This is the first episode of "Little Bitcoin Hodl Challenge".
I leave you a picture of my first purchase. Actually I changed my position of some BNBs I had saved to pay transactions. And I converted them to BTC, so in my first accumulation, I didn't have any Fee expense.
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Currently, making a transaction to your wallet at Binance, has a fixed cost of 0'0005 BTC, which today is equivalent to approximately $17. With this amount of costs in fees, you could have a good durum kebab for dinner three nights in a row.
It probably didn't hurt that much before to make a Binace or Wirex transfer and probably other exchange houses. We didn't take into account the costs of fees so much.
Let's say we were charged a fee of a certain amount as Binance does. And a user makes a purchase of $100 to accumulate BTC. What is the difference in costs between the fees from one year to the next?
-In January 2020 we had a cost of 4$. In January 2021 it was $17.5
What is the difference in the amount of BTC we accumulate according to the same amount invested?
-As you can see in the example, making a $100 purchase at Binance, at current prices, we would accumulate only 20% of the previous year.
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So, I must devise some method to accumulate small amounts, without the cost of commission being greater than the benefit. I revalue, the platform where the results are favorable with respect to my purchases.
My friend @empoderat has recommended Venus to me, we will have to take a look at it.
How would you do it? What formula do you think is most profitable when it comes to accumulating your BTC?
Thanks for reading me.
Posted Using LeoFinance Beta
Good to read you @queengaga!
I'm not the best one to recommend you feeless ways to get Bitcoin, I am still buying every week and I pay a 1,5% fee. I have to figure out something soon!
Good night!
Posted Using LeoFinance Beta
Oh, how late I read you ....That same 1,5 % they charge me for the purchase, right now the expensive price is starting to show, when buying small amounts it seems insignificant. But the fee rates could be improved.
Posted Using LeoFinance Beta
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