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Quote from: Troytech on April 04, 2024, 10:59:44 PM

[edited out]

Mate, I disagree with what you said about buying bitcoin with a gas fee on a centralized exchange; bitcoin does not have a gas fee if you want to buy it on a centralized exchange. The only time you will pay a gas fee is when you want to withdraw your bitcoin from the centralized exchange to your noncustodial wallet or when you want to send bitcoin to a family member from your noncustodial wallet. If you are accumulating bitcoin on a centralized exchange, you can withdraw your bitcoin when you have accumulated bitcoin worth $500–$1,000, so you will pay for the withdrawal fee at a time.

Fuck gas fees.

Bitcoin does not have "gas fees" under any circumstances.

That is stupid-ass shitcoin language.

When a person withdraws from an exchange, there can be exchange fees and transaction fees.

When bitcoin is transacted peer to peer and without any intermediary, then that would just be transaction fees.

Of course, sometimes people might believe that they are transacting peer to peer, yet if they are using some kind of custodian, then there could be some fees that are coming from the custodian rather than serving as pure transaction fees.

The reason for waiting for higher amounts for withdrawal (such as $500 to $1k) is not merely for saving on possible exchange fees, but also to attempt to engage in preventative measures in regards to UTXO management. Guys can choose lower amounts for their withdrawal amounts, yet they still need to attempt to account for their own ways of buying BTC, if they might be buying $100-$500 at a time, or maybe they are ONLY buying $5 to $50 at a time... so there may well be some value in terms of not withdrawing every time they buy BTC, especially if their transaction amounts are towards the lower amounts, yet each person needs to balance these matters for themselves and figure out the various trade-offs in regards to present UTXO management and also attempting to understand how UTXO management might evolve in future years, including when they might be wanting to transact with their UTXOs later down the road, and it might be quite costly for them if they were to have several thousands of dollars in BTC, yet many of them are very small amounts that cause them to be very expensive to either use or to move.

Thanks for the correction at JayJuanGee. I wanted to say one can only pay an exchange transaction fee when he or she wants to withdraw his bitcoin from a centralized exchange. I appreciate your effort in guiding us to the right part of bitcoin.

I think that there are some exchanges that allow more flexibility than others in terms of how fast to send BTC and also what methods to use, so exchanges are not all created equally, just like some wallets have more abilities to engage in coin control than others, which can really come in handy when we might be trying to figure out how to spend or send our coins in ways dealing with privacy and/or choices about fees that we might want to pay with trade offs regarding how long it might take to get confirmed, including that we could end up making mistakes if we select fees that are overly high or overly low..

Here if you want to send bitcoins to exchanges then you must definitely pay the cost, and you can complete the transaction according to your mempool which will be of great benefit. Because Bitcoin Mempool is so important that they provide the right information at the right time, there is no doubt that you will benefit from using it. If you use Mempool then you will save your time and be able to do Bitcoin transactions properly and you can benefit from every aspect.