Read This before Exchnaging Bitcoin for Steem!

in #bitcoin6 years ago

Yesterday, I decided to buy a little steem just $25 worth. Not a big deal, just a small investment. I do have most of my money in XRP, Stellar, Tron, Cardano and a few Fun Tokens.
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My process begins with adding money to my square cash app, the transaction happens instantly and much cheaper then coinbase.

Then I buy Bitcoin through sqaure cash app, transfer it to Binance and the following step I messed up. I should have either transferred BTC into Steem directly on Binance or into Ether and Ether into Steem on blocktrades.

But this is what I did, I transferred Bitcoin into blocktrades to convert it into Steem and then it was transferred into my Steemit account. Guess how much I lost in that transaction..... My $25 turned into around $14 because of Bitcoin transfer fees and then additional fees for Blocktrades conversion fees. Well that was stupid of me, you live you learn. It was only $25 at the end but that's a huge percentage loss.

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Has anyone experienced this as well?

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
ADACardano0.224$4.95%11.31%
BTCBitcoin7563.680$0.4%0.78%
STEEMSteem2.338$-2.1%-21.64%
XLMStellar0.294$2.58%3.16%
XRPRipple0.617$0.09%0.44%

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