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Hello, I have an Exodus wallet on my PC at home with some Bitcoin and Litecoin in it.

Today I bought $500 worth of gear and paid for that with Bitcoin. The fee charged by Bitcoin was a further $15.90, I find this very high.

My question is, what is the best way to minimise my fees? I'm sure it was never meant to be so expensive. Exodus says they do not charge the fees, it is Bitcoin charging.

So what do you people mostly do to keep fees down? Thanks
 
Not commenting on the likelihood of a crash, but if it does eeeeeeeek

I now have 10 people on Facebook who have "worked" really hard to establish a side business for their future and families (multilevel marketing). These are cashed up fifo workers who are asset poor mostly. If this goes south before the bail they are going to loose many years of savings.

My first real boom cycle so maybe this is all pretty standard, but with no barriers to entry bitcoin has roped in everyman and his dog. This is going to get messy......or maybe I am just jealous I didn't get a piece of it
 
Bill M said:
So what do you people mostly do to keep fees down? Thanks
Click to expand...

Hey Bill, you should be able to go into the settings and adjust the fees. Mind you, the lower you go, the lower further down the peking ordering your transactions gets processed. There are reports of transactions getting processed for between 60-80 sats.

1omy0otjn7yz.jpg​


I use Coinomi and in the settings, l can adjust the fees l choose to pay for a transaction. Out of curiosity l went under $1 and it went through, took over 24 hours though.

Once lightning is implemented, low fees and fast transactions will be the norm.
 
This is also another side of Bitcoin/Cryptos that is a very big positive.


Bitcoin Emerges as Crisis Currency in Hotspots
​
“In many countries in Africa, there are far more cellphones than bank accounts,” said Manuel Valente, co-founder of La Maison. “For bitcoin, all you need is a phone.”

Zimbabwe, where the price of bitcoin spiked to double the international rate after this week’s military takeover, shows Jamie Dimon, Axel Weber and other cryptocurrency skeptics where the real-world use of bitcoin, and possibly its future, lies. It’s becoming the preferred way for residents of failing economies to transfer money without dealing with banks, protecting their savings from political turmoil, and avoiding the local currency when its value declines due to inflation.

There’s no data on how much digital money leaves industrialized nations for the developing world. Part of the allure of electronic cash is the ability to transfer it anonymously. But as events in Zimbabwe have confirmed, bitcoin, the world’s most popular cryptocurrency, is most attractive when confidence in institutions falls.

 
Speculation. He does make some great points. Do you trust the lying banks and their bailouts or corrupt Governments.


Bitcoin to hit $20,000 by December 2018 – investor
​
Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group who has joined the mad dash for crypto-currencies, predicts the value of a bitcoin will soar to $20,000 by the end of 2018, fueled in part by his believe mainstream institutional investors are about six to eight months from adopting the volatile crypto-currency.

 
LOL :D:D:D


JPMorgan busted for money laundering after accusing bitcoin
of doing the same

​
The Swiss subsidiary of US bank JPMorgan Chase has been sanctioned by Switzerland’s financial regulator FINMA for money laundering and “seriously violating supervision laws,” according to the local weekly Handelszeitung.

The sanctions are reportedly related to breaches of due diligence in connection with money laundering standards. That literally means the Wall Street banking giant assisted in money laundering.

It is two months since JPMorgan CEO Jamie Dimon slammed bitcoin, the world’s leading cryptocurrency, labeling it a fraud. According to Dimon, bitcoin could be useful “if you were a drug dealer or a murderer.”

Dimon also compared bitcoin to the 17th-century Dutch tulip mania bubble. At the time, the CEO predicted the eventual demise of the digital currency and pledged to fire any trader trading bitcoin for being stupid.

 
fiftyeight said:
This is going to get messy......or maybe I am just jealous I didn't get a piece of it
Click to expand...

Oh definitely, its going to get very messy, sadly many people who don't have any understanding of investment, economics or risk management will lose the money they have gambled on this speculative bubble.

