Cheapest way to play with BTC?

[SirLouen]

Don't ask me why, but there are still some guys in the old balls club that enjoy playing with BTC,

But it's 100% impossible for them to switch to a more modern cryptocurrency because this is only for Reggaeton listeners.

After some research, I've been unable to find a good cheap and reliable way to play with BTC: I mean, the best wallet to hold and receive BTC, and if someone asks for BTC from me, send them at the smallest fee possible. Some say that this is subject to network congestion, but I've seen different fees in different networks, so obviously this can't be the sole variable of bigger or slower fees.

For example, Binance is expensive (0.0001 fee for any transaction).
But Bitstamp is even more expensive (a 0.0005 fee for any transaction)

Probably, someone will currently be thinking about the Lightning Network. Please Don't. Obviously, I can't ask anyone in the old balls club guys to use the Lightning network because this is next to 2050 content for them (likely dead by then). So it must be over the regular BTC network to be OBC compliant

I've been reading that some wallets can choose the network fees, like the satoshis per byte but I'm a complete neophyte in BTC land

 

[Suzu]

Don't ask me why, but there are still some guys in the old balls club that enjoy playing with BTC,

But it's 100% impossible for them to switch to a more modern cryptocurrency because this is only for Reggaeton listeners.

After some research, I've been unable to find a good cheap and reliable way to play with BTC: I mean, the best wallet to hold and receive BTC, and if someone asks for BTC from me, send them at the smallest fee possible. Some say that this is subject to network congestion, but I've seen different fees in different networks, so obviously this can't be the sole variable of bigger or slower fees.

For example, Binance is expensive (0.0001 fee for any transaction).
But Bitstamp is even more expensive (a 0.0005 fee for any transaction)

Probably, someone will currently be thinking about the Lightning Network. Please Don't. Obviously, I can't ask anyone in the old balls club guys to use the Lightning network because this is next to 2050 content for them (likely dead by then). So it must be over the regular BTC network to be OBC compliant

I've been reading that some wallets can choose the network fees, like the satoshis per byte but I'm a complete neophyte in BTC land

The best way to determine the right fee for a transaction is to check on a block explorer (mempool.space for example), they show the current mempool activity and congestion (if there is any). The amount exchanges charge as a withdrawal fee is often transaction fees + a withdrawal fee which they pocket themselves.

Good hot wallets that allow you to set your own custom fee are Exodus, Trustwallet & Electrum - I would advice looking into cold/hardware wallet options if you’re actually planning in holding significant amounts though.

 

[hafis]

Binance to binance transfer is free though.

 

[SirLouen]

Good hot wallets that allow you to set your own custom fee are Exodus, Trustwallet & Electrum - I would advice looking into cold/hardware wallet options if you’re actually planning in holding significant amounts though

I got a cold wallet recently (ledger), but have not tried it yet. Pressumably it should offer me the cheapest transfer costs?

 

[derainbow]

To keep things simple and cost-effective for the old balls club, you could try Electrum or Wasabi wallets. They let you manually set the transaction fee and adjust based on network conditions. If you're sticking to the regular BTC network, this should help keep fees as low as possible without jumping into the Lightning Network.

 

[SirLouen]

To keep things simple and cost-effective for the old balls club, you could try Electrum or Wasabi wallets. They let you manually set the transaction fee and adjust based on network conditions. If you're sticking to the regular BTC network, this should help keep fees as low as possible without jumping into the Lightning Network.

How does it work the adjustment?

 

[blackbeans]

The cheapest way to play with BTC is to buy satoshi, which is basically a micro-unit of BTC.

It is very affordable compared to an actual full bitcoin.

A satoshi is really just a small chunk of a full bitcoin, and this is a cheap way for people to stack BTC no matter how much money they make.

If you're a minimum-wage worker, you can buy a satoshi every once in a while.

As long as you keep it up, it will continue to accumulate.

Depending on how things work out in the future, you might even get a full bitcoin.

Satoshis are great because when the market is down, you can buy more.

And when the market is up, you can pump the breaks a little and buy less.

I think the bigger issue with BTC and crypto trading in general really is about risk management.

This is where buying and holding crypto comes in.

The main strategy that people use for buying and holding crypto is use case.

When a new altcoin comes out and it has a sexy backstory because of some amazing use case and it has venture capital backers, there is a more than even chance that it may go somewhere.

Nothing is guaranteed, but the downside to that is you have to buy it when the hype is hot, and more likely than not, you're buying near the top, and then it would crash and then you would have to wait until it bounces back again and then it's anybody's guess whether it will moonshot.

I just described the history of many crypto issues like Avalanche, Solana, and whathaveyou.

There is kind of a casino-like to this because everybody can talk a good game.

Everybody can write an amazing white paper.

A safer, less risky alternative is to trade on the transactions themselves.

Believe it or not, centralized exchanges don't all share the same price when it comes to cryptocurrencies.

So within an exchange, there is price fluctuation for a crypto because it has distinct buyers and sellers because each exchange specializes in specific markets.

Ideally, you would snipe bitcoin where it is selling the lowest, and then offload it to a centralized exchange where it is selling the highest.

You do this in a blink of an eye.

And of course, as you can tell, this requires a lot of software.

This requires quite a bit of infrastructure.

There are platforms that centralize this like ALO Finance, and they also feed in the crypto that you deposit into arbitrage for liquidity pools.

This trading strategy reduces your risk by a lot.

The downside is that the returns are not as sexy as other crypto trading strategies.

If you trade meme coin and if you've been lucky, you know that it can yield 2x, 10x, or even up to 30x or 100x, depending on how low you got in.

With crypto arbitrage on the other hand, we're talking about a max of 70% per year.

But given the low risk of trading on transactions, it may be an option for people with a lower risk tolerance.

In fact, many platforms that use this trading strategy will only charge you a fee if you make money.

Again, you reduce your risk when you trade on the transaction instead of the actual crypto value.