Helpful Insight or Suggestions Would be Appreciated


#1

I’m extremely new to this whole world of cyrpto and block chain. I have read over articles online and watched quite a number of videos. But I feel like the person who jumps in a math class mid semester. That is to say overwhelmed and trying to play catch up.

The thing is China is making–or suggesting to make–regulations prohibiting foreigners from exchanging future cyrpto currencies, like I presume BTC to ADA per the Binance website and then transfering that to a Daedalus wallet. And other things seem to be moving and shaking fast across the world and in the USA in terms of regulations or market/business shifts related to crypto. So, I feel it is prudent me to ask this question now for sake of time:

I have bought USD $23 worth of Bitcoin on Coinbase. I had hopped to transfer to to Binance to exchange for ADA and from their transfer it to the Daedalus wallet I have already created. Problem is my money is short to non-existent and Coinbase says the combined transfer charges would cost over $50 and I have insufficient BTC funds to make the transfer happen.

Regarding the quotation from an article on Coinbase I will paste below, my question is this, as math challenged as I am: if I were to buy USD $60 more of Bitcoin on Coinbase, for a estimated total of USD $80 or $75 worth of Bitcoin, would I be able to then transfer USD $20 or $25 worth of Bitcoin to Binance and finally to my Daedalus wallet?

Quotation:

"Exchange Rate

Your exchange rate for buying or selling digital currency through our Conversion Service is calculated as the market rate of the digital currency on Coinbase’s GDAX platform, plus a spread between 25 to 100 basis points determined by the size of your transaction, market volatility and length of time using Coinbase (“Exchange Rate”). In rare circumstances, the market rate from GDAX may not be available due to outages or scheduled maintenance. In order to provide you with uninterrupted services at such time, we may derive market pricing data from unaffiliated digital currency exchanges. Exchange rates quoted in these circumstances are subject to spread exceeding 100 basis points."


#2

I just went through the same thing. Let me bottom line it for you:

Do not buy Bitcoin to then purchase ADA! The current transaction fees on the Bitcoin network make this a losing proposition, especially if you are making small purchases.

Buy Ether on Coinbase, transfer it to Binance, and then use your Ether to buy ADA.

Let me know if this helps!

-Albert


#3

Thank you for the reply, Albert.

I actually successfully purchased some ADA before your reply, like maybe 2 days ago I think it was.

I found out from youtube vids that I can transfer–fee free–my Bitcoins from Coinbase to Gdax. And the from there I could transfer them to Binance.

:slight_smile: But I appreciate you taking the time reply.