This is the first episode of "Little Bitcoin Hodl Challenge".
I leave you a picture of my first purchase. Actually I changed my position of some BNBs I had saved to pay transactions. And I converted them to BTC, so in my first accumulation, I didn't have any Fee expense.
Currently, making a transaction to your wallet at Binance, has a fixed cost of 0'0005 BTC, which today is equivalent to approximately $17. With this amount of costs in fees, you could have a good durum kebab for dinner three nights in a row.
It probably didn't hurt that much before to make a Binace or Wirex transfer and probably other exchange houses. We didn't take into account the costs of fees so much.
Let's say we were charged a fee of a certain amount as Binance does. And a user makes a purchase of $100 to accumulate BTC. What is the difference in costs between the fees from one year to the next?
-In January 2020 we had a cost of 4$. In January 2021 it was $17.5
What is the difference in the amount of BTC we accumulate according to the same amount invested?
-As you can see in the example, making a $100 purchase at Binance, at current prices, we would accumulate only 20% of the previous year.
So, I must devise some method to accumulate small amounts, without the cost of commission being greater than the benefit. I revalue, the platform where the results are favorable with respect to my purchases.
My friend has recommended Venus to me, we will have to take a look at it.
How would you do it? What formula do you think is most profitable when it comes to accumulating your BTC?
Thanks for reading me.