Post
Topic
Board Beginners & Help
Merits 4 from 2 users
Topic OP
Questions on Trading and fees etc
by
genesis2020
on 18/12/2019, 11:56:57 UTC
⭐ Merited by LoyceV (3) ,o_e_l_e_o (1)
Im just getting started with Blockchain, Cryptocurrency and Bitcoin in general. To 'get my feet wet' I thought it would be a good learning exercise to actually invest in some currencies, including bitcoin, so I created a CoinBase account and bought into several currencies in the top 10, the majority of my admittedly small investment was Bitcoin.
However, this incurred large transaction fees (£3 each time, totalling over £20 when you factor in the different currencies I bought bits of) which, to me, is not sustainable. I've been reading blog posts and listening to lots of podcasts where they talk about traders doing dozens or even hundreds of transactions a day. The economics of this aren't feasible unless you're making massive gains which is unlikely in the current market.

My question, therefore, is how to the established Bitcoin traders (and those on other currencies) transact to reduce/eliminate these high fees? I'm not concerned about the cost that I've incurred to date; to me this was just out of my training budget so to speak as it gave me practical experience of buying Bitcoin. Its more for my understanding and potential in the future.

Thanks