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42 sats \ 10 replies \ @AncapHodl 22 Apr 2022 \ on: Daily discussion thread
To those of you with a DCA buy running, how much do you let accumulate with the vendor before you withdraw to self-custody? Ideally I would do it immediately after each buy but the fees on moving $50 worth of BTC are usually prohibitive.
I never got past the high fees associated with auto-DCAing. Especially for small amounts, the fixed and variable fees can be a massive percentage. I preferred to do manual orders on cheaper exchanges but now favour KYC-free sources of corn.
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I DCA on Coincorner and pay minimal fees for each DCA, I don't mind that. The question is about when to withdraw from the vendor to my own wallet.
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Keep in mind your utxo sizes. At some point you will be spending the bitcoin and you ideally wouldn't want to mix a bunch of utxos to make payments. Lately I've been withdrawing in multiples of 1M sats
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Yes, that's also part of my consideration I suppose. 1M sats seems like a good number, I'll probably go with that.
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If you can use a BTC ATM fees are trash but! KYC-free!!
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I can and do sometimes use BTC ATMs, however I'm looking for a specific solution to this problem of when to withdraw my DCA purchases.
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DCA from an exchange that support LN, and you can withdraw at any time for no or miniscule fees.
Exchanges with support for Lightning Network
#8122
https://github.com/cointastical/Exchanges-With-LN/blob/main/README.md
Dollar Cost Averaging. The answer to the question “Is now a good time to buy Bitcoin?”
https://cointastical.medium.com/dollar-cost-averaging-the-answer-to-the-question-is-now-a-good-time-to-buy-bitcoin-a84e518f50f0
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This would be fine but I want the majority of my coins to stay on chain.
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Why would buying at an exchange that supports LN and moving to a wallet not be considered on chain?
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Because Lightning is off chain (not settled on chain until the channel closes). I think they want to move the funds to a cold wallet
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