Should I covert BTC to another to get lower withdrawal fees?

DevilSlayer

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Quote from: electronicash on November 10, 2019, 11:36:22 AM

Quote from: mersal on November 10, 2019, 11:20:20 AM

Quote from: UserU on November 10, 2019, 08:07:56 AM

Quote from: mersal on November 10, 2019, 02:40:47 AM

It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?

If he want to save that 6$,he might lose few hundred dollars in year.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

seem a lot of hard work. he can just send from one exchange to another using this x coin to trade in that exchange for whatever his reason of moving.

but since he already said he wants to keep for long term BTC, i believe he would just pay the BTC withdrawal which could be $6. its nothing compare to what could be the value of BTC if he have to keep it for about 3-5 years in a cold storage. chose you wallet carefully.

In terms of storing your bitcoins, do not store it in exchanges because it has a high risks that it may hacked by the hackers. Choosing an exchange can help you to pretect your funds. There are online wallets are free to us with high security but there is also risks. Hardware wallet is still preferable in storing your coins in a long period of time.

Magkirap

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Quote from: sovie on November 29, 2019, 01:27:47 PM

I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

Well it will really depends on what's his purpose on converting his bitcoins to altcoins, if the owner's purpose is to convert it in to fiat currency then having it converted to altcoins that have small transaction fee will be a good move but if you don't plan to turn it into fiat then do not convert it. For me when i want to withdraw my btc i will definitely turn it to altcoins like xrp which has a lower transaction price fee.

Taskford

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Quote from: sovie on November 29, 2019, 01:27:47 PM

I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

If he's intention is to lessen his withdrawal fee's then why not? We all know that it's more expensive to transact with BTC this days and converting it with altcoins especially with XRP,XLM and TRX is more convenient and actually I'm doing this and it makes my transactions cheaper and with at ease. But if you think about the other alt's like those ICO tokens then it's really a big No No since he might lose for that conversion.

boris singer

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Quote from: Annisa_crypto on November 28, 2019, 03:04:30 PM

That is why it is always advisable to choose the exchange where the fees are not hidden. The rate which can see should be inclusive of all the fees. Some exchanges have there fixed withdrawal fees as well. Can you please tell us on which exchange you are seeing these fees so that we all should be aware of that exchange.

all total nominal transaction calculations after deducting fees are clearly seen from the column to be confirmed manually, there is no exchange that hides it, the topic here is about the different fee amounts of each coin.

Quote from: sovie on November 29, 2019, 01:27:47 PM

I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

the context is cheaper witdrawal fees besides btc (trx, ltc, xrp), and also the effect on transaction waiting time, do you even read the first page?

sovie

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I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

Annisa_crypto

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That is why it is always advisable to choose the exchange where the fees are not hidden. The rate which can see should be inclusive of all the fees. Some exchanges have there fixed withdrawal fees as well. Can you please tell us on which exchange you are seeing these fees so that we all should be aware of that exchange.

alisonwonder

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Quote from: LbtalkL on November 26, 2019, 06:28:50 PM

I suggest if you have a bigger amount just go with bitcoin for better security. If you have smaller amount just use xlm, eth, xrp, trx or similar for fast transactions and smaller fees. I always do that to save some bucks because I am not earning that much.

every result that we get from the campaign is indeed better to convert to altcoin which has a low cost, in addition to a low cost transaction speed is also better than bitcoin.
we who get a small income really have to save costs. although TRX the price is lower but when compared to LTC the cost is lower LTC than TRX.

LbtalkL

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I suggest if you have a bigger amount just go with bitcoin for better security. If you have smaller amount just use xlm, eth, xrp, trx or similar for fast transactions and smaller fees. I always do that to save some bucks because I am not earning that much.

Mike Mayor

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Definitely worth it. I always do it and then withdraw bitcoin from tradeogre for about $1 Or I just withdraw eth since I am invested in it. Sometimes a bit of other currency as well.

Why are you guys paying so much for your withdraws? I think $5 is a lot and I notice that many places charge a lot. Any particular reason you use them over others?

