example I have fund in my electrum wallet but now, the fee is so high that if I use my preferred fee, tx will not be confirmed instantly. Instantly means your transactions should be confirmed in next one block that in turn put you into a fee race. The race always charges you as highest fees as possible, not cheap for sure.Quote It does not depend which day it is. When I have buyer, I sell and when someone wants to sell BTC, I have to buy. Most of the times, I buy and sell instantly ad I have community who are in need of BTC always. See above, instant transactions mean both sellers and buyers have to accept highest fees. Cheaper fees mean a bit of delays. Cheapest fees mean your transactions have probability that won't be confirmed and will be dropped out of mempool. It is safe if you move your bitcoins for yourself (from wallet to wallet, from wallet to exchange, all belong to you).BUT it is risky for bitcoin tradings: If transaction won't be confirmed and dropped out of mempool, you won't receive bitcoin but the trade partner already receive Bangladesh fiat, example. You won't be able to call him / her back to resend those bitcoin to you. It is kind of unofficial scam or you scam yourself by requiring cheapest fees on tradings. From my experience, with such tradings, you should deal with partner who is responsible for fees. And fee should be taken into calculation of final income (both BTC and fiat).  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. The best way to deal with the current situation is right now to avoid frequent transactions. I mean you can just hold your money for a longer period of time and gather all your profits together. When you have a decent amount of BTC stored then only sell it. Moreover you can also convert the BTC into a stable altcoin and can sell it, the fees i am sure will be comparatively less than that of Bitcoin. And as far Coinbase is considered i would rather advice to stay away from it. If you can't provide them a Legit way of earning the BTC, they will liquidate your BTC for no reason. legendary
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2. When I need to move BTC. Quote [1] I guess you trade with your trade partners on a third-party platform so that you are not allowed to choose your prefered fees for transactions (most of platforms don't allow customers do so). Does not matter even if I can choose the fee, for example I have fund in my electrum wallet but now, the fee is so high that if I use my preferred fee, tx will not be confirmed instantly.Quote [2]I guess it is yesterday or days before yesterday so you chose wrong days to move your BTC. Fee is high for now but as confirmed weekend effects (from institutional effects) the mempool has decreased recent hours check it with the Joehoe siteand I expect to see lower fees and smaller size in mempool tomorrow, about 28 hours from now. Maybe you won't be able to move your bitcoin at 1 satoshi/ byte this Sunday (as previous weekends) but fee will be cheaper tomorrow. It does not depend which day it is. When I have buyer, I sell and when someone wants to sell BTC, I have to buy. Most of the times, I buy and sell instantly ad I have community who are in need of BTC always. Fee is high for now but as confirmed weekend effects (from institutional effects) the mempool has decreased recent hours check it with the Joehoe siteand I expect to see lower fees and smaller size in mempool tomorrow, about 28 hours from now. Maybe you won't be able to move your bitcoin at 1 satoshi/ byte this Sunday (as previous weekends) but fee will be cheaper tomorrow. You see, as I expected yesterday:The mempool is clearer now and as of writing, if you are in hurry, 5 satoshis/ byte to move your bitcoin is enough. I also expect to see the mempool clearer a little more next hours and the cheaper fees around 3 satoshis/byte. With the network status, I think it takes days to clear up all transactions at 1 sat/ byte so I won't expect to see the cheapest fee soon. Anyway, as always, you have cheaper fees in the weekend, especially on Sunday. Additionally, to have better overview on the effects, please view the 1-week charts    Source of charts: https://jochen-hoenicke.de/queue/#1,24h
Transaction fees have always been the problem for small scale traders like us. Personally, I stopped due to this huge transaction fees. I realized that almost 50% of my profits were being used for transaction fees. The nature of transaction fees for smaller transactions is one disadvantage making it difficult for some people to adopt to crypto business transactions.
Yeah some exchange and even mobile wallets required more fees than it used to be in converting fiat to crypto and sending to other wallet, and the confirmations also take too long to confirm than the usual, but usually if i gain some of my profits in trading i wait until the fees become lower and when i'm sending it to my wallet, sometimes i usually choose xrp or xlm because of the lower fees and a bit faster confirmations. And just like you said maybe gather your funds up to 300 or something or choose some good exchange with lower fees.
