Save Money, Dont send BTC, Network Fees Out Of Control
For the last few years it has been more expensive to send BTC than any other crypto but, it was for the most part a reasonable rate. Lat night I purchased $75 of BTC on coinbase to send to Bittrex like i usually do. The difference was that this time the network fee was $17 and change. I would have gotten $54 of my $75 after coinbases small fee and BTC networks ridiculous fees. It works out to about 20% of transactions going to the miners now. Because of this i decided to just hold the BTC.
Instead I saved about $17 of that $20 by instead buying $75 of LTC and paying only 4cents to send it to Bittrex then paying a small commission fee to trade the LTC for BTC which i can then use to buy whatever coins or tokens i want.
I started buying Ethereum to avoid BTC network fees but i ran into an unforeseen issue. my Ethereum deposits were taking very long to show up. I found out that It had something to do with them being token deposits which are different than regular ethereum transfers somehow and need to be approved manually in some cases.
Needless to say, I didnt use this method too long. I immediately started looking for another way that was cheaper than BTC and quicker than Ethereum token deposits. There arent many options for fiat gateways, meaning there isnt many ways to turn cash into crypto. Coinbase is the most popular and only offers BTC ETH and LTC. So, of these three I am now buying LTC to send very cheap and fast. As stated earlier, I then sell it for BTC to use to buy whatever coins i want on the exchange. A small commission is paid to the exchange for trading LTC to BTC but, that commission is about 85% to 90% cheaper than BTC network fees.
Put the miners in check and stop paying their extortionate rates. Dont give away your hard earned money. There are cheaper ways to get money on the exchanges than just buying and sending BTC.
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yes LTC is a good choice my fiat to crypto exchange does EUR Dash too.
Thanks for checking out my post and commenting Blacksheep. what gateway do you use for fiat/crypto , if you dont mind me asking ?
No worries, I use bitpanda for fiat to crypto, i'm based in europe.
Im in the U.S. but, i wouldn't mind having a European address to use so i invest in ICOs without risk of forfeiture if the company follows through with AML and KYC procedures. The U.S. SEC (securities and exchange commission) has prohibited average citizens from investing in ICOs and only "accredited investors" are allowed. Total bullshit.
yeah I realise that getting into EOS tokens. hey if you want to give it a go could you please use this link ?
https://www.bitpanda.com/?ref=1204961491706447349
you probably gonna need a european bank account i'm not sure how it works for US citizen.
it wont hurt to try. ill give it a go and see what happens. thanks for the link. I liike EOS too. its been doin real good but wait till july when the year long ico ends and they stop adding coins to circulation, then its gonna go up up up
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