Cheapest Way to Pay Crypto to External Wallet? I'm Bamboozled

dmbminaret on 11/11/2021 - 21:38

Hey all,

Just wondering if anyone has any hacks/experience in purchasing goods with crypto.

From what I can gather, this is what happened today:

Purchase price: $216USD (~$295.24 AUD)

Gas fee with ethereum: 0.005 (~$31.77 AUD)

Free transfer of $341 AUD in to coinspot, but 1% to trade to ethereum: $3.41 AUD

Total transaction should be $330.42 AUD.

Leaves $10.58 unaccounted for give or take as I started with less than $1 and ended with less than $1.

So where did the other $10 get swallowed up?

Is there a better way of doing it? I looked into wallet of satoshi, but that's about 5% incoming fee, then whatever small amount outgoing on lightning network. Not sure of final costing.

I see some vendors have coingate as a payment platform where you can pay by credit card and it converts on the fly to crypto. I'm not sure, but I think that costs the vendor 1% & the buyer 8% (and any additional card fees if applicable from card issuer).

Financial Cryptocurrency

Related Stores

CoinSpot
CoinSpot

Comments

  • mskeggs on 11/11/2021 - 21:44
    -1

    PayPal me cash with a family&friends reason and I’ll send you valuable NFTs you can redeem for the coins of your choice.
    In fact, if you send me the money now I’ll send double the NFTs for the next 48 hours.

    • mskeggs on 11/11/2021 - 21:44
      -2

      I’m sure it is only a coincidence I don’t get invited to parties.

  • brendanm on 11/11/2021 - 21:49

    What are you trying to buy? Using eth seems like a terrible idea due to gas fees, as you've found.

    • dmbminaret on 11/11/2021 - 21:56

      Product is RX. So eth use their own network? A cheaper alternative would be? I thought they would be relatively similar. BTC?

      • brendanm on 11/11/2021 - 22:06
        +1

        Rx with crypto 😉

        Rektrading said btc fees are low at the moment. My last transfers have been bnb and xlm. Bnb transfers cost about $0.31, xlm transfer $0.0078.

        • dmbminaret on 11/11/2021 - 22:24
          +1

          Cool. Good info thanks. Bnb looks the go.

      • deme on 12/11/2021 - 14:16

        Buying drugs online?

        You mean they will mail it?

        Please report back, brb buying popcorn.

        • dmbminaret on 12/11/2021 - 19:25

          Schedule 4 prescription, yea.

          • deme on 13/11/2021 - 09:41

            @dmbminaret: Each to their own I'm not going to rat out people for this.
            But if it's an addiction think about talking to a GP for help.

            • dmbminaret on 13/11/2021 - 09:56

              @deme: Actually more a nootropic than drug. I'm guessing Modafinil is prescription because it has gone across the TGA's desk because of a need (narcolepsy) where nootropics probably haven't.

              • deme on 13/11/2021 - 15:16

                @dmbminaret:

                nootropic

                Have you seen this https://www.gwern.net/Nootropics

                • dmbminaret on 13/11/2021 - 17:00

                  @deme: Haha wth

                  Besides Adderall⁠, I also purchased on Silk Road 5x250mg pills of armodafinil. The price was extremely reasonable, 1.5btc or roughly $23 at that day’s exchange rate;

  • rektrading on 11/11/2021 - 21:58
    +1

    Use a sidechain like MATIC or an EVM compatible BSC.

    It would be easier if you linked the shop so that we can see what networks they use.

  • Cave Fire on 12/11/2021 - 01:12
    -1

    frequently happened with me on coinspot. Money missing on trades and weirdness. Like the trade would go through, I'd notice money missing, then sometimes the balance would adjust 15 mins later. Some didn't adjust and it would seem like I was paying a few percent of fees. Binance seems better and they accept PayID and AUD withdrawal. Also… those websites also sell dodgy stock. Modfinal product Provigil had a recall in it's first years for triggering psychosis. New side effects are severe rash and birth defects if people take it while pregnant.

  • jar-unit on 12/11/2021 - 08:21
    +1

    If you pay by XRP or Tezos the fees are much lower than ETH or BTC. XRP fees are like $1 I think Tezos(XTZ) is even less. Good for small payments. Also I use Binance to convert fiat to crypto - very fast fee free deposits (within minutes) and low trading fees.

    • dmbminaret on 12/11/2021 - 19:27

      Ok I'm going to use binance over coinspot now. Is there a way to calculate fees easily or just look at each one on the day?

  • netjock on 12/11/2021 - 09:51

    Welcome to the new Wall St, without all the regulation.

    Why do you think they call it the digital gold. It is gold rush. Just not for the retail investors.

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