You can use electrum wallet which is very customizable to set lower fees for BTC transection.Hope you will now have to pay lower fees than before.
I'm from Bangladesh also and I do this same type of business some times if I have enough supply of bitcoin from my sellers. But for that I always use coinbase for this business and most of the sellers like me from BD use coinbase also.
There are some benefits of using coinbase for buy sell btc in Bangladesh. 1. It doesn't take any charges or fees if you buy btc from another coinbase user. He/she can easily send you btc with your email address. 2. The fastest transfer speed. It takes only few seconds to confirm a transaction in coinbase if you are receiving it from another coinbase user. 3. I use it mostly because it is also easy to sell in BD because almost everyone use coinbase here. I think you can also switch coinbase if your buyers are using it too. It will give you extra profit also.
there are historically some points were btc transaction are not cheap! you should be aware of this...
What you can do? You can try to pay less fee and have your transaction confirmed after a while. You can try to trade using online wallets that offer to pay your fees (like coinpot). You can try to make the same "trick" with another coin (like Dogecoin) or try to use it as a medium for exchange in btc. Probably it's just matter of time and we will see again better price for our fees... 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. This means not the trading on exchanges. You do trade with different buyers and sellers at a very minimal profit. In short you buy for a less price and sell it a little above the buying price. Repeated trading gives good profit, and I need to ask a question. Is it legal to trade cryptocurrency within Bangladesh. I read an article where a person using bitcoin is arrested by policemen.Cryptocurrency specifically Bitcoin is not legal in Bangladesh.But we are using bitcoin for our transaction.And I didn't face any problem till now.But some people arrested because I think they opened a local exchange where they buy sell Btc,Eth and other currency to BDT(Bangladeshi currency).And they have scammed many people through their website.So many complaints are filled by public and I think they are also involved many illegal things through Btc.Thats why they are arrested so far what I have heard. 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. This means not the trading on exchanges. You do trade with different buyers and sellers at a very minimal profit. In short you buy for a less price and sell it a little above the buying price. Repeated trading gives good profit, and I need to ask a question. Is it legal to trade cryptocurrency within Bangladesh. I read an article where a person using bitcoin is arrested by policemen.
As you sell bitcoin on local people, try to transfer bitcoin through coinbase email. By this method, you will be able to transfer bitcoin instantly and it is totally free. Then you will be able to make some extra profit.
Bitcoin price is surging so expect a congested network that will define the transaction fee, the more congested it gets the higher the fee you will be paying for. And this is why you should calculating everything before making a sell out especially when you only got a small profit, I don't wonder why you are not getting a profit because you are paying a quite high transaction. Besides you'll see the fee before selling so why decide to sell with a small profit? Raise the level of risk that you are taking, don't take it too easy , you are overlooking the expenses of having the profit.
You're trading though, so you're not incurring any fees until you actually withdraw the money. The fee you pay also isn't Bitcoin's miner fee but the trading platform's own fee for withdrawal. So you're angry at the platform not Bitcoin.
And you knew all this already anyway before you started trading. So what's the problem here? 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. I guess fees are just common problems when investing in cryptocurrency or especially in bitcoin since the market value is always increasing the same as the network fee. Sometimes there was some platform that you needed to transfer your bitcoin in order to withdraw that is adding to the fee, I guess investing directly in a trusted wallet where you could immediately take out the bitcoin or convert it is a good option.
Btc transaction fee is so high since the price started rising recently. And now the bitcoin network seems busy. Currently there are more unconfirmed tx than normal time. This situation won't last forever. Maybe you are afraid of price drop that's why you do instant trade, right?
As you trade with small amount you can't make any good profit for the high tx fee. So better to do larger trade. Or share the tx fee equally with the receiver. Hope they will understand you and agree with it. By this you can make little more profit.
I guess you have to stop doing small trade if you wish to make any profit. I don't see any other option over here other than using third party wallets (risky!) like coinbase. But looks like you have already mentioned that you can't use coinbase due to some legally funded source reason (not sure what you mean by this, but I guess you mean that coinsbase doesn't serve your country or something).
