Okay, So i’ve a really very small quantity of BTC in Coinbase as that is the place i had been suggested to purchase at from a person irl. I’ve discovered the right way to ship it, however when i do ship it, i nonetheless OWN the identical quantity of BTC it’s simply value much less, proper? BTC is down from the place I purchased it at, however im not dropping anymore cash by change am i? That is most likely a dumb query but when im going to lose cash, im simply going to carry on in cb till the market ranges (Lord keen). Thanks upfront.
6 thoughts on “Coinbase to Bluewallet”
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You’ll have a transaction fee when you transfer it, losing a very small % of your total BTC, but the BTC you still have isn’t worth less just bc you move it off the exchange. 1 BTC is 1 BTC no matter where it’s held. What it is worth does go up and down. Don’t worry about short term downs, the ups will make up for it in the future. Put it away in your own wallet and come back in a few years.
You’ll have to spend some of the bitcoin on transaction fees when you transfer off Coinbase but it shouldn’t be to much of your stack unless you have like $10 worth.
The fees will consist of the bitcoin network fee that is usually around $0.10-$0.50 and then Coinbase will charge there own fee on top of that which is usually around $1. I would say your looking at about $1-$2 in fees to withdraw to Bluewallet.
It’s up to you to decide if it’s worth it. Remember though, you don’t own any bitcoin on Coinbase, you own a promise from Coinbase that they will give you a certain amount of bitcoin. Until you have it in self custody, all you own is a promise.
This is a very common question among new comers.
Think about having a bar of gold. Imagine whatever amount of BTC you have is that bar of gold.
Now imagine it in a warehouse, what is it worth?
The price of Gold crashes, what is the bar of gold you have in that warehouse worth now?
Now imagine the price of gold goes back up… it’s back to what it was at the beginning, no issues right?
Now, imagine the price drops, and then you move it to your home.
Has the cost of that bar of gold been affected by moving it?
The price goes back up, has the gold price not gone up just because it was at your home?
This is basically BTC at the exchange vs in your own wallet.
I recommend BlueWallet as a good Bitcoin wallet, but ultimately, most people in your position need a wallet that will show you the valuation of your balance in terms of your local currency. This tends to allow you to see for yourself that there is no difference between BTC in the exchange vs BTC in your wallet and gives you that sense of relief.
It also allows you to track and follow the valuation of your BTC stash just like you can using your exchanges website/app.
The only thing you typically can’t do with these wallets is to see a timeseries chart showing the historical price of Bitcoin. I keep my coinbase app installed but with 0 balance on my phone just to see the chart every now and then.
If you buy 1 ounce of gold and store it in your own safe…and the price of gold drops…you still have 1 ounce of gold. It’s just worth less. Same with bitcoin.
Exchanges do however charge a withdrawl fee. You can’t easily slice a tiny piece off a bar of gold but you can with bitcoin, they’ll take a small slice as a withdrawl fee.
Recommendations on cold wallet? Been looking at Trezors and the ledgers or better idea?