Want to take your BTC profits and sell them? This simple trick will save you time and money!

in bitcoin •  5 days ago

Currently BTC speed and costs are heavy as hell if you want to cash out BTCs you need to do it smart.

Network is freezed like never before, due to BTC price cost of sending anything starts from

So 10 USD and you wont get into block, currently you need to spend around 30 USD to have a chance of transaction hitting today.

BTC wallets on many exchanges are also failing right now.

So what to do?

Buy LTC with your BTC on one exchange, send LTC to the other, change to BTC and sell for USD/EUR.

Litecoin Markets

Bitcoin Markets

Fees are minimal, transactions are fast.

LTC shares the most exchanges with BTC that have FIAT currencies and market has big enough liquidity.
So despite fees for LTC/BTC trading + LTC network you will still save time and money with this method.

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Agreed. Good idea to get out of BTC at these levels. 99% of crypto is bloody red today, again. Anyone who's got BTC and isn't buying STEEM is bloody nuts. The same can be said for BTC, SYS, ADA, to name my favorites, and the list goes on.

And, if you don't mind taking a tax hit, fiat is ideal right now, in my opinion, of course.

Like you say, Coinbase is #1 and they now take Litecoin. Once you've made the transfer and conversion, you can relax while your banking info confirms.

If you're in Europe, LiteBit is Coinbase's competition, and they do a good job too, along with giving the customer a little more flexibility.

Both have buy and sell spreads to be aware of.

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I wish I could have bought STEEM with my bitcoin. I only had about $25 in coinbase and I didn't want to pay a $5 fee to be able to transfer it. I'm sure I'll be able to get some STEEM soon enough.

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ouh great tips :)) got Steem too yesterday and understood that it's better to invest in other promising currencies than go for Bitcoin - even if it goes to 30-50K increase will still be smaller than let's say Ripple going from 0.25 to 2$ - not as flashy, but that's exactly the point! :)

Oh what about SYS & ADA?

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WHy would you ever use CoinBase?!?!?!

GDax is the same company isn't it? But works on an exchange mechanism rather than Business to Consumer as far as I understand? You log in with the same details, and you can access your € or £ accounts in either... (i.e. they are def. the same company)

Much better rates and less fees on GDax vs. Coinbase.

I've just discovered Revolut are offering MUCH better rates than any other exchange I've been on to-date - but there is a BIG caveat with that, as mentioned in my last post.....

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There are a few reasons why many don't use Gdax over Coinbase. Mine is, I was able to get verified on Coinbase, but for some reason cannot on Gdax.

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They are the same company / have the same review process - I would try again if I were you! When I go to GDax, it then took me to the Coinbase site to verify / link the accounts.

Very clever tips @kingscrown. Sadly there is no ltc-fiat exchange in my country. Here is what i am doing. Knowing fully well that btc downwards spiral is coming, i am buying usdt with btc on poloniex. That way, when the spiral happens i have more btc and can cash our with less transaction fee. I am just having to hold my btc as i cant loose much to transaction fee.

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If BTC crashed, it will crash other coins as well.

You think all these new found love of crypto from newbies like me will linger after BTC has crashed.

If for some reason BTC crashes, lot of people will get out of crypto all together as these people are in it to see their money doubled, none of them have even used BTC or other coins for their intended use. So I would stick with BTC for now.

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I often get the sense that 50% of the volatility in the market comes from first time buyers who get nervous once they see even the tiniest downtrend.

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I completely agree. There are lot of new comers in the market driving crypto market.

There are three coins that almost every single new person on Crypto buys are BTC, ETH and XRP.

If BTC crashes they will lose confidence in cryptocurrency and will move out all together.

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Not necessarily, they would move funds from bitcoin to altcoins like when china fud happened and bitcoin tanked alot of alts did pretty good.

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I remember Ether and Litecoin dropping quite dramatically when China banned bitcoin. My Litecoin halved their value. Looking back, I wish I bought more in the dip...

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I think long term BTC holders and traders aren't going anywhere and the newbies will be back. If it crashes there are lots of folks waiting to buy more.

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I have to agree with you. It's tough to say it's crashing after I've been wrong about it so many times, but the fact that people will be able to short it next week makes me think there will be a definite drop.

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A drop would be nice, as long as it's not permanent. It would give us the opportunity to accumulate more Bitcoin, and convince new buyers that the price always bounces back up.

Why not use XRP?
I have used the same method to transfer my funds but used XRP. It’s stable and it’s superfast.

