Post
Topic
Board Beginners & Help
Re: New to bitcoin (help needed starting)
by
Stalker22
on 01/12/2024, 20:31:48 UTC


Transaction fees and trading commissions will eat up your entire balance. Its really not worth it for small purchases.

Do you know what coinbase will charge me?

I dont know the exact amounts Coinbase will charge you, I dont use them personally, although I have no particular complaints about the exchange and I think they have a good reputation. Personally, I prefer some other platforms that are more relaxed about KYC, but thats another topic. The best way to find out about fees is to try out individual features, like buying or selling crypto, and check the breakdown of fees before confirming the transaction. For example, you could deposit a small amount with your credit card, buy a stablecoin like USDC to keep things simple, and then withdraw it to your own wallet. This way, you will get a real-world sense of the fees involved in each step.

Also, remember that fees can vary depending on the payment method you choose and the specific cryptocurrency youre dealing with.

What I meant when I said I dont recommend this method is that it is generally not a cost-effective way to use cryptocurrencies. While it can be a good way to experiment and learn, it is not practical for regular, everyday transactions.  As I mentioned earlier, transaction fees and exchange fees can quickly eat into your balance. It is usually more cost-effective to use traditional payment methods for everyday purchases.

If you are interested in using Bitcoin and crypto for investments or long-term savings, thats aanother story.  In that case, using a reputable exchange like Coinbase is a good starting point.  But dont stop there. Explore and get comfortable with using your own, non-custodial wallets, because thats the true essence of cryptocurrency - "Be your own bank."  Even if you plan to hold coins for the short term or use them for quick payments, non-custodial wallets are a important step in securing your coins and taking full control of your finances - no middlemen needed.