Transfer times and fees? | Bitcointalksearch.org

gabmen

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Quote from: KlepZ on April 07, 2019, 06:54:00 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

Maybe you mean you want that exchange to be fast and a fee cheap, well I recommend if you have a currency bitcoin currency redeemed to Doge, because Doge curve of Kirpto is fast in sending and very cheap for cost withdrawal

Yup. Most traders who do the same exchange to exchange transfers prefer doge. That's been one of the most used techniques even before. But i don't think btc transactions take that long anymore. And it's quite cheap as well compared to previous fees.

panjay

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i think it's best to open coinmarketcap and see yourself the spread between exchange, it will give you good info for deciding which coin.

For me, doge will always be my go-to choice because it's simple and fast. Just watch out if you buying coin to be traded again because the coin that you choose sometimes will fluctuate enough and that makes your fund down like 2-5% from the point you buying.

KlepZ

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

Maybe you mean you want that exchange to be fast and a fee cheap, well I recommend if you have a currency bitcoin currency redeemed to Doge, because Doge curve of Kirpto is fast in sending and very cheap for cost withdrawal

Osarman

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Quote from: r1a2y3m4 on April 04, 2019, 03:02:40 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

All transferring of funds are having a fee. Nano has fee when you move it from one wallet to another. Bitcoin has fee and you need to pay for the fee in order to send it to another wallet. All of it has fee but you need to choose between two coins whether what coin does have the lowest fee. But I rather pick NANO since bitcoin transactions is worth .001 or so.

Well the transaction time is not a mater of concern. It has always been instant and might stay the same quick way. Fee is different from coin to coin but do not worry about that either because it is not so high and is very low as compared to what you pay in bank transfers. And think about the rising value in the market, a little fee like that is nothing in front to the rise in the value you get.

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Quote from: Eildosa on April 04, 2019, 05:13:24 PM

Yeah, it's a pretty logical decision. If there is such an opportunity to reduce the transaction fee, then why not take advantage of it.

How come first it is a logical reply here. Does anyone watch what is the first post day? It was around 6 months back old thread but still we people discusing about the fee reduction things in this thread.
Last few days due to heavy flow of transaction now we are seeing delay in transaction time and fees also needs to add high.

Eildosa

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Yeah, it's a pretty logical decision. If there is such an opportunity to reduce the transaction fee, then why not take advantage of it.

dunfida

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Quote from: ShowOff on April 04, 2019, 03:26:09 PM

Quote from: jems on April 04, 2019, 02:31:40 PM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

That is indeed enough to enter and it has often been used to reduce and accelerate the costs of transactions or transfer of funds between exchanges. But you must remain careful in monitoring the price differences between the two exchanges.

Price usually something that really important to look. Not only fast, but money that we used to make that transaction must looked carefully. Don't let that fast transaction make us use more money than if we use bitcoin.

Regarding on this trading pattern it seems that it is some sort of arbitraging or just simply converting your btc to other alts just for the sake of fast transactions but i dont get the point yet you would need to deposit once again those btc and tend to switch back.It would really just consume time and fees and also prices arent really that much of gap actually where you can able to profit between on their margin.

ShowOff

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Quote from: jems on April 04, 2019, 02:31:40 PM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

That is indeed enough to enter and it has often been used to reduce and accelerate the costs of transactions or transfer of funds between exchanges. But you must remain careful in monitoring the price differences between the two exchanges.

Price usually something that really important to look. Not only fast, but money that we used to make that transaction must looked carefully. Don't let that fast transaction make us use more money than if we use bitcoin.

jems

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

That is indeed enough to enter and it has often been used to reduce and accelerate the costs of transactions or transfer of funds between exchanges. But you must remain careful in monitoring the price differences between the two exchanges.

fullhdpixel

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

What I think you should do is to find a way to avoid sending coins from one exchange to another because it you will never be able to avoid paying huge amount for fees since it's the exchange that set this fees and there is nothing you can do about it, just look for an exchange that you has all the coin you will need to trade in so that you don't need to exchange from one exchange to another spending all the profit you have gained from the exchange as transaction fee in sending the coin to another exchange.

Jating

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Quote from: coinplus on April 04, 2019, 07:31:23 AM

Right now, if you check the bitcoinfee website it shows that fastest and cheapest option is to use 148 satoshi/byte which means it is not the slowest but it is also not the most expensive as in it wouldn't be stuck there for hours but it also wouldn't be idiotic like spending 1 btc for a transaction, with 148 satoshi per byte you get the regular speed that is expected from the transaction. Considering the size is usually around 225 byte than you should be paying about 33k satoshi per transaction.

