Calculating BlockTrades Fees
Blocktrades.us is a fast and convenient (and only) way to get money in and out of your Steemit account without signing up to anything. However, with convenience you often pay for it in some way. This is as true with crytocurrencies as it is in life in general.
So I will attempt to make some sense of their fees by roughly calculating how much you can expect to pay. Please note, prices are changing rapidly as I'm doing this and some blockchains are more congested than others so fees change too.
Bitcoin
The current price of Steem in BTC is 0.00079576
On Poloniex 1 Btc gets you 1256 Steem, including the tiny transaction fee.
For the same 1 Btc you get 1212 Steem through blocktrade.us
This is a 3.63% difference
This is not to be unexpected as one is an exchange where no crypto has to be sent anywhere, the other is a transaction where fees need to be paid to the blockchain. So the fee is roughly 3.48% (including the - 0.15% Poloniex fee).
Then I start wondering if I can find the cheapest way to send 1 BTC worth of different altcoins to Steemit.
Doge
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1 BTC gets you 909090 of everyone's favourite shitcoin Dogecoin which is priced at 110 Satoshi.
909090 Doge gets you 1189 Steem, even more expensive than Bitcoin. Roughly a 5.6% - 6% fee
With the price of all 3 currencies moving (though slowly), it's difficult to tell how accurate this is. However, it's more expensive than BTC, which surprised me.
Ethereum
Priced at 0.11886000 BTC, you get 8.41325929 Ethereum for your single Bitcoin.
BlockTrades.us gives us 1216, this is less than BTC which changed to 1231 Steem via BlockTrades.us while typing this.
Do you see why this is difficult do work out? But the percentage difference between 1216 and 1231 is 1.23%. So I guess you can add the 1.23% to the 3.48% we got earlier to give us a rough fee of 4.71%.
Dash
Dash is priced at 0.06756800 BTC, you get 14.799 Dash for 1 BTC
Through BlockTrades you get 1216, 1 BTC is still now 1231 Steem via BlockTrades, giving you the same percentage fee as Ethereum.
Let's recap...
Bitcoin = 3.48%
Doge = 5.6%
Dash/Ethereum = 4.71%
These are rough calculations done in a moving market, so my results should be taken with a pinch of salt. If anyone has an issue with my working out, please comment below. Please note I was constantly monitoring price changes throughout but it's not easy to do mathematics quickly while typing a blog post. There also could be rounding errors and things I haven't thought of.
It seems from the coins I tried, it may be beneficial to exchange your alts to Bitcoin before transferring money into your Steemit account.
-Edited to take away the Poloniex fee rather than add it.
Shitcoin=Dogecoin, fuck I literally pissed myself when I read that. I swear its like the tr0lliest cryptocurrency out there.
Even the 909090 number for one Btc seems like an elaborate troll.
LOLLL I remember Max Keiser off RT talking about it too to try and pump it up frjbfrjkbrjbg LOLL.
I love Max Keiser, bloke's off his rocker.
I knew before that they are expensive, but it's really fast and easy. And no risk to loosing coins. If you invest in right ones you'll catch up difference when the price of your coin go up. If it go down you fucked anyway.
Yeah, they're probably expensive due to high priority transactions which is I think is what makes it quick. I like that you can transfer and exchange currencies without even signing in, and your chosen coin will get where it needs to go fast.
Thanks man. it helped to understand it generally. And made me realise there is no good way to get small number of steem. I thougt doge is way to go :(
I realise that it is same everywhere if you transfer from binance use bitshare which cost 1 bitshare which is less than a dollar whereas btc cost 0.001 btc which is around 16 dollars so you will gain 15 dollars for each transfer. here is the link for the fees https://support.binance.com/hc/en-us/articles/115000429332-Fee-Structure-on-Binance . I hope it might helps.
that 's very expensive,but it is convenience. and you would't notice the fee if you are careless(that is me, my heart was broken)
Is there any other reliable way to buy steem to your steemit account?
For me it looks like more then 10%
Both screens taken almost at same time. Try it yourself