While on one level I do feel sorry for them, I also think people need to take some personal responsibility and educate themselves better.
 
Hey Bill,
Open the app Coinomi
Press the overview button - top left
A side menu appears
Press the " + Coins " bottom of screen
Menu with coins appears
Bitcoin is the top one
Click on Bitcoin
It will ask you for your password - input password - it is now added to your overview screen
Once added - click on Bitcoin (or whatever coin you have added)
You now have a detailed view of all of your Bitcoin transactions - it should read "Balance"
To receive Bitcoins (someone sends it to you, or send to yourself from an exchange) swipe left
To send (give to someone else) swipe right

Buy Bitcoin from BTC Markets, copy and paste address from Coinomi into BTC Markets withdrawal page. Done

Also, if you are adding Ethereum tokens (ERC20), you have to add Ethereum, then go into the Ethereum balance page and "add Dapps" (Swipe right twice). There is over 100 dApps listed l think.
 
Hey DB, thanks for all the effort you are putting into this and explaining it like I am a 5 year old. I need it as I'm not very cluey with this stuff.

OK, so I downloaded coinomi, pretty easy simple thing to do and I now have a wallet on my phone with zero in it.

I have EXODUS with funds in it, works well and very simple but fees are high. So I can send funds from litecoin and bitcoin in EXODUS to my coinonmi bitcoin and litecoin. Q. Is that the process I must do? Q. Won't fees to do that chew up a fair chunk?

Or do you think I should leave exodus alone and just start using coinomi? Run 2 separate wallets with 2 separate funds?

On some reading in coinomi it says that you should generate a new key for each transaction so that people can not track previous transactions. So how is it that in EXODUS they just use the same keys all the time. It is totally the opposite to what coinomi says. Thanks, sorry about all the questions but I bet a few other readers are finding this banter useful too, cheers.
 
Bill M said:
Hey DB, thanks for all the effort you are putting into this and explaining it like I am a 5 year old. I need it as I'm not very cluey with this stuff.
Click to expand...

Hey Bill
No problem. l'll try to answer as best l can. :)

You want to get this right the first time because there isn't a second time. If you make a mistake, your funds are gone forever.


Bill M said:
OK, so I downloaded coinomi, pretty easy simple thing to do and I now have a wallet on my phone with zero in it.

I have EXODUS with funds in it, works well and very simple but fees are high. So I can send funds from litecoin and bitcoin in EXODUS to my coinonmi bitcoin and litecoin. Q. Is that the process I must do? Q. Won't fees to do that chew up a fair chunk?

Or do you think I should leave exodus alone and just start using coinomi? Run 2 separate wallets with 2 separate funds?
Click to expand...

Your on the right track. :xyxthumbs

Having 2 wallets is up to you. I keep my funds in a hardware wallet.

Bitcoin - send it to a Bitcoin address
Litecoin - Litecoin address
Ethereum - Ethereum address

I always copy and paste the address - or scan the QR code.

How long will you be holding onto the funds?

Short term (days/weeks), l would leave it in a hot wallet like Coinomi/Exodus on your mobile.

Long term holding, l'd either move it to a paper wallet or a secure hardware wallet - Trezor or Ledger.

You can buy directly from the manufacturer. I highly recommend a hardware wallet.

Trezor website
https://trezor.io/

Ledger
https://www.ledgerwallet.com/

Aussie reseller (not too bad pricing)
https://www.coinstop.com.au/shop​


Every time you move the money around, you have to pay. Ethereum is very, very, very cheap and fast.

Every computation on the Ethereum network cost gas, so do value transfers like on the bitcoin blockchain.

