As the price of Bitcoin rises to 1 Million dollars the cost to buy and exchange Bitcoin will reach 1,000 % +++

in bitcoin •  7 years ago 

This morning I exchanged 30 Steem Dollars (SBD) for Bitcoin through Blocktrades.

For my $30 dollars (SBD=1.02 USD) I received $13 USD equivalent of Bitcoin.

The cost to exchange SBD to Bitcoin was $17. .... or 130 % in fees.

It is great to Hold Bitcoin but I think when it comes time to exchange or buy something it will cost well over 100 % in fees. The people making all the money are the Exchanges.

How do I buy a shares in places like Coinbase or Blocktrades ?

If I eventually own 1 Million in Bitcoin, when it comes time to buy something I am thinking with all the various wallets and exchanges extracting their fees I will be left with $100,000 or less. This is worse than the regular old fashioned fiat currency Banking System.

Bitcoin will need to reach 1 Billion in value to cash out 1 million in USD.

bitcoin exchange fees wallets crypto
7 years ago by

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      ·  7 years ago 

    Someday it will cost $1000 just to send 1 btc

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        ·  7 years ago 

      Exactly.

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          ·  7 years ago 

        Very interesting. Cheers

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            ·  7 years ago 

          That seems excessively high. I thought it was about a $5 transaction fee to send BTC. Maybe it is higher now? How much does blocktrades charge?

          Regardless this is exactly why I am not a huge fan of Bitcoin anymore. It may be profitable but if we are ever going to get away from fiat we need to have almost free transactions.

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              ·  7 years ago 

            Only trading within Steemit has no Transaction fees... I wish I could pay my bills or buy food with Steem dollars.

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                ·  7 years ago 

              So I did a bit of digging and it looks like the majority of your fees was the Bitcoin transaction fees. They are at all time highs.

              Screenshot_20171113-110611~2.png

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                  ·  7 years ago 

                Are those % on left ? 10 % etc ? Who receives these Bitcoin Transaction Fees ?

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                  [-]
                    ·  7 years ago 

                  I paid 130 % in Transaction fees .....

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                      ·  7 years ago 

                    I know you read my post regarding the fees on the other thread. For everyone else that didn't read the other thread the fees are in dollars. So according to the chart fees are approx $15 per transaction right now.

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