Post
Topic
Board Beginners & Help
Re: Is it possible to purchase a few dollars in btc?
by
kolloh
on 29/05/2017, 06:27:33 UTC
It's possible, but i wouldn't recommand buying $5 from anywhere... There are a couple of reasons:
1) you'll pay a hefty premium
2) the seller will pay a hefty fee (and pass this price on to you)
3) you'll start gathering dust outputs, so you'll have to pay a big fee if you want to spend those again.


At this moment, https://bitcoinfees.21.co/ tells me that at current BTC price, you'll have to pay more than $1,5 fee for an average sized (226 byte) transaction if you want a decent chance of getting a confirmation in less than an hour...

It breaks my heart to say this, but if you're dealing in micro payments, it might be a better idear to switch to an altcoin instead...

And pop goes the bubble...

This is what I feared. I suppose I have to weigh the novelty of buying $5 in btc vs the reality of buying $5 in btc.

Yeah, it sucks but right now the fees making sending small amounts of bitcoin uneconomical. Hopefully, a solution can be found that will help make micro transactions more affordable in the near future. Perhaps Segwit will help but we'll see.