Hi all,
I figured if anyone would be able to point out problems with this strategy, it would be you.
So, here's the situation. Transferring Bitcoin between exchanges is pricey. (particularly at the level I am at, which is teeny tiny)
Lately, if I have needed to transfer coins between exchanges, I have bought an amount of Doge, transferred that, then reconverted to bitcoin on the target exchange. Before I do that, I check that the prices on both exchanges are roughly equal or in my favor, then proceed.
My reasoning is that a Doge exchange is 2 Doge. And a Bitcoin exchange takes about .001 (ymmv, i guess) for the same transfer.
My question to you all who are more experienced and knowledgeable than me, is this a bad idea? Am I hurting myself more by doing the purchases than just taking the hit on the transfer fee?
Thoughts and suggestions are appreciated!
Great question I would like to know the same answer myself. I will be following your post. Also I just followed you. Thank you for your post.
Thank you!
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