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How would you transfer out $10 from an exchange? My bank charges more than that in fees for any transfer at all... Also, it always took weeks to get anything ou
by ramchip 13y ago
How would you transfer out $10 from an exchange? My bank charges more than that in fees for any transfer at all... Also, it always took weeks to get anything out, so you'd be waiting for months to transfer $100.
- deleted 13y ago[deleted]
- ryanjshaw 13y agoYou wouldn't transfer $10; that's just an example. You would split your transaction in such a way as to reflect the maximum permissible exposure you are comfortable with (the largest amount you're willing to risk losing - not forgetting the other transactions you may have on the table elsewhere). If this value is $100 you probably have no business dealing with Bitcoin anyway. If, on the other hand you're the guy trying to cash out $500k worth of BTC, a $25k loss is probably acceptable risk so you might exchange your $500k over 20 independent transactions of $25k each. In reality, you're not going to be able to sell $500k of BTC in a day anyway, so it's difficult to see this process as onerous -- it's just part of the game.