Right, so for everyone who is moving funds around, I would recommend to check the fees first before sending it out. Your transaction might get stuck. Usually we encounter this kind of issues when bitcoin price is moving up.

Quote from: coinplus on April 04, 2019, 07:31:23 AM

It is certainly not cheap and it all depends on what you use (core, segwit, lightning network) but that number is about the expected as you can get. That way you can get it under 40 minutes for sure and you won't have to wait, it will not take hours to get your coins.

I used Electrum, and I manually adjust the fee's if needed. Might not be cheap but as compare to other mode of payment, bitcoin fees is way more cheaper, just saying. Grin

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Right now, if you check the bitcoinfee website it shows that fastest and cheapest option is to use 148 satoshi/byte which means it is not the slowest but it is also not the most expensive as in it wouldn't be stuck there for hours but it also wouldn't be idiotic like spending 1 btc for a transaction, with 148 satoshi per byte you get the regular speed that is expected from the transaction. Considering the size is usually around 225 byte than you should be paying about 33k satoshi per transaction.

It is certainly not cheap and it all depends on what you use (core, segwit, lightning network) but that number is about the expected as you can get. That way you can get it under 40 minutes for sure and you won't have to wait, it will not take hours to get your coins.

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I think he can try to collect all of his profit in the night and then he can transfer all of his profit or money in one-time, I guess that will be prevent us from making more than one transaction. Besides that, we only send the bitcoin in one time only, and if you send from bittrex, poloniex, and binance, I think the fee is not too big, and the confirmation of the transaction will not takes too long. Or maybe you can try with waves because waves can be a good solution to exchange your bitcoin aka your profit into waves and then you can send the waves to another exchange.

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Quote from: r1a2y3m4 on April 04, 2019, 03:02:40 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

All transferring of funds are having a fee. Nano has fee when you move it from one wallet to another. Bitcoin has fee and you need to pay for the fee in order to send it to another wallet. All of it has fee but you need to choose between two coins whether what coin does have the lowest fee. But I rather pick NANO since bitcoin transactions is worth .001 or so.

I think there are many alternative coins that you can use to reduce the transaction costs like you use a doge which when shipping only requires very little cost and the delivery is also very fast and the exchange is also stable.

r1a2y3m4

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

All transferring of funds are having a fee. Nano has fee when you move it from one wallet to another. Bitcoin has fee and you need to pay for the fee in order to send it to another wallet. All of it has fee but you need to choose between two coins whether what coin does have the lowest fee. But I rather pick NANO since bitcoin transactions is worth .001 or so.

Sanitough

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Quote from: Whosdaddy on April 03, 2019, 03:52:10 PM

Don't forget about the transaction fees while converting your BTC to fast transferrable cryptocurrency like Namo as the price there would affect your profits. Why don't you try etherum? ETH transactions are much faster than the blockchain networks as the fees there is also less as compared to bitcoins.

Also, most of the exchanges support ETH, instead there are not much exchanges which dosen't support ETH. Also currently there is not that high fees for bitcoin transactions but i do agree with you about the long transaction confirmation time which is not worth waiting atleast in trading with the cryptocurrencies.

ETH is faster and it's a good advise, but if you a real cheaper and faster at the same time, why not used XRP.
I made a lot of transactions using XRP transfer from international exchanges to my local exchange and money arrives instantly, and the fee is really cheap.
In terms of liquidity also, I don't see a problem with XRP as it's next to ETH in standing.

Whosdaddy

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Don't forget about the transaction fees while converting your BTC to fast transferrable cryptocurrency like Namo as the price there would affect your profits. Why don't you try etherum? ETH transactions are much faster than the blockchain networks as the fees there is also less as compared to bitcoins.

Also, most of the exchanges support ETH, instead there are not much exchanges which dosen't support ETH. Also currently there is not that high fees for bitcoin transactions but i do agree with you about the long transaction confirmation time which is not worth waiting atleast in trading with the cryptocurrencies.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

yes transfer time are also made the changes in your profit because if you don't have any strategic changes in your selling and buying you will definitely have to consider about the profit that you have invested and selling especially the exchanging Frees also need to consider by everyone for getting the good profit at the end.

tadpole_bitfrog

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It is also a great solution. The trading with BTC and waiting for blocks to be completed is very long. We need a better solution. I think the BTC should be upgraded and should not retain the old technology anymore.
That really made holders of BTC encounter many difficulties when trading.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

I often do it whenever I want to transfer my money to another exchange. This is a smart way and that will save a lot of your time and cost. The Nano has a very cheap transaction fee and very fast speed, which is a great altcoin. But if there is no Nano in exchange, you can choose XRP. It is just as good as the Nano.

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