Or you can switch and start selling other crypto currencies. 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. We need to deal with that because network fees make the bitcoin work and move. Without network fees, authorities will surely not process your transactions and they will not take actions for you. It is really a problem when your profit is not enough to shoulder the network fees that you need to pay because it will make your profit to be nonsense. In order for cryptocurrency network to work properly, you should really pay for it to prevent delays with your transactions. Increasing of fees are normal but this is our disadvantage when we earn our profits, instead of saving it, we will just spend it for fees. 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. The same case is with the Ethereum flash loans as well, you don't have any chance to make a decent income by doing arbitrage trade on the flash loan websites, if you are having the low entry point of 1ETH then there is mostly a fees of $15 for doing that flash loan transaction but the problem is that in most of the cases the profit margin is less than $15 per transaction and if you increase the flash loan amount then also you will be getting less number of coins in the same price as you were getting for 1 ETH. 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. This situation is also the same, this is also one of the problems that can actually be solved by the lightning network, but then a lot of people will do the same thing as you are trying to do so, less margin per trade for you.
It looks like you are doing a P2P transaction, because Bangladesh is banned Bitcoin so it is impossible to use local
centralized exchanges. If it's like that it's only natural that the network fee is big, if it's like that the solution as you say has to deal with $ 300 or more. This is the best solution in my opinion.
There are multiple solutions to your problem op because high network fee has always been an issue with the BTC blockchain based on what I observed.
One solution is selecting the lowest fees possible even if the TX time increases drastically. You could then proceed to use free TX accelerators through different sites or services here on Bitcointalk. Another solution is trading with alternate cryptocurrencies like LTC, Dogecoin etc whose fees are usually negligible at any point of time. Final solution is simply trading with big amounts like you mentioned since $300 is not really huge. 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 the source of BTC can be illegal too. except your learn and use the bitcoin lightning network, there is no shortcut to this for now. The fee will continue to go higher as the price of bitcoin do. I sell for fiat through a local exchange also here in my country and I can see that the method adopted by most of these local exchangers now in order to mitigate the effect of the high fee is that they have increased their minimum order. some wallet also allow you to use custom policy fee so you can set the transaction fee to the lowest but confirmation time will be longer. You will be able to make real profits only with big deposit, sorry No he actually can make profits with small amounts too. It only depends on the way he uses. I am aware of people trading that way but directly. For example, $50 = 0,0043 BTC. I will send to my client that amount using a wallet that allows me to select fees (satoshi/byte) so that client might wait long to get his funds (not necessarily of course). Or else, I will sell those 0,0043 BTC for him with $53 (or $50+fees) if he wants his funds faster. legendary
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The only solution (not solution really) to this very high network fees is to just increase your total capital since you said that you are buying and selling Bitcoins.
Right now there is nothing we can do about it. I have some funds in an gambling site too and right now the withdrawal fees there is very high that I can't tolerate it unless I will withdraw once a month or 2 months. Maybe buying another coin will help you or just buy and sell ETH or LTC or XRP instead of BTC. Lower fees = higher profit . 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. You know we have nothing to do about the fees because if the value of bitcoin increasing the transaction fees are also increasing. So,i think the only solution is to sell for a little bit higher so that you can save even a small profit then if you are going to cash out if ever much better to wait another deep so that the fees is a little bit smaller. 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.
You will be able to make real profits only with big deposit, sorry
Make it P2P trades and just use lower fees? I get the there is a time constraint when using lower fees for transaction but it's the only way around it currently. Or you can use LN to facilitate your transactions for faster exchange. If crypto trading isn't really illegal and your customers or whatever are registered in a crypto exchange, trading it with another crypto like ETH or XRP only for transactions will also do the trick, though that might slightly affect the values of the money you are sending and receiving so better act fast.
