Super interesting and informative post, especially for a noob at crypto like me. I've been on Steemit for a few months, and I now realize I'll never be done learning how to optimize and protect my cryptos haha! I only recently traded out some steem, in an attempt to invest into some other currencies. I know this isn't directly related to your post, but you seem like a good person to ask- do you always lose value when trading steem for another currency? I traded 10$ of steem for btc through blocktrades, and had it sent to coinbase. In return I recieved about a dollar of btc- did I make an error in my choice of transfer method, or is this normal?
Thanks for the post, and making me aware of another way to protect crypto... how cool to have your wallet right there on your desk! Good to know that it has solid recovery as well! cheers :)
Hi @amyf, sorry to respond so late. That doesn't seem normal. Usually there's a loss when moving and when trading. Most places the trading loss is around 0.2% or so, very minimal (2 cents, with your $10 example). The transfer fees depend on the coin; with Bitcoin, I have heard it can be as high as $7 so that might account for your experience.
You sent it to Coinbase, so you could look at their website, and click on that transaction. You could then view that transaction at http://blockchain.info, to see more details about the transaction, which includes the fee.
Of course, that's the blockchain fee; blocktrades.us might have their own fees, I'm not sure. But, it sounds worth investigating, if you lost 90% of your investment money, buying into your investment! :( When I buy in at Coinbase it's usually around 5%, 10% at most for obscure coins (i.e., the loss from Coinbase, transfer, and exchange).
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