You get your funds in under 5 mins and the price variation is not huge, so you know you get the correct amount each time. Also the transaction fee is super cheap than BTC it LTC.

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Totally agree! Everyone keeps telling that it's almost impossible to make a good cryptocurrency because the better it is, the more it appreciates, and the less it is used. Meanwhile, we have Ripple which is pretty much perfect for non volatile transfers. I do fear that Ripple will grow in 2018, though.

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Yes, I agree. Ripple will grow in 2018. At least while you are transferring your funds it cannot be dumped crazy like some other coins. So you are safe knowing the value of your funds will not decline.

BTC is now so expensive and slow that people need to convert to LTC to move it around.

Something is wrong with this picture.....

That's translate to one thing. the value for LTC or any other altcoins will jump.
This is a good way to circumvent that issue.

I don't get it. To avoid the high fees involved with selling BTC, you're saying:

  1. Buy LTC with your BTC (assuming that you already have BTC on one exchange).
  2. Send the LTC to a different exchange.
  3. Change (sell?) the LTC for BTC.
  4. Sell the BTC for USD/EUR
    What's the point? You still have to sell BTC to get USD/EUR. Why go to all the trouble of changing BTC to LTC and LTC back to BTC? You might as well have skipped all the transition steps & just sold your BTC when it was on the first exchange.
    Please explain the advantage of doing it your way, cuz I don't see it. Thank you.
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I can see this is a way to change exchange, particularly useful if there is a price differential between exchanges, and you are in the most expensive one. But like you I don’t get the point of the exercise if all you want is USD. Also another thing which needs to be considered is whether the btc/ltc exchange rate is different on the two exchanges.

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Yes good point - the BTC LTC rate is vital for this method to work!

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Or you could just transfer the LTC to another exchange and sell it for dollars directly, or even use the same exchange and sell it there, if the problem is only the Bitcoin network

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@fagurado - This is way off topic, but I can't access your blog-posts.

I just wanted to say, "Thank you for trying to enlighten the masses on a recent (actually 4 months ago) serious plagiarism issue taking place on SteemIt.

Unfortunately - Most human beings will believe whatever they want to believe regardless of the amount of truth you put in-front of them.

Cheers to you, and please continue to share the truth.

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As I understood from OP, the benefit of from the different exchanges having different values for BTC, sometimes up to $2k difference.

Changing to LTC is simply for enabling quick, low fee transfers, something BTC isn't capable of providing ATM.

@kingscrown this is a great strategy I have been doing for some time to transfer BTC from one place to another too. Instead of paying the high fees of BTC, and higher than ever today, I convert it to LTC, send it to the wallet I need to, and then convert it to BTC again, or do the buy I am planning to.

Thanks for sharing this great tips to the steemit it community. Just upvoted.

Regards, @gold84

Nice!

This is exactly what I do. Even when I bring more money into crypto I first purchase LTC then send that to my exchange and trade for BTC or other cryptos. It's far cheaper than moving BTC to get to that point.

Excellent post m8!

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This is basically banking reinvented;)

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exactly... banking reinvented - without permission.

Great idea. I guess this works for many big ones.

I see bitcoin as a hoax, its rocket height is illogical, I think it is like a bubble as a day will surely come down rapidly

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I put forth a suggestion the other day as to what's providing a good part of the rocket fuel.

A Disaster in the Making

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Bitcoin is an asset with a fixed supply and a high demand. The more the demand grows, the more the price will grow because there is nobody printing more of it. Bubble? I think its just getting started. Look at all the millions of new users and all the press that crypto is getting... the number of users being added to the crypto ecosystem right now is going to continue to drive the price of Bitcoin up. Many predictions are seeing Bitcoin at 40-50k by the end of 2018, I don't see why it wouldn't hit these prices with all these new users.

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I don't want to say that Bitcoin is not a good coin, I don't even have the right to say it,but I want you to consider that there may be coins which were designed simply better than Bitcoin in many cases with more powerful and efficient algorithms like STEEM for example with much lower/no fees and a lot of other advantages. Why would Bitcoin be worth more than them if you don't consider its popularity?

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If you look at the consumer market in general, It's always the product which is best marketed that wins, not necessarily the one which performs best. From a marketing perspective, feelings always beat logic.

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Yeah, I know, I once have written an article about the role of feelings in crypto world. But if the feelings will start to vanish or change, then the collapse of some coins will be unavoidable.