Every computational step, or OPCODE requires a specific amount of gas (which is hardcoded). You pay for gas using ether. To determine the fee you pay you calculate:
required gas * gas price = fee

For example a simple value transfer cost 21000 gas, the current gas price is dynamically set by users and miners and is currently ~0.00000005 ether, so the value transaction would cost ~0.00105 ether or $0.001 to $0.002 USD at current prices. Current BTC transaction fees vary anywhere from $0.01 to $0.09 USD

Users can set the gas price they are willing to pay and and miners can set the minimum gas price they are willing to accept. This creates a dynamic market, which allows ethers "fee" to be dynamic and adopt to ether price swings.
​

You should be able to adjust the fees in Exodus somewhere. The lower it is, the longer it will take to get processed because you'll be down the peking order. However, l think they the fees will be pretty low already. If you have time on your hands and aren't in a rush - try adjusting the fees very low and see how you go. Might take up to 24 hours, but you'll get there in the end. I did a Bitcoin transaction and it cost $7 l think from memory and took about an hour to process.

More info here on Exodus fees - http://support.exodus.io/article/67-how-do-i-send-or-exchange-an-ethereum-powered-asset


Bill M said:
On some reading in coinomi it says that you should generate a new key for each transaction so that people can not track previous transactions. So how is it that in EXODUS they just use the same keys all the time. It is totally the opposite to what coinomi says. Thanks, sorry about all the questions but I bet a few other readers are finding this banter useful too, cheers.
Click to expand...

That's for the paranoid. I wouldn't worry about it Bill. If you have a hardware wallet, who cares?
Bitcoin is a public ledger - all transactions are available to view - part of what makes Bitcoin great is that every transaction is visible, to anyone. And, if you dig around, you can see million $$$$ transactions take place all the time.

Tip - When sending a large amounts (like 20k+ for example), l always send $5 or $10 to make sure it goes to the right address, then l send the rest. You don't want to send it to the wrong address and lose it.

Here is a site that generates paperwallets - for offline cold storage if you don't want a hardware wallet
https://bitcoinpaperwallet.com/bitcoinpaperwallet/generate-wallet.html
 
DB, thanks for that wealth of info.

I am going to keep BTC long term with 2/3'ds of my stash in there. Right from the start people have been telling me to treat BTC as your gold. Then someone got me on to LTE as a cheaper way to send money. It is the buy/sell account that you can use all the time, so that is why I use that one.

Don't know why but ETH has never been offered as a buying or selling currency but I am will to go with the flow. I do buy and sell some goods online and find LTE very handy and easy. BTC just hit you up on fees but I think if want the "gold" you got to pay for it.

Exodus allows you to export your private keys and allows you to be your own private bank on blockchain info I think it is. The fees are much lower there. I haven't done it yet but I might do a dribble drop to test it out.

I think I will follow your suggestion and buy a nano s hard wallet. My question on that is what happens when the BTC forks happen? i.e. sedgwit or bitcoin gold?, are nano s users included? How does that work with nano s?

One last question (for now), if you had $1500 and you had to spread it over 3 cryptos which 3 would you buy?

Cheers mate,
Bill
 
Bill M said:
I think I will follow your suggestion and buy a nano s hard wallet. My question on that is what happens when the BTC forks happen? i.e. sedgwit or bitcoin gold?, are nano s users included? How does that work with nano s?

One last question (for now), if you had $1500 and you had to spread it over 3 cryptos which 3 would you buy?

Cheers mate,
Bill
Click to expand...

Hey Bill,

Ask away. I'm not an expert, but will try to answer any questions. If l don't know the answer l'll Google it or jump to a forum and find out for you. Please don't take what l say gospel, or anyone else reading this...

Good on you for getting a hardware wallet, think of it as insurance.

$100 - small price to pay IMO.

The two hardware wallets l mentioned are (at the moment - and l think foreseeable future) are unhackable/crackable. Even if a virus or malware or someone managed to take control of your computer, with a hardware wallet (Trezor or Ledger, latest firmware) they still wouldn't be able to steal your money because your private keys never leave the hardware chip and you physically have to press a confirmation button to 'ok' the transaction. They also have robust brute force attack resistance. Make sure you write down your 24 word pass-phase during set-up and keep it in a safe place. I can't reinforce this enough.

