So let me preface this with I’m very new to any crypto. I’ve bought btc a couple times through cashapp and transferred to an external wallet before making purchase. I’ve used a different external wallet each time as I had seen that recommended even though I’ll admit I’m not sure why. I always buy a little more btc Thani need because I never know exactly how much the feed will be after it’s all said and done. The problem I’m running into is I now have several different wallets with very small amounts of btc left in them that I can’t transfer to another wallet because it’s not enough to pay the transfer fees to send it. Is there a way to transfer these balances without paying a transaction fee or what would be the best way to avoid this in the future? Should I just use the same wallet that I already have a balance in and is that safe to do so?
MESO-Rx
Anabolic Steroids
How to buy btc without all the transfer / transaction fees etc?
- Thread starter Smashshit
- Start date
Im taking a wild guess as i got off work, i would think the remaining sats could be used on a diff network, eg lightning network. which would allow for the remaining sats to be used. (micro tx)
usually ill have like .20cents - .75cents (usd) left over after a tx using the reg network.
some exchanges allow you to liquidate balances less than $1.00 usd for a prefered crypto.
so if u have a balance of several shitcoins less than $1.00usd they will give you 'x' for all those useless balances combined.
usually ill have like .20cents - .75cents (usd) left over after a tx using the reg network.
some exchanges allow you to liquidate balances less than $1.00 usd for a prefered crypto.
so if u have a balance of several shitcoins less than $1.00usd they will give you 'x' for all those useless balances combined.
combover
Well-known Member
Hmm, I always grab an extra 20 bucks in btc to cover fees while I hop. One of the exchanges give me a new btc address every time I use it to transfer or receive, I can't remember which one, but then any extra remains available.
Would love to know what exchange this is if you get a chance to verify it would be much appreciated. I tried everything I can and I can’t seem to find a way to combine the small balances of my defy wallets without transaction fees.
I’m totally new to crypto and have no idea what any of this means but I appreciate the effort anyway.
Monsterlabstore
Subscriber
In the crypto industry this is called "dust". It's exactly what you described. When the wallet gets so low that the remaining satoshis can't be transacted because of lack of funds to cover the fees. Usually its like sub 10000 sats which is less than a dollar. You can either load more btc into the same address/wallet to make it possible to zero out your wallet when transacting. Many people are to lazy or don't care since the dollar value is so low. It is good practice to not leave dust though.
You do that because your cashapp is tied to your personal finances. Your bank, LE, or anyone can with access to your financial records can ID your transactions. It's a bit harder to do that when you transfer to external wallets as no personal information is tied to it. It's not 100% but offers another layer of security and anonymity. You can also use 3rd party mixers that wash crypto to make them "clean" and are virtually untraceable but even then exchanges and big brother are suspicious of coins run through mixers. It can red flag them making it harder to offload but it's usually not an issue. Although in the future it might be.
Yes, it's fairly safe if you don't have a lot of transactions dealing with illicit purchases. If you do... then its better to create a new wallet occasionally. Purchasing steroids and dealing with sums under $1000 is mostly likely not a huge priority for LE. I personally like the Electrum wallet and the Samurai wallet. Electrum is probably the crowd favorite and is quite robust. Samurai offers several mixing features.
@Monsterlabstore thank you for such a great detailed reply I appreciate it!
krasnoyarsk
Subscriber
The way I avoid excessive fees is to buy XLM then convert from XLM->BTC using ChangeNow to either my wallet or vendor's wallet. Usually the fees and withdrawal requirements for XLM are superlow
clearheaded
Member
not sure ins and outs but folks talk about shake pay being very low/no fees.. maybe only Canadian though.
Hesoprimaltho
Member
Sats are the smaller unit that btc is composed of. Sats are to BTC as a penny is to USD, albeit a much smaller denomination. 100,000,000 SAT = 1 BTC. Sat is short for Satoshi Nakamoto, the creator of BTC.
