Encourage customers to pay with Bitcoin. Wait until the network is less overloaded. Cryptocurrency is regularly in the news for a variety of reasons: its turbulent history, its recent conflict, the emergence of cryptocurrencies in 401 (k) plans and interactive brokerage houses, and a new credit card offering up to 4% cryptocurrency return. Bitcoin alone can average more than 10,000 transactions per hour, and unlike a stock exchange, cryptocurrency trading is available 24 hours a day, so related fees can add up quickly.
In addition to the volume associated with cryptocurrency trading, fees vary considerably and are currently capped. At the time of writing, the average cost of a Bitcoin transaction, the world's largest cryptocurrency, is up 347% from a year ago. If you have time on your side, there are a couple of options to consider. Look for a time when the blockchain is less congested.
On weekends, for example, businesses close and fewer transactions take place overall. This gives transactions a little more room to settle. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrency and blockchain startups. Now that bitcoin is in a bull race and more and more users are rushing to use digital currency, bitcoin transaction fees are skyrocketing again.
My question is, when is the right time to trade between currencies to increase the amount of cryptocurrencies in your wallet? When you're looking to invest in cryptocurrencies, you'll find Coinbase an attractive option to start buying cryptocurrencies. Unfortunately, there's nothing you can do about the withdrawal fees you have to pay Coinbase to get cryptocurrency to your wallet. What you could do is send the cryptocurrencies from your Coinbase account to your Coinbase account and then have them transfer the cryptocurrencies from your Coinbase account to your Coinbase Pro account to save on fees. I have been buying cryptocurrencies through Coinbase Pro for a little over a year; my portfolio consists mainly of ETH, but I also have shares in 6 or 7 companies listed on Coinbase Pro.
Larger cryptocurrency exchanges, such as Coinbase and Binance, do evaluate trading fees, but there are ways investors can try to minimize them. I was hoping to buy a different cryptocurrency (when I originally sold I didn't realize that I could have “converted” it instead. Cryptocurrency is a digital asset that, to date, is not controlled by any regulatory party, including the government. For those who only have a casual interest in cryptocurrency or those who are just learning about it, the price may pay off in exchange for the convenience of trading in a fiat currency and using a highly intuitive interface.
But this year's cryptocurrency trading craze means that companies that help investors buy and sell digital currency have been racking up those old-fashioned greenbacks. This isn't the only way to trade cryptocurrencies without paying fees, but it may be the simplest and easiest option to use (especially in WA and NY, where exchange options are limited due to state regulations). Online networks need to be managed, trades documented, and cryptocurrency exchanges must make money to support the role they play.