GetBittr on Nostr: 🧟♂️ Exchanges use sneaky tricks to take your money without you noticing. ...
🧟♂️ Exchanges use sneaky tricks to take your money without you noticing. Here are 3 common practices to watch out for.
1. A spread in the Bitcoin Price
Low fees sound great, but you end up paying a higher Bitcoin price. You think you're saving, but you're actually getting less Satoshis. 📈
2. Fixed Payout Fees
Want to move your Bitcoin? You'll pay a fixed fee, that is higher than the actual miner fee. Exchanges batch transactions to save themselves money while charging you more. They tell you it’s a benefit and that normally you would pay more, but remember: there's no free lunch! 🥪
3. Fiat Conversion Rates
Exchanges offer separate Fiat and Bitcoin accounts, making it seem easy to buy Bitcoin whenever you want. But here's the catch: every time you convert your fiat to Bitcoin, they hit you with extra fees. 💱
1. A spread in the Bitcoin Price
Low fees sound great, but you end up paying a higher Bitcoin price. You think you're saving, but you're actually getting less Satoshis. 📈
2. Fixed Payout Fees
Want to move your Bitcoin? You'll pay a fixed fee, that is higher than the actual miner fee. Exchanges batch transactions to save themselves money while charging you more. They tell you it’s a benefit and that normally you would pay more, but remember: there's no free lunch! 🥪
3. Fiat Conversion Rates
Exchanges offer separate Fiat and Bitcoin accounts, making it seem easy to buy Bitcoin whenever you want. But here's the catch: every time you convert your fiat to Bitcoin, they hit you with extra fees. 💱