Post
Topic
Board Beginners & Help
Re: Cash out fees
by
MikeSD
on 09/02/2021, 12:36:09 UTC
Ok, please bear with me.

This is one of the main reasons I haven't used bitcoin (crypto currencies). It's practically impossible to get a straight answer on what it might cost to cash out.

Crypto currency is only useful for buying oe selling something, if buyers and sellers even accept it, OR for speculation. For me, there isn't much I need that uses crypto. However speculation on the future value is interesting. I'm not sure I trust it yet, but that's beside the point.  Eventually everyone has to cash out.

I did a test a few years ago. I bought $50 in bitclin, through coinbase.  I wanted to see how it all works. Buying was pretty straight forward.  I got a desktop wallet to see how that worked. I put a few $$ in that wallet. Again pretty straight forward. But I forgot that password so that money is gone. Valuable lesson learned.

Then I wanted to see how transferring back to my bank worked. I transfered some of my $50 back to bank. That was my first shock. The fees ate up about half of the amount transferred to bank.

I did check coinbase fees but it's near impossible to get an estimate on how much it will cost. I know the bitcoin must be converted to a fiat currency my bank accepts. That's the first puzzle. Which one?

Then the actual fee is a mystery.

It seems that a ballpark answer should be possible. Yet as many times I have asked this no one can give an answer.  Thats the problem, it's too complicated.

I am considering again because what was left of my original $50 ($24 to be exact) is now over $200 in 3 years.  I'd like to put some more in someday but not if the cashout fee will eat it all up.

So as to my original question, let's just make it ballpark. For $2000 in bitcoin, through any coinbase-like broker, if I wanted to cash out to bank would the total fees be

1) Less than $10
2) Less than $25
3) Less than $50
4) Less than $100
5) It could be anything

Thanks