How to avoid huge network fees.

Status
Archived
Joined
Dec 2017
From
Florida
I am new to buying crypto. I opened a Coinbase account, funded it and purchased $100. I had read that it is not smart to leave it in the wallet that is attached to the exchange. So, I transferred them to my GreenAddress wallet. Yeah, I got hammered with $40 in network fees. Did I say I am new to this?

So, having learned what not to do, what is the safest way / wallet to store my btc in to avoid loosing my money.


Sent from my iPad using Tapatalk
 

V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
I am new to buying crypto. I opened a Coinbase account, funded it and purchased $100. I had read that it is not smart to leave it in the wallet that is attached to the exchange. So, I transferred them to my GreenAddress wallet. Yeah, I got hammered with $40 in network fees. Did I say I am new to this?

So, having learned what not to do, what is the safest way / wallet to store my btc in to avoid loosing my money.


Sent from my iPad using Tapatalk
Generally the safer wallets are hardware wallets like the Ledger, Trezor, KeepKey, etc. Another good options is a trustworthy desktop wallet (like Exodus), provided you backup all your private key info outside of your computer.
 
Joined
Dec 2017
From
down under
btc fees are incredibly high, you should change it into ETH or LTC before exchanging elsewhere (unless, of course, you want to hold btc which will be a dilemma)

I would recommend moving your coins to somewhere like HitBTC as they list coins faster than the other big exchanges. It is likely to also list RaiBlocks shortly which has x30'ed in like 3 months.
 
Joined
Dec 2017
From
Belfast n. Ireland
Lol mine was worse only got the hang of buying and transferring coins this week and I'm still learning I had no idea how to get bytecoin in the UK only way I found was to buy bitcoin transfer to an exchange and swap it but I was only registered to iq option, long story short by the time I had the BCN coins in my wallet after 3 transfers I ended up with $6 out of $20, actually found it easier to buy dogecoin from bittylicious and swap that for bytecoin the doge transfer is tiny far quicker and I end up with nearly all the money I started
 
Joined
Dec 2017
From
Belfast n. Ireland
Without committing crypto blasphemy from a newbie perspective just looking at the usability of the coins from my little experience bitcoin seems pretty poor compared to the newer coins
 
Status
Archived

Similar Threads

Top