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Steem will never been worth anywhere near what Bitcoin is because it's created out of thin air and very few people actually pay for it because you can obtain it for free.

But I have to agree there are lots of better coins out there but Bitcoin is the one you need to buy these other coins and I don't see that changing anytime soon.

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Where exactly is al this free steem?
Not in my wallet, i wished it was so easy.

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In the whales wallets who can then sell it all off on an exchange.

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Many see it this way. There are two separate groups of people, those who support Bitcoin and those who doesn't. I guess only the future will show who was right being in any of the sides

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I agree but often things of value are illogical - what's logical about gold or diamonds? Can't eat it - probably have a pretty hard time buying a cup of coffee with it too...

Nice advice ;-)

Good to see that are people who will share good ideas.

But in this moment i think is the worst moment to sell it for FIAT.

I think is better to HODL for now. Why sell for something knowing that in 2 days can value more?

Cheers man

Amazing bitcoin, nice...

Thank you your advise quite usefull. One and half month ago BTC transfer fees was reasonble. But now prices are skyrocketed. So we need another method.

#Bitcoin now a solid top-20 world currency surpassing Sweden. $16k $BTC & $275B market cap only tip of 1st root of 1st network effect (speculation) of 7.

This is a good tip, thank you! Fees are so high!

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This has been the best way to exchange with the lowest fees out of all I've found to date

Bitcoin still has room to move, after all volume is still pretty now considering the price level it has reached the past few weeks.
Anyways check out my analysis on bitcoin: https://steemit.com/bitcoin/@cryptofrombed/bitcoin-breaking-key-resistance-as-new-high-of-16k-was-set

With such a high price Bitcoin now came to sell

This is what I just thought of doing. Though mine was to sell BTC for ethereum. Send ETH to a local exchange in my country where I could sell for fiat directly. But I realised that ethereum network is clogged up too. I just wish I could see a litecoin to fiat exchange for my country. Thanks for sharing this useful tip.

Great advice. If only I could find a cheap way to get BRC off the exchange and into a safer wallet for a reasonable cost.

look at all the tens of millions of latest users and all the press that crypto is getting... the range of customers being introduced to the crypto atmosphere proper now goes to continue to drive the rate of Bitcoin up. Many predictions are seeing Bitcoin at forty-50k via the end of 2018, I don't see why it would not hit those charges with a lot of these new users.ethereum network is clogged up too. I just desire I may want to see a litecoin to fiat trade for my u . s .. thank you for sharing this beneficial tip.when the spiral occurs i've more btc and can cash our with much less transaction price. i am simply having to preserve my btc as i cant unfastened a lot to transaction rate

Bitcoin is an train which missing his driverver it is unbeliveable thank you for sharing with us.

Good tip!

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wow...
its a great post..

keep it up

The sound such as good Idea, I love to try it. Thanks for share.

Thank you for the tip! Great stuff Kings Crown!

Thanks for the tip. Was trying to move some bitcoin to buy ether but everything is slow as hell and the network seems to be completely overwhelmed by the number of transactions.

Thank you for the info.....,.

Hey @kingscrown

I know there are many exchanges which are charging a lot for Bitcoin to fiat currency transactions. It's best to hold it and invest in other coins and exchange them via cheap exchanges.

European countries many options but Asian countries don't.

Thanks for sharing your advice.

I attained 32 cents worth of bitcoin about a year ago and just forgot about it. A few days ago i checked my virtual wallet and it's worth almost $15. Wow! I'm even hearing by 2020 that a single bitcoin will be worth around $1,000,000.... this may be the opportunity of a lifetime. Investing a small amount of $ could give a huge return. I'm definitely trying to learn more. The thought of it is exciting! Good luck to all, ty

Guess this only works though if you keep your BTC on exchange

Before transfer;

  1. Check the information of unconfirmations on blockchain.info
  2. Check the bitcoinfees.earn for your transaction's time.
  3. Check your watch.
    That it is.

Maybe we should incease the block size to 2MB?