The 2 recent forks, Bitcoin Cash and Bitcoin Gold - no problem so far. I held my Bitcoin in the Coinomi app and all went well.

Whatever amount of Bitcoin you held, you receive the exact same amount in Bitcoin Cash and later on, Bitcoin Gold.
If you held 1.345694 of Bitcoin you received 1.345694 Bitcoin Cash and 1.345694 Bitcoin Gold. They weren't the price of Bitcoin and the first few hours/days, there was huge volatility and not much liquidity in Bitcoin Cash - I personally say jumps of $1000 in Bitcoin Cash.
The wallets seem to be better at this than exchanges. Some exchanges in the USA didn't want to give their customers Bitcoin Cash and threats of class action lawsuits twisted their hands. But even then, they won't be issuing Bitcoin Cash until next year. Some very unhappy customers to say the least.

https://themerkle.com/not-all-exchanges-crediting-bitcoin-cash-tokens-will-support-bch-trading/

I read today that since Segwit implementation, transaction fees for Bitcoin have dropped big time. You can also set the fees in the hardware wallets too. Not sure if you can drill down even further, I'll look into it. This is settings Ledger below

Ledger .png

​
Crypto's are an unregulated market and the scam artists have arrived.

That's why China hit the brakes on ICO's earlier this year.

On top of that: there are literally thousands of coins on the market and 99% of them are rubbish and won't be here in 2 or 3 or 5 years time. Lots of people have latched onto raising money for a coin, eg, Bill Coin - it offers X, Y, Z. The money gets raised and then they run off with the capital.

Please, please, please read this short article...



$1500 to invest in 3 coins. That's a hard one. Don't take what l say as financial advice.

I like -
  • Bitcoin - like you said, 'the' gold standard
  • Ark - developing a smartbridge system connecting all the various Blockchains
  • Litecoin - it's a fork from Bitcoin. Great development team. Atomic swaps coming soon
  • IOTA - regarded as Bitcoin 3.0 - next gen. Could go up, or down.
  • Monero - gold standard in privacy
  • Qtum - hybrid of Ethereum and Bitcoin
  • OmiseGo (OMG) - already a huge clearing house, they are getting their customers to switch to the blockchain and are trying to sign up McDonald's in Thailand
  • Stellar - micro payments, huge potential but risky
  • Ardor - child chains with pruning and scalability
  • Power ledger - selling solar credit and what-not. Aussie thing. If Elon musk and S.A. get in on it, has potential to go bananas, careful, has risen some 400+ % this month already

Some other ways you can get more info -
  • Reddit (Bitcoin + cryptocurrencies sub)
  • Whirlpool Forums Australia (finance/crypto section)
  • Crypto News aggregates (I use Crypto News - Google Play Store)
  • Set up Google alerts with key words like Bitcoin, Ethereum
  • Some youtubers have channels dedicated to daily updates (take with a handful of salt)

​



There is also a lot of propaganda been thrown around buy people with huge amounts of money. Money to pay for online presence, stories and blogs. One of those people is Roger Ver. He made hundreds of millions getting in early on Bitcoin amongst other things and also purchased the Bitcoin domain name. He recently got together with Craig Steven Wright (the self proclaimed Aussie 'Satoshi Nakamoto') and others and was involved in the attempted Bitcoin Cash coupe trying to de-throne Bitcoin and claiming that Bitcoin Cash was the real Bitcoin.
It's an interesting world we live in Bill.

I hope you have great success in crypto trading! :xyxthumbs
 
Sorry for the typos in my previous responses.

Anyways, some more info to keep you going...

Blockchain technology intro

​



Difference between Segwit and Segwitx2

SegWit2x is a combination of both SegWit and a 2MB hardfork (to activate three months after SegWit).

SegWit2x uses a different 'bit' for signaling (bit 4 instead of bit 1) than SegWit.​


This fork did not happen. It was the hostile coupe that failed last week.