JeotQ

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

I do this time to time on few exchanges, they have high bitcoin withdrawal fees so the only option left for me is to convert to other altcoins with low withdrawal fee to avoid losing too much to bitcoin withdrawal

mersal

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Quote from: UserU on November 10, 2019, 11:46:54 AM

Quote from: mersal on November 10, 2019, 11:20:20 AM

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

Agreed. I'd understand if it was December 2017 as the fees were at double digits but now 6 bucks is pretty reasonable if you want it quick. Rather than place sell order, wait, cashout then back to buy order. Time is money :p

It only work only when the trading amount is less,if it is huge amount then we have no choice other than paying the asking withdrawal fee because of teading fee for every conversion will make more expenses.So if someone really concerned about the withdrawal fee then should have planned it ealry,find an exchange with less fee and start doing trades will save money and time.

UserU

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Quote from: mersal on November 10, 2019, 11:20:20 AM

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

Agreed. I'd understand if it was December 2017 as the fees were at double digits but now 6 bucks is pretty reasonable if you want it quick. Rather than place sell order, wait, cashout then back to buy order. Time is money :p

electronicash

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Quote from: mersal on November 10, 2019, 11:20:20 AM

Quote from: UserU on November 10, 2019, 08:07:56 AM

Quote from: mersal on November 10, 2019, 02:40:47 AM

It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?

If he want to save that 6$,he might lose few hundred dollars in year.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

seem a lot of hard work. he can just send from one exchange to another using this x coin to trade in that exchange for whatever his reason of moving.

but since he already said he wants to keep for long term BTC, i believe he would just pay the BTC withdrawal which could be $6. its nothing compare to what could be the value of BTC if he have to keep it for about 3-5 years in a cold storage. chose you wallet carefully.

lobat999

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

That decision is a case to case basis and it depends on what are your intentions, whether to convert it to fiat or just to transfer it to other wallet. Honestly, you can decide upon it asap if you'd make simple calculations of assumed withdrawal and conversion fees and chose which steps could help you save some money or BTC.

mersal

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Quote from: UserU on November 10, 2019, 08:07:56 AM

Quote from: mersal on November 10, 2019, 02:40:47 AM

It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?

If he want to save that 6$,he might lose few hundred dollars in year.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

coin-investor

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

It's on your option, exchanges really charge a big fee for transactions on one of the exchanges I was charged $12 for withdrawing worth of Bitcoin I am sending it on my local exchange so I can trade it to fiat, my best option is to trade it to ethereum which offer ower fees I was
charged $0.80 cents for $40 worth, now that's a big saving, you should always look for the best option, you are up against a profit-driven exchange.

Lucius

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Quote from: Dabs on November 09, 2019, 11:42:09 PM

I've heard that some people use DOGE when it's supported by the exchanges you use, to transfer from one exchange to another.

LoyceV explained how to save on fees by converting BTC -> LTC and vice versa, and I do not see why this would not be applicable to Dogecoin, which has even lower fees. Doge is on almost any crypto exchange, so I don't think that's too big problem. I'm not sure if YoBit still has a BTC withdrawal fix fee 120 000 satoshi, but this is in any case too much for pay in times when a top fee is 5000 or maybe 10 000 satoshi.

Bitcoin_Arena

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Yes it Okay to do it especially with small amounts of BTC. I do it every time with digit assets that require low fees to withdraw like Litecoin, XRP, EOS, NEO etc
However if the amount of funds you are moving is a lot. The trading fee used to convert to other altcoins and the back will be much more than the direct flat withdrawal fee for BTC

UserU

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Quote from: mersal on November 10, 2019, 02:40:47 AM

It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?

If he want to save that 6$,he might lose few hundred dollars in year.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

nakamura12

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Quote from: Adriano2010 on November 09, 2019, 07:17:10 PM

Where you want to withdraw the coins? You want to convert them to real money? Or just transfer to another exchange and convert there to bitcoin? Or just want to hold coins for longer? If want to convert to real money then yes choose an altcoin to not pay so much fee, but if want to hold for longer better get more bitcoin and withdraw bitcoin.

I think that the op doesn't want to convert his/her btc to fiat. My opinion on what the op want is to convert the btc from an exchange (I think) to another coin or altcoin and store it in cold storage for holding long term. I'm pretty sure that id why op is asking if it is best to convert btc to another cryptocurrency because the btc that the op own is in the exchange site.

Topic: Should I covert BTC to another to get lower withdrawal fees? (Read 600 times)