Bitcoin now jumping it's always increase @kingscrown

thanks for this tip... bitcoin transaction is too high, can't even transfer my bitcion to my own wallet from exchange platform

God btc is slow

BTC is manipulated with USDT bots.They are creating new USDT and pumping BTC.Big BTC crash is very likely to happen in future.This is why SBD is pumped,when all colapses,SBD should stay at 1 USD.So if you have USDT,it would be probably smart to get rid of it quick.

it s a great post and i liked this post and i follow you

He's a good tip from your side but sir I I want to know that does its right time to put my money in Bitcoin

@kingscrown Great post as always. I resteemed and upvoted. I cashed out of ethereum yesterday and coinbase sent money to my bank. So I must resupply my account now. I am eager to get money in lesser known cryptos looking at some of these brings me back to investing in penny stocks 20 years ago looking for value. I posted some charts earlier today of dow over time versus bitcoin the last month.
https://steemit.com/bitcoin/@airguy67/making-it-rain-new-age

I thought it's obvious solution...

Well that's a common sense advice, I mean everyone must have figured it out by now but still there are some people that are busy with something more complex and thus don't get enough time to understand this thing, it's really useful for them 👍

Guys Bitcoin is on steroids !!! It will run much faster !!!

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i agree with you@kingscrown

I'll meet you downtown in the alley and give you cash for your bitcoin. Don't worry I'll pay the taxes on it!

I think this is why BTC continues to rise. The exchange between BTC to another crypto is not that expensive, yet using BTC by itself is. It is kind of silly though.

is there a reason why you wouldn't just sell the litecoin for USD? wouldn't you get the same USD amount and skip a step and possibly a trade spread

Thamks @kingscrown. Whilst I have no plans to sell today, it’s useful to know some extra options for the future. Litecoin has gone on my radar screen. I see from the comments that some other alt coins like Steem are mentioned as a way of moving from one exchange to anther. Did you have an opinion that Litecoin is the easist, chepest, fastest and best, or should we consider other alts as well?

Secondly, we had a situation today where the btc price was around $4000 different between two exchanges. How would you arbitrage that?

The litecoin transfer in poloneix taking a hell lot of time, better avoid it. Use maybe bittrex.

Ouh great and smart tip!! Thank you! :) Love this thinking :)

//note though noticed that I have bought Bitcoin on CoinBase, and there only way to get rid of bitcoin is selling it and buying litecoin... But fees are crazy!!! like 10-15$ now per transaction - Bitcoin is seriously in trouble.

I am impressed by your knowledge in this area

Also I just read that in Zimbabwe BTC passed $ 26'000 on Golix (while it maxed at $ 17'000 on other exchanges).

I may be new to this, but I don't get how can this happen, at the moment it shows a high of $ 36'000, why isn't there someone who buys BTC on another exchange sells it there and then withdraws the money?

Unfortunately this doesn't help you if you're trying to buy anything with BTC that you can't pay for with any other crypto :(

I read in the comments that BTC end is near... At last!

this a great tip, i am using dash to make the transfers. it tooks today 7 minutes

Great tip!! Thanks

@kingscrown - simply and effective idea. In fact, apart from litecoin, other coins wherre transfer fee is low are dogecoin and ripple.

I havent' checked the transfer rates for USDT (Tether) but given that it's low volatility, if transfer fee is low for it, makes a lot of sense to use it too.

Either way, LTC, DOGE and XRP are all great options since they are practically traded on every exchange if you want to transfer BTC from one exchange to another

Congratulations @kingscrown!
Your post was mentioned in the hit parade in the following category:

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I wish I had read this post a bit earlier
Have spend about 100$ in transaction fees today :(
But I guess that will be me a lesson :D

Can pretty much do this with ETH as well. I have typically got 5 min transactions, though 1 time took 2 hours because of the cryptokitties.

Agreed LTC is good....I found DGB and Doge also as a good alternatives to move money around exchanges.

Just buy Bitcoin cash and bitcoin gold if you are affraid of a bitcoin crash. pretty solid hedge.

Excellent idea !!! This is why LTC with lightening network going to be used for daily transactions. Bitcoin is just a storage of value !!! Future is hold BTC, convert btc to ltc using atomic swap and transact with litening speeds !!! This is what future holds !!!

Good solid recommendation to work around the backlog/cost of transacting in bitcoins.

Love someone today, ok!

This really doesn't answer the question on how to intelligently liquidate crypto currency though...

Nice way to workaround the bitcoin scalability issues! That is why I love Litecoin <3 but this makes me wonder if Bcash will win at the end.

eth daha mantıklı değil mi?

Hm..my two tran are pending

LTC is definitely a good way to transfer money from one exchange to the other. I like to use XRP as well for that purpose as it´s near instant as well.

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very much agree. Litecoin is at the moment the stuff to buy, and then transfer. I dont even get through with BTC at all at the moment, like for weeks almost already.

Excellent news thanks for sharing sir