Can someone explain fees in layman’s terms
I thought I would throw a few dollars into bitcoins more for a laugh than anything - but the fees are confusing me.
I googled best wallet for newbies & most people suggested Exodus as simple and easy for beginners.
Using Apple Pay I bought $100 at around 44k - I got $99 worth of coins and paid $1 fee (seems fair)
They are now at 48k and my $99 is up to about $109
I have no interest in cashing out, but still leaning my way around so thought I would check how much the fee would be to cash out.
From what I can tell, I have to use a company like coin base to convert to hard cash and so I’m looking at paying a transaction fee to send the money to coin base plus a fee to coin base for converting my Bitcoin to hard cash / depositing in my bank account.
The transaction fee exodus shows me to send my coins anywhere is $15 which seems a bit steep.
Would I be better off having a coin base wallet so I’m not having to pay that $15 when I want to cash out on top of cashing out fees?
Looking online people say coin base fees are a few % and exodus is 5% plus - but they are quoting me 15% (or is that just because I only have small amounts & it would be cheaper if I had $1,000)
I may throw $50 or $100 a month into BC moving forwards, nothing big, an amount I can afford to forget about for years or even lose large amounts of, but don’t want to lose 20% when I cash out between transfer & cash out fees!
Any help would be much appreciated