Hey guys,
I have many friends who asked me why Bitcoin takes so long to arrive and why they can't use their Bitcoin directly after sending them from exchange A to B.
Well easy reply as everyone knows : the Bitcoin Core is saturated and slow AF and you paid a F lot of money for nothing.
From the beginning that I started to trade, I was always looking for the cheapest and fastest coins to send to play on different exchange.
And this is a game changer. Instead of paying high fees to receive your Bitcoin in 6 hours or more, you pay few cents and receive your coins after few seconds/minutes.
One thing to check it out also is the withdrawal fees as they could be some times expensive.
One coin that I like to send and that I use most of the time is Ripple.
I use Bitshares too (but not on all exchanges). There are others options like Verge and Cardano that are cheap and fast.
Here how it works :
- With your Bitcoin, instead of sending them straight away, buy any of the coins mentioned
- Withdraw them to the exchange you want to trade with
- Once the coins are deposited into the exchange, you just need to sell them back to BTC
- Here we go, you have your BTC available to trade and you avoid high fees and slow confirmations.
If you have other coins that do the job let me know =)
That's great tip, thank you. I use Litecoin most of the time, but I may try other that you say. I have registered to Binance (using your link) and waiting for verification).
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Thank you very much Mike, I really appreciate your thought :)
Litecoin was a good alternative but still too expensive for me (around 6$)
You can find sometimes fees for around 0.1$ more or less :)
Happy trading my friend
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Excellent and simple advice @jlcrypto! You might add that it's good to have a predetermined plan for using trusted exchanges a trader/investor may need in the event their preferred exchange has a problem or doesn't list a coin of interest. Preemptively setup accounts before the day comes. For example it could take time to get verified on Coinbase. A proven exchange where a person can move from crypto to cash if needed in an emergency. Personal experience: I was following a coin and had made a decision to purchase. During the time it took to find and research exchanges that listed the coin it moved 300%. At that point I decided not to purchase but still setup an account with one of the exchanges that listed it. The researching effort wasn't a complete waste of time but I missed the trade.
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Yes
You are totally right my friend
So that's why on my side, I have account on most exchanges
It's easy for me then to chase any coins I want
Definitely right to say to set up account among different exchanges
Thanks for the heads up
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Also be careful the different exchanges have different fees. Poloniex was $1 two weeks ago and is $8 now.
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Yes that's why you need to check withdrawal fees, and network fees on different coins.
But I don't use Poloniex, too expensive lol
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Thanks for the advice man. I was looking for a way to avoid those ridiculously large fees but wasn't sure how to, but after reading your explanation it seems so easy now haha cheers
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All good thank you for the comment !
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So what currencies have you experienced with low fees, other that ripple and?
Anyway thanks for the tip! Im gonna do some research on this.
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Most of the time Ripple
I did Bitshares, Verge and Cardano but not all exchange support those coins
Basically I tried to get a cheap coin with a fast network
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Aah i see. But anyway.. I am expecting the fees too rise higher for the main currencies such as bitcoin, as the trading frequency and focus/interest is getting so big atm...
Might be a good idea to work around the Bitcoin, and focus on some other currencies with lower fees in general, insted of always looking to get the bitcoin.
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And it's an easy win-win
Low fees, fast transactions and you get your BTC straight
If you're lucky in the mean time, the coin pump 5-10% in few minutes and you make even a little profit
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Yeah completely true!
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That is a good idea though.
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