Hey guys, just a quick post today about the realities of buying crypto. I bought 2 Neo yesterday but the actual process took a lot of time and had a lot of hidden costs.
A little disclaimer before I start: I'm pretty new to the crypto wold, I don't know the most cost effective ways of doing stuff but I'm writing this post to give people who are starting out a feel of what they face when trying to buy certain coins. A glimpse "backstage" into the less glamorous but important aspects of the crypto world like buying and transferring bitcoin.
So, let's say you live in a pretty low key country like I do and have some boring currency nobody has heard of. First you have to get on an exchange that can convert your currency into Bitcoin. In my case transferring my currency to the exchange implied a fee. Buying Bitcoin implies another fee. Withdrawing bitcoin from the exchange implied another fee. Ok, so far 3 fees until I got the bitcoin into my wallet (I use Coinomi by the way). Sending bitcoin from my wallet requiered another fee ( The fee to transfer crypto basically). I transferred my Bitcoin to Bittrex, a popular exchange. Exchanging Bitcoin for Neo implied a trading fee. Sending Neo to my wallet required another fee (again the fee is to cover to cost of the transfer)
Yes, I know I should have send Bitcoin directly from the first exchange to Bittrex. But like I said I'm new and maybe people can learn from my mistakes. So in total, about 6 fees just to get Neo into my wallet, pretty costly if you can't afford to invest large sums of money. And to cap it all, Bittrex doesn't allow you to send 2,574 Neo for example, it has to be a round number. Like 2 Neo in my case. And you must make sure you have enough Bitcoin to buy more Neo than you need in order to cover the withdrawal fee .That left some 12 USD worth of Bitcoin that was to small to get back from the exchange. Of course that Bitcoin it's note lost it's just stuck there for the near future.
Hope my little adventure wasn't too confusing 😇 . If you're new here and this feels overwhelming please leave your question down bellow and I'll try to answer it. See you tomorrow and in the meantime don't forget to:
and stay tuned @calatorulmiop
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Yea, this is interesting. I ran into some of the same experiences. I finally started leaving my coins in one place. HODL.
I do have an account on Bittrex so I can trade some funds for fun, but I decided to stop trying to move the bulk of my money around. Why get greedy when the returns are so crazy just holding.
Cheers.
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Never heard of HODL before. The post was more about the costs of moving money around which you kind of have to do if you want to buy a coin. For me it was kind of a bummer how much you lose along the way and wanted to share that with other newbies :)
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Yea, that is annoying. I heard a trick to buy bitcoin at less fee, but I haven't tried it.
Transfer USD to coinbase. Don't use coinbase for the exchange. Send the USD to Bittrex and then buy your coin there. Supposedly it helps limit fees.
I imagine there's all kinds of little work-arounds for fees. I'll let you know if I come across any more.
Cheers
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Thank for the advice. I'll definitely look into it :) What is HODL btw?
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Oh HODL is a bitcoin meme.
It just means HOLD! Don't sell. Don't move your coins. Just wait.
Now that I mentioned it, you'll start to see it around.
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Crypto currency is cool. But yes, it is a gold rush and those who providing the tools are the ones getting the richest out of all this.
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Exactly as it happened in the old days. Thanks for dropping a comment.
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@originalworks I'm counting on you
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You can take me, but you will never take my bunghole, Hm heh.... For I am the Great Cornholio Hm heh I have no bunghole, hm heh...
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