Should I covert BTC to another to get lower withdrawal fees? - page 3.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: TryNinja on November 07, 2019, 10:23:35 PM

Quote from: mk4 on November 07, 2019, 10:16:05 PM

Deleted my reply. Didn't notice that there were two 'BTC's on Binance's fees page. Woops. 🤦

To be fair, I also wasn't even aware of this. Googled a bit and looks like the other BTC (BEP32) is kind of a token on Binance's chain that is backed by BTC (1 BTC on their chain = 1 BTC on the real/native chain), which is why the fees are way lower.

Yeah totally. If Binance was to make such a move, I'd expect it to be all over Reddit and Twitter. This is totally foreign to me hence I didn't even double check if there were other 'BTC's. Why did they also list it as 'BTC' in the first place. They should've at least named it BBTC or something, like how we have WBTC on Ethereum.

With that said, I don't suggest anyone to even touch that Binance BTC with a 10 foot pole.

famososMuertos

legendary

Activity: 1918

Merit: 3047

LE ☮︎ Halving es la purga

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?

Many hours as you can in trading and paying high fee , unhappy Angry

You can get better fee with other coins, important that you want to do with your profit.

Research rates exchanges before buying, selling or depositing.

electronicash

legendary

Activity: 3178

Merit: 1054

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?

ye that make sense, 0.0005 is even cheap. some exchange asks 0.001 for withdrawal and what i do is if i have to cash out anyway, i just have to buy ETH and send it to my wallet to convert to fiat. or XRP which is pretty much cheaper. $6 is way too much fr sending coins to a wallet.

Quote from: TryNinja on November 07, 2019, 10:08:01 PM

Quote from: ?? on ??

Looks like you need to switch exchanges instead. Binance only has a 0.0000022 BTC withdrawal fee. A 0.0005 BTC withdrawal fee is definitely too much in today's standards as the mempool is quite rarely congested in the past few weeks and months anyway.

Mind telling us what exchange you're using?

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

I just logged in my account to confirm to confirm that.

0.0000022btc i think is the transaction fee if you don't have bnb. not sure about that so don't quote.

LoyceMobile

hero member

Activity: 1659

Merit: 687

LoyceV on the road. Or couch.

LoyceV summoned.

OP looks like plagiarism to me.

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: mk4 on November 07, 2019, 10:16:05 PM

Deleted my reply. Didn't notice that there were two 'BTC's on Binance's fees page. Woops. 🤦

To be fair, I also wasn't even aware of this. Googled a bit and looks like the other BTC (BEP32) is kind of a token on Binance's chain that is backed by BTC (1 BTC on their chain = 1 BTC on the real/native chain), which is why the fees are way lower.

Quote

On June 17, 2019, Binance revealed that it will introduce a Bitcoin-backed, BEP32 compliant token, referred to as BTCB. The token has reportedly been developed on the Binance Chain and each BTCB will be fully backed by the cryptocurrency being “wrapped” (in this case, Bitcoin).

https://www.cryptocompare.com/coins/guides/what-is-binance-chain/

joniboini

legendary

Activity: 2170

Merit: 1789

Quote from: Velkro on November 07, 2019, 06:59:14 PM

In time your withdrawal will be processed Bitcoin can gain/loose even 30% (minutes).

XRP/XLM withdrawal tends to happens between seconds/2 minutes at best. And if there's a huge fluctuation on the market, maybe choosing BTC withdrawal is not the best choice as it could get stuck and needs 10-30 minutes for 1 confirmation. If OP purpose is saving fees, I think the strategy is quite good, assuming the liquidity on the other market is good enough.

Quote from: TryNinja on November 07, 2019, 10:08:01 PM

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

It's for their BEP2 token that's pegged to BTC. Check at https://www.binance.com/en/fee/schedule.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: TryNinja on November 07, 2019, 10:08:01 PM

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

I just logged in my account to confirm to confirm that.

Deleted my reply. Didn't notice that there were two 'BTC's on Binance's fees page. Woops. 🤦

https://www.binance.com/en/fee/schedule

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: ?? on ??

Looks like you need to switch exchanges instead. Binance only has a 0.0000022 BTC withdrawal fee. A 0.0005 BTC withdrawal fee is definitely too much in today's standards as the mempool is quite rarely congested in the past few weeks and months anyway.

Mind telling us what exchange you're using?

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

I just logged in my account to confirm to confirm that.

Velkro

legendary

Activity: 2296

Merit: 1014

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?

You missing risk involving changing your Bitcoin to some &^$#&^coin.
In time your withdrawal will be processed Bitcoin can gain/loose even 30% (minutes).
Is it really worth the risk of loosing that much value over $6?
Its not by me.

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

That's the thing with the volatile markets in cryptocurrency markets, it will always have fluctuations that you would never expect, and it could cost you or benefit you. So I will share my opinion with you.

If you are only looking at the USD value of your coins

Withdraw with using another cryptocurrency to have less fee
If you could cash it out immediately, then it should serve you well

If not and you see the value of BTC

You could HODL it and remind yourself that there's a possibility of it growing in value (bullish on the price on BTC)
If you're not in a rush to get the money, use BTC to take advantage of the volatility. It could become a win-win or a lose-lose situation, depending on your status

Polar91

hero member

Activity: 1120

Merit: 553

Filipino Translator 🇵🇭

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 see no reason why you shouldn't do it since I do it myself in order to get rid of expensive fees. Usually since I'm a Bitcoin fan, I tend to withdraw my money from an exchange to my local wallet via ripple and then convert it into BTC after. However sometimes I also don't convert it into BTC again since I like to hold some XRP too.

CryptopreneurBrainboss

legendary

Activity: 2450

Merit: 4295

eXch.cx - Automatic crypto Swap Exchange.

If your intentions are to finally convert the bitcoin or any cryptocurrency you intend withdrawing to fiat currency then it's best you go with the coin with the least withdrawal charges, also if you're hoping for a faster transaction, it's best you don't withdraw using bitcoin forget whatever the bitcoin maximalist will say. Go with what will be comfortable, less costly and less time consuming for you.

Although if you intend hodling the bitcoin you want to withdraw, then just go ahead to avoid mistakes and uncertainties. The high charges on service plus miners fees is the reason why withdrawing via bitcoin is that costly on most exchanges.

sting8

newbie

Activity: 2

Merit: 0

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?

Topic: Should I covert BTC to another to get lower withdrawal fees? - page 3. (Read 600 times)