You'll also start to hear about "ASIC" mining machines used to 'mine' Bitcoin. Mining is basically validating the transactions and as it uses cryptography and the computational resources need are huge/resource hungry, warehouses of ASIC's are needed (think 10,000+)

An application-specific integrated circuit (abbreviated as ASIC) is an integrated circuit (IC) customized for a particular use, rather than intended for general-purpose use. In Bitcoin mining hardware, ASICs were the next step of development after CPUs, GPUs and FPGAs. Capable of easily outperforming the aforementioned platforms for Bitcoin mining in both speed and efficiency, all Bitcoin mining hardware that is practical in use will make use of one or more Bitcoin (SHA256d) ASICs.

Note that Bitcoin ASIC chips generally can only be used for Bitcoin mining. While there are rare exceptions - for example chips that mine both Bitcoin and Litecoin - this is often because the chip package effectively has two ASICs: one for Bitcoin and one for Litecoin.

The ASIC chip of choice determines, in large part, the cost and efficiency of a given miner, as ASIC development and manufacture are very expensive processes, and the ASIC chips themselves are often the components that require the most power on a Bitcoin miner.

While there are many Bitcoin mining hardware manufacturers, some of these should be seen as systems integrators - using the ASIC chips manufactured by other parties, and combining them with other electronic components on a board to form the Bitcoin mining hardware.




​



Here is another one - Genesis Mining - cloud based mining. Could be a scam or not (DYOR)

​


Review on Genesis
Genesis sounds like a scam (from the reviews l've read so far), but l just included the videos to show you a nice, clean Bitcoin mining operation. The Chinese ones look like rubbish tips compared to these ones.


Cost of electricity is one (if not), the main factor in setting up a Bitcoin mining farm. China has lots of mines because they can get very, very cheap electricity. Russia has also indicated that it will enter this space and Japan has plans to bring out special 7nm chips for Bitcoin mining.
 
Thanks for all your help DB, all good stuff.

I put in the order for a nano s hard wallet. Got it from coinspot for $115.

Cheers,
Bill
 
Just watched the videos, absolutely mind blowing. I just wish I was 40 years younger so I could take part in all this in a more meaningful way. Thanks DB.
 
Bill M said:
Just watched the videos, absolutely mind blowing. I just wish I was 40 years younger so I could take part in all this in a more meaningful way. Thanks DB.
Click to expand...

Yep, crazy. I personally think this is the start of the digital/cyber/crypto currency age. Much like the internet in the early 90's, well, this is just like that. I also wish I'd know about it 5 years earlier.

Have a look at these clips, really opens your eyes to what is happening out there. I think Australia is a little bit behind in this area.



Short version (1:37)​




Longer version (5:34)
​


Forgot to put this in. The most important part

Bitcoin Whitepaper
https://bitcoin.org/bitcoin.pdf​
 
Ok as l mentioned before there is a war going on between Bitcoin and Bitcoin Cash where Roger Ver is trying to dethrone Bitcoin

Weird because he (Ver) made all of his wealth from Bitcoin and now he wants to destroy Bitcoin

Anyways, some more info

Roger Ver owns the domain Bitcoin.com

He wants Bitcoin Cash to succeed for whatever reason. He bet $4 million on Segwit2X and $1 million on Bitcoin Cash.

Bitcoin Cash is a fork from the original Bitcoin.
It is really just an Alt Coin. Has larger blocks, nothing else. They tried to also do a Segwit2X hostile takeover, it failed when all the gapping holes were exposed. They were renting servers from Amazon to try to project that they have thousands of nodes - exposed

Now on the domain Bitcoin.com they have uploaded a wallet disguised as a Bitcoin Cash wallet.

This is a scam


fdvchpdmj3zz.jpg​



Like l said, be extra careful and double check everything twice before just clicking away. If your new to this game and send Bitcoin to Bitcoin Cash wallet, you'll more than likely lose those funds. Gone. Never to be seen again.

dxp7ku9uf5zz.jpg
​
Be careful out there!

Propaganda machines are in full swing
 

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