WARNING! Do Not Make Transactions Using Bitcoin!!! ✋
Good night dear steemians! Seriously do not use Bitcoin to make transactions, currently people who are using it are facing some unnecessary not good experience in this crypto world.
Those who use read my posts are probably aware that recently I decided to take some of my liquid money on steem and invest in some others crypto which I think it's have a great potential. So far the coins I've put some of my money are CDN, MONA, OK, EMC2.
CDN
MONA
OK
EMC2
Yesterday when I decided to buy some {CDN](https://canadaecoin.site) I had to transfer the money to an exchange called Bleutrade so I used Blocktrades to convert my STEEM into BTC and transfer it to Bleutrade. I made a trasferting of 50 steem but only after finishing it I realized I've payed about 5.5 steem of trasactions fee, which for me was something just unacceptable. It was my mistake for not fully ready the fee transaction description at blocktrades.
It looks like today's fee is even higher!
So instead of transact with Bitcoin if we try to transfer the same Value through Litecoin the Transaction fee is Immeasurably lower.
In addition when I made the Bitcoin transferring, for some reason, I waited more than 30 min maybe even over 40 min for the transaction to to be complete. by the time the transaction with Litecoin was resolved in somthing between 3~5 min.
I got really angry to my self when I noticed the absurdly high fee I payed when I transact with BTC, and I believe that despite some people are already aware about this, surely a whole bunch of users, expecially new users, who are still new to this crypto world and might want to transact small amounts might got themselves in this bad situation, and end up unnecessarily loosing not only their precious money but their confidence about crypto transactions at all.
I hope this post might help to make people aware of this recent issue of BTC and the simple solution to it.
Ps: Remember by just clicking in the resteem button you will be giving an amazingly support to great content authors to keep doing his good work. So do not hesitate to resteem or even making a post about a good content you have seen, share it with your Steemit brothers and sisters! ^^
Thank you for reading my post!
I'm @andyluy a Brazilian jobless college student, freshman at cryptocurrencies who live in Rio de Janeiro, love to make new friends , travel around the world, having adventures and believe that steemit can help me to gather 20,000 $ to realize my life dream to study in Japan!
I intend to post about amazing things I've experienced, and hope soon be able to bring you with me to my new adventures
Yes, this is strange and I made a post about something similar.
Have a read here
Holy crap, almost $30 in fees is insane for a $92 transaction!
Holy crap, I'll have to look carefully at my fees yikes!
Yeah its is just absurd, and it could take a lot of unaware people =/
Thanks for pointing this out! I noticed the news that the videogame site, Steam isn't accepting Bitcoin because of the high fees.
Maybe we'll have to sneak our money out in the other coins, Until this changes.
Yeah, this high fees are just too much. I think litecoin can be a good option, way lower fee and faster.
Sad that Steam is not accepting BTC. I was a great way to bring game community to crypto world. I hope they implement an option too. =P
Thank you very much for pass by Dear @kaylinart ♥ ^^/
Yes this does reflect what I've been hearing. I've yet to do any serious business with any form of crypto. This doesn't make me feel any better about using crypto. I inherently do not trust computers and crypto and only have a very small amount of it collected from working on Steemit. I do not know when if ever I will use crypto, but I'm at least making a small start in the area of it. Computers can be hacked, laws can be passed, power can go out, there's so much they don't tell us, but probably the worst is the scams. The crypto world is rife with crime and people looking to make easy money on the unsuspecting unknowledgeable. I'm waiting, which probably isn't the greatest plan, but waiting to see where things land. It seems it's a free for all, the old west, chaos. If scammers can get my money then there's no difference in crypto than carrying around a credit card or cash.
Any one ever hear of the Tulip mania/bubble?
Thanks for the guide its helpful.. I'm new to this kind of things.. and I want to know if I want to withdraw my saving from steemit account where will it go?
You should sell your Steem for another currency at a trader. Preferably sell it for Litecoin to have less fees. You can use a site such as blocktrades.us or another trader :) Once you have a more known crypto, it can be traded for real-life money. How you do that depends on where you live.
Thanks @valth ... have a nice a day
No problem @dylen! Have a nice day, you too :)
Big popularity expensive cost
Thanks for the warning! It's so sad to see the BTC transaction fees being this high. The gaming platform Steam recently decided to remove their support for BTC because of this, because they would lose money on accepting Bitcoin. And stuff like that is really bad for bitcoin mass adaptation in my opinion. Hope the fees and waiting time will be improved soon!
Thanks so much for the advice! I'll keep this in mind. Many people are saying to use Litecoin and Ethereum, so this is a good confirmation of what I've heard.
You have given a honest review that will help us all.
I don't have much earning, whatever I have I will try to power up all of them...