My adventures on Probit so far (maximums, minimums, fees, etc)
Further to my recent post, which was a response to a community call to action to start using Probit, I decided to give it a try. Here is some information I found that might help my fellow Blurtians...
Pragmatic? Or problems? Maybe a bit of each!
Follow along as I'm...
Trading some BLURT tokens on the Probit exchange helps our daily transaction volume. It also sets us up with an exit strategy for the future. We can also use Probit to convert BLURT to other cryptocurrencies, send to other wallets, or even buy BLURT (and other cryptos) with crypto or fiat currency. Don't think of it like a savings account. Think of it as a bridge between multiple currencies that makes movement possible. A tool to perform transactions (for a cost).
To get yourself started, you'll need a Probit account: https://www.probit.com/signup
~ continue with email
~ provide email address
~ create and confirm a password
~ read and agree to terms of service
~ read and agree to privacy policy
~ verify email address
~ login
~ verify email address again
Now, you can bring some of your BLURT over to your Probit account...
~ click the Deposit button
~ select BLURT from the dropdown menu
~ copy deposit address (probitblurt) and provided tag/memo over to a transfer in your BLURT wallet
~ minimum amount is 220 BLURT (smaller amounts will disappear)
~ send
I did 1000 BLURT. It was in my Probit account within a minute, and there was no fee.
Before I got started with trading, I looked into the topic of fees. They were not posted right out front, but are available if you go looking for them.
Here we see that unless you're a big investor with a lot of money in the native token PROB, you will pay 0.2% fee on every trade between cryptocurrencies. This is Probit's profit. If you trade back and forth a few times, you'll soon have 99% what you started with. If you carry on, you'll eventually have nothing. So it's best to minimize how much trading you do.
Of course, that's the opposite of the goal here! We're trying to increase transaction volume, which means doing a LOT in trades. Myself, I'm not a trader, I'm a content-creator and saver. I earn for my content, and I accumulate it. I am doing this trading to benefit the Blurt blockchain and overall community, not to try and make a profit off other traders. In fact, I know I'm going to lose a bunch of money on this. That's kind of the point. It's a sacrifice for the greater good! If we all pitch in, there will be less burden on any one person.
But there are more fees to think about. For example, when it's time to withdraw BTC to your private wallet, or send/spend it somewhere, it will cost you.
0.00006 BTC is about $7 which is fairly hefty, especially consider it's just one fee in a long line of fees when making such transactions. Just another cost of doing business, I guess.
Thankfully, you can bring as much BTC (or BLURT) onto the exchange as you like, without any deposit fee. So mostly just the 0.2% fee on trades, and the 0.00006 BTC upon withdrawal.
Speaking of deposits and withdrawals, there are minimums and maximums to be aware of.
Don't bring any less than 0.0000045 BTC at a time - they will just seize it and you'll get nothing but a slap across the face. Do not do that.
Another minimum is when moving BLURT off the exchange, but it's quite trivial and can almost be ignored.
And if you're moving BLURT off the exchange, there's another fee to be paid:
On the next screen, we see me testing withdrawal of 0.0001 BTC, which was not allowed due to it being below the minimum of 0.0006 BTC. Uh oh, that means I have to bring a lot more to the exchange before I'll be able to get Bitcoin off it. Since that's my ultimate exit strategy (for the future), I need more funds.
So what I did was pull from my super-secret private BTC reserve fund. Basically some leftovers from getting an inheritance of Bitcoin from a friend I helped get in early. After paying off a $100,000 debt to my ex-wife, I bought some gold bullion, and have a bit of crypto sitting idle. So I moved another 0.0007 BTC from my private wallet into Probit. Now I'll be able to withdraw it when I need to (since my balance is now over the minimum withdrawal amount.)
Clear as mud yet? Heheh.
There's my BLURT wallet an hour ago, just before my first powerdown came through. I peaked at 1.31m BP. Now 1/4 of that has become liquid, so I've got 1m BP and 326,000 BLURT tokens ready to use.
But now I'm not so sure I should move them to the exchange. As I was saying to mmmkkk today, what good will a huge stack of BLURT do, when we're trying to increase the price? All you can do with a pile of something is sell it. Should I sell BLURT for BTC? I don't think so. That would put downward pressure on the price. Sure, it would increase our trade volume a little, at great personal cost, and damage to the price. Probably not a good plan.
Maybe a better plan is to use the 0.0008 BTC (~$100 USD) to buy BLURT. That would avoid me having to sell BLURT just to increase our trade volume. Maybe once I inject the BTC, I'll do some trading back and forth to pay some fees and up our volume. We'll see! What do you think I should do?
As for Probit, here's a summary of what I learned today:
- minimum deposit: 0.0000045 BTC
- minimum deposit: 220 BLURT
- fee on every trade between cryptos: 0.2%
- minimum withdrawal: 0.0006 BTC
- minimum withdrawal: 0.01 BLURT
- withdrawal maximum per day: 5000 USD
- withdrawal fee: 0.00006 BTC
- withdrawal fee: 0.1 BLURT
I'm not telling you what to do. In fact, I haven't even really figured out what I should do! But this information should at least help you make your own decisions.
DRutter
