Want to take your BTC profits and sell them? This simple trick will save you time and money!
Currently BTC speed and costs are heavy as hell if you want to cash out BTCs you need to do it smart.
Network is freezed like never before, due to BTC price cost of sending anything starts from
So 10 USD and you wont get into block, currently you need to spend around 30 USD to have a chance of transaction hitting today.
BTC wallets on many exchanges are also failing right now.
So what to do?
Buy LTC with your BTC on one exchange, send LTC to the other, change to BTC and sell for USD/EUR.
Litecoin Markets
Bitcoin Markets
Fees are minimal, transactions are fast.
LTC shares the most exchanges with BTC that have FIAT currencies and market has big enough liquidity.
So despite fees for LTC/BTC trading + LTC network you will still save time and money with this method.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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Agreed. Good idea to get out of BTC at these levels. 99% of crypto is bloody red today, again. Anyone who's got BTC and isn't buying STEEM is bloody nuts. The same can be said for BTC, SYS, ADA, to name my favorites, and the list goes on.
And, if you don't mind taking a tax hit, fiat is ideal right now, in my opinion, of course.
Like you say, Coinbase is #1 and they now take Litecoin. Once you've made the transfer and conversion, you can relax while your banking info confirms.
If you're in Europe, LiteBit is Coinbase's competition, and they do a good job too, along with giving the customer a little more flexibility.
Both have buy and sell spreads to be aware of.
I wish I could have bought STEEM with my bitcoin. I only had about $25 in coinbase and I didn't want to pay a $5 fee to be able to transfer it. I'm sure I'll be able to get some STEEM soon enough.
Great read overall! Thanks for sharing! Looking forward to hearing more of your thoughts on the crypto markets!
https://steemit.com/bitcoin/@college-is-dumb/bitcoin-crash-sunday-bitcoin-overpriced-investment-banks-manipulating-futures
https://steemit.com/bitcoin/@college-is-dumb/bitcoin-crash-sunday-bitcoin-overpriced-investment-banks-manipulating-futures
ouh great tips :)) got Steem too yesterday and understood that it's better to invest in other promising currencies than go for Bitcoin - even if it goes to 30-50K increase will still be smaller than let's say Ripple going from 0.25 to 2$ - not as flashy, but that's exactly the point! :)
Oh what about SYS & ADA?
WHy would you ever use CoinBase?!?!?!
GDax is the same company isn't it? But works on an exchange mechanism rather than Business to Consumer as far as I understand? You log in with the same details, and you can access your € or £ accounts in either... (i.e. they are def. the same company)
Much better rates and less fees on GDax vs. Coinbase.
I've just discovered Revolut are offering MUCH better rates than any other exchange I've been on to-date - but there is a BIG caveat with that, as mentioned in my last post.....
There are a few reasons why many don't use Gdax over Coinbase. Mine is, I was able to get verified on Coinbase, but for some reason cannot on Gdax.
They are the same company / have the same review process - I would try again if I were you! When I go to GDax, it then took me to the Coinbase site to verify / link the accounts.
It says right in their instructions that the verification policy is more strict on GDax. That was a couple months ago. I'll have to try it again
Very clever tips @kingscrown. Sadly there is no ltc-fiat exchange in my country. Here is what i am doing. Knowing fully well that btc downwards spiral is coming, i am buying usdt with btc on poloniex. That way, when the spiral happens i have more btc and can cash our with less transaction fee. I am just having to hold my btc as i cant loose much to transaction fee.
If BTC crashed, it will crash other coins as well.
You think all these new found love of crypto from newbies like me will linger after BTC has crashed.
If for some reason BTC crashes, lot of people will get out of crypto all together as these people are in it to see their money doubled, none of them have even used BTC or other coins for their intended use. So I would stick with BTC for now.
I often get the sense that 50% of the volatility in the market comes from first time buyers who get nervous once they see even the tiniest downtrend.
I completely agree. There are lot of new comers in the market driving crypto market.