it's kinda hard for me to imagine the way you trade, since if you trade on an exchange for example then you don't need to withdraw to scalp it everyday. if it's on p2p, why not ask the buyer to cover the fees? or simply wait for the fee to come down to make any deal. since he said he is from Bangladesh and last time i checked bitcoin was illegal over there, it must a P2P trade which means they are sending on-chain transactions and are suffering from the high fees. although in this case one thing may be in OP's favor and that is the spread between sell price and buy price which happens in cases like this (illegality of bitcoin or even simply low number of P2P traders). that is something he might want to look into, you basically buy at a much lower price from sellers and sell back to buyers at a much higher price. i have seen spread as big as 10% and that can cover the fees by a lot. 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. It's high time for you to move to Lightening Network. Since you trade small amounts of bitcoin, LN will help you to bypass the high transaction cost. There are plenty of LN wallets available for you to use. See below, https://lightningnetworkstores.com/wallets Choos3 the best wallet as per your requirement and you are all set. Segwit can't help here because the network activity has increased due to the sudden surge in price. LN is immensely helpful for small amount trading. You transaction fees will come down to cents.
it's kinda hard for me to imagine the way you trade, since if you trade on an exchange for example then you don't need to withdraw to scalp it everyday. if it's on p2p, why not ask the buyer to cover the fees? or simply wait for the fee to come down to make any deal.
Try switching to an exchange that absorbs the fees (Gemini) or exchanges that charges lesser TX fees either with segwit or batch payments. It is an inevitable problem given that you're transferring Bitcoin/fiat back and forth regularly. Good news is, the network fees are getting lower right now.
If you only search for 1 BDT for the profit, I think you are hard to profit. But if, for example, your need to search for more than 5 BDT, I think that will cover your fee in trading. Let say you buy at @86 BDT then you should sell bitcoin at 91 BDT (sorry, if I am mistaken). What if you buy at @1 BDT and sell it at @1000 BDT, actually you will become billionaire now  I think everyone already know how to profit from trading (buy low, sell high). In this situation OP is buy bitcoin and sold it instantly to customer like an exchanges, if OP raise the price much more to get profit... actually the customer will not buy from him again and will buy it thought exchanges since it's more cheaper.Segwit, batching and lightning network only the solution regarding this scenario... there's no other way to cut the fees. This is not a good time to buy and sell instantly since bitcoin price is increase right now. Since the price is increase, it also increase in adoption and transaction everyday... make the fees more expensive.
You need bigger fund to make a profit, little money give little profit to none.
If you only search for 1 BDT for the profit, I think you are hard to profit. But if, for example, your need to search for more than 5 BDT, I think that will cover your fee in trading. Let say you buy at @86 BDT then you should sell bitcoin at 91 BDT (sorry, if I am mistaken).
Example in USD. You buy bitcoin at $11,200, and you should sell bitcoin at $11,300 or more, so your profit will be bigger than your fees. I had those experiences when I tried to use little money to trade bitcoin pair fiat, and I found out that trade fiat pair altcoin will be better if you don't have big cash or can trade bitcoin pair altcoin.
You can charge the transaction fee to the buyer (and chances are the buyer will complain about this)
Or you can specify a minimum transaction to reduce fee(even this is risky, which means you cannot serve buyers in small quantities). I think apart from that nothing can be done and the amount of transaction fees has been a discussion at all times. 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. This means not the trading on exchanges. You do trade with different buyers and sellers at a very minimal profit. In short you buy for a less price and sell it a little above the buying price. Repeated trading gives good profit, and I need to ask a question. Is it legal to trade cryptocurrency within Bangladesh. I read an article where a person using bitcoin is arrested by policemen.
I understand your problem and with the little profit you are getting, the network fee is such a burden. I think what you can do is adjust also your interest putting for each sale you get or tell your customers that they have to shoulder the fees alone or you'll both shoulder it.
I think that's the remedy that you can do if the network fee surges. 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. Two factors and I would like to ask you:
More explanations: [1] I guess you trade with your trade partners on a third-party platform so that you are not allowed to choose your prefered fees for transactions (most of platforms don't allow customers do so). [2]I guess it is yesterday or days before yesterday so you chose wrong days to move your BTC. Fee is high for now but as confirmed weekend effects (from institutional effects) the mempool has decreased recent hours check it with the Joehoe siteand I expect to see lower fees and smaller size in mempool tomorrow, about 28 hours from now. Maybe you won't be able to move your bitcoin at 1 satoshi/ byte this Sunday (as previous weekends) but fee will be cheaper tomorrow.
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
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. legendary
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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.  legendary
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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. Jump to:
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