Bitcoin payout question

Andy

Well-Known Member
#1
When you request a bitcoin payout from a book that says they charge no fee for bitcoin payouts, do you typically end up with pretty close to the full amount you requested by the time it hits your bitcoin wallet?


I just did a very small test payout on one of my books a few days ago (sent it to blockchain wallet) and ended up with less than i expected. like over 10% less. Pretty disappointing, fortunately since it was just a test withdrawal (to see if i was doing this whole bitcoin thing correctly) the amount lost is peanuts. But if I up my next payout to a much larger amount i'd rather not lose 10% in the first transaction.
 

nbafan88

Well-Known Member
#3
When you request a bitcoin payout from a book that says they charge no fee for bitcoin payouts, do you typically end up with pretty close to the full amount you requested by the time it hits your bitcoin wallet?


I just did a very small test payout on one of my books a few days ago (sent it to blockchain wallet) and ended up with less than i expected. like over 10% less. Pretty disappointing, fortunately since it was just a test withdrawal (to see if i was doing this whole bitcoin thing correctly) the amount lost is peanuts. But if I up my next payout to a much larger amount i'd rather not lose 10% in the first transaction.
How much was the withdrawal? I dont think it is based on % of the transaction but I could be mistaken
 

B.A.R.

CTG Partner
Staff member
#5
I did a 'test' one to my wallet Andy.

The amount received vs amount requested was actually .94% more. Now, I am still learning it myself but I know the BTC price has went up in the last few hours. Perhaps in-between being sent out and you receiving in your wallet it dropped? I have had that happen as well by a small percentage.

As far as fees with a book...we'd need that info first...of what book as said earlier...
 

Andy

Well-Known Member
#7
was on BOL, I did a minimum withdrawal since I was so unsure of the whole process. Only lost a few bucks but if i had done a $500 withdrawal the equivalent % loss would be close to $60.

I checked what the bitcoin market had done in the day and a half from request to the coin showing up in my blockchain wallet and the bitcoin value only went up (from roughly $1,250 to $1,280 per bitcoin).

I'm going to try a more significant w/d on heritage here soon and see if its any better.
 

wiseplayer

Well-Known Member
#9
I used bitcoin for the 1st time today. Looks like an option to send a small amount, otherwise why would anyone risk putting a large sum with their being the slightest chance of losing the value? That seems insane to me.
 

inZane

Well-Known Member
#12
Anybody here into the cryptocurrency scene?

I know a guy who's doubled his money and has exchanged for silver and other goods from Amazon. It seems legit so far...
 

cogenman

Raider Nation for Life
#13
Anybody here into the cryptocurrency scene?

I know a guy who's doubled his money and has exchanged for silver and other goods from Amazon. It seems legit so far...
Me and scarf are pretty heavy into it. It's legit. We talk a little bit about it on the Investing Thread, and through PM's. It's a helluva ride though. Big swings where you have to have balls of steel.

I have friend here in the bay area who just quit his Netflix job making $200k/year because he invested in Bitcoin, Ethereum, and other alt coins.
 

scarf31

CTG Elite Moderator
Staff member
#14
inZane, definitely pretty deep into it. Cog and I have been on the Ethereum train for a long while...but it all started when I studied Bitcoin for a long ass time a few years back, just to see if it was legit for funding books. It's the only method I even consider now as it is so simple (and I've been doing it for so long and know all the ins and outs).

Total crypto market cap is now $130 billion...it ain't going away.

Biggest difference is the crypto market gets VERY manipulated by the early buyers as they'll buy sell consistently at certain points just because they know they can manipulate the market and add to their stacks. It happens ALL the time. That I believe is the major difference between crypto and stocks.
 

Kramer

Assistant to the Traveling Secretary
#16
How do you actually retrieve a bitcoin payout to land back to your US bank account?
Since you already own BTC, set up a coin base account and xfer your coins there. Once in CoinBase you can convert to USD and withdraw to a linked bank account.

Note that it is not safe or recommended to leave any of your coins on coinbase (or any other exchange) for an extended period of time.
 
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