There are three coins that almost every single new person on Crypto buys are BTC, ETH and XRP.
If BTC crashes they will lose confidence in cryptocurrency and will move out all together.
i am agree with you. BTC is considered the first entrance into crypto world. Most newbies need it to buy their first crypto. If it crashes, other coins are hardly to survive.
Not necessarily, they would move funds from bitcoin to altcoins like when china fud happened and bitcoin tanked alot of alts did pretty good.
I remember Ether and Litecoin dropping quite dramatically when China banned bitcoin. My Litecoin halved their value. Looking back, I wish I bought more in the dip...
I think long term BTC holders and traders aren't going anywhere and the newbies will be back. If it crashes there are lots of folks waiting to buy more.
I have to agree with you. It's tough to say it's crashing after I've been wrong about it so many times, but the fact that people will be able to short it next week makes me think there will be a definite drop.
A drop would be nice, as long as it's not permanent. It would give us the opportunity to accumulate more Bitcoin, and convince new buyers that the price always bounces back up.
Why not use XRP?
I have used the same method to transfer my funds but used XRP. It’s stable and it’s superfast.
You get your funds in under 5 mins and the price variation is not huge, so you know you get the correct amount each time. Also the transaction fee is super cheap than BTC it LTC.
Totally agree! Everyone keeps telling that it's almost impossible to make a good cryptocurrency because the better it is, the more it appreciates, and the less it is used. Meanwhile, we have Ripple which is pretty much perfect for non volatile transfers. I do fear that Ripple will grow in 2018, though.
Yes, I agree. Ripple will grow in 2018. At least while you are transferring your funds it cannot be dumped crazy like some other coins. So you are safe knowing the value of your funds will not decline.
BTC is now so expensive and slow that people need to convert to LTC to move it around.
Something is wrong with this picture.....
I don't get it. To avoid the high fees involved with selling BTC, you're saying:
What's the point? You still have to sell BTC to get USD/EUR. Why go to all the trouble of changing BTC to LTC and LTC back to BTC? You might as well have skipped all the transition steps & just sold your BTC when it was on the first exchange.
Please explain the advantage of doing it your way, cuz I don't see it. Thank you.
I can see this is a way to change exchange, particularly useful if there is a price differential between exchanges, and you are in the most expensive one. But like you I don’t get the point of the exercise if all you want is USD. Also another thing which needs to be considered is whether the btc/ltc exchange rate is different on the two exchanges.
Yes good point - the BTC LTC rate is vital for this method to work!
Or you could just transfer the LTC to another exchange and sell it for dollars directly, or even use the same exchange and sell it there, if the problem is only the Bitcoin network
@fagurado - This is way off topic, but I can't access your blog-posts.
I just wanted to say, "Thank you for trying to enlighten the masses on a recent (actually 4 months ago) serious plagiarism issue taking place on SteemIt.
Unfortunately - Most human beings will believe whatever they want to believe regardless of the amount of truth you put in-front of them.
Cheers to you, and please continue to share the truth.
As I understood from OP, the benefit of from the different exchanges having different values for BTC, sometimes up to $2k difference.
Changing to LTC is simply for enabling quick, low fee transfers, something BTC isn't capable of providing ATM.
That's translate to one thing. the value for LTC or any other altcoins will jump.
This is a good way to circumvent that issue.
Guess this only works though if you keep your BTC on exchange
@kingscrown this is a great strategy I have been doing for some time to transfer BTC from one place to another too. Instead of paying the high fees of BTC, and higher than ever today, I convert it to LTC, send it to the wallet I need to, and then convert it to BTC again, or do the buy I am planning to.
Thanks for sharing this great tips to the steemit it community. Just upvoted.
Regards, @gold84
Nice!
This is exactly what I do. Even when I bring more money into crypto I first purchase LTC then send that to my exchange and trade for BTC or other cryptos. It's far cheaper than moving BTC to get to that point.
Excellent post m8!
This is basically banking reinvented;)
exactly... banking reinvented - without permission.