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OfflineForresterM
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converting/swapping ETH to BTC on ledger
    #28595963 - 12/24/23 01:16 AM (1 month, 4 days ago)

After some fun with Coinbase I was smart enough to take hold of my own coins on a ledger device which I like, it's easy enough to use for someone that isn't that knowledgeable about crypto.
I don't have much money to invest so all I've got left is a little under half an ETH, currently worth about $1105.  If I try to swap on my ledger, they use a service which seems to charge a rather high fee because if I swapped it, it says I'm only getting $1030 of BTC.
$75 for a transaction that small and simple seems like highway robbery to me.  Is there a way *I* could convert my ETH to BTC cheaper? (Without knowing much about these things there's a lot I can't figure out how to to do). Any ideas though? I've barely got anything and don't wanna lose like 8% of it for a simple swap.  Thanks for any help!


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OfflinegeokillsA
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Re: converting/swapping ETH to BTC on ledger [Re: Forrester]
    #28596445 - 12/24/23 10:18 AM (1 month, 4 days ago)

The cheapest way for you to gain exposure to BTC right away, would be to swap into "wrapped bitcoin" (WBTC) on the Ethereum network.  This isn't native BTC, but it has historically proven reliable to track price since it is bridged to BTC.  You can use the MetaMask browser based wallet to connect your ledger to a decentralized exchange like Uniswap, and then swap your ETH for WBTC.  Right now, the costs incurred would be around $7 network execution fee (aka "gas") and 0.051% price slippage which is negligible.

If you want native BTC on the bitcoin network, your lowest cost option would likely be to send your ETH to a centralized exchange with low fees and trade it using a ETH/BTC trading pair, and then send it back to your Ledger's BTC address.  Since you already have a Coinbase account, I'd probably just use that, just make sure you use their "advanced" interface so you don't pay the exorbitant execution fees that are incurred on their basic interface.  Recognize also that trading from ETH to BTC is a taxable event under the US tax code (i.e. if your ETH has appreciated in value from when you acquired it, you are expected to pay capital gains tax on that net gain).


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OfflineForresterM
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Registered: 02/05/13
Posts: 9,351
Loc: Northeast USA
Last seen: 24 days, 7 hours
Re: converting/swapping ETH to BTC on ledger [Re: Forrester]
    #28599656 - 12/27/23 09:57 AM (1 month, 1 day ago)

Thanks for the reply, yeah I'm not worried about taxes I'm trading at a huge loss since I bought at the wrong time.  I'll have to try the first idea maybe since I can't do anything on Coinbase, they de-linked my bank account and took away my ability to do much of anything when I sent coin to an address they didn't like, so I don't trust moving anything to there again.


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Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here.
-------------------

Have some medicinal mushrooms and want to get the most out of them?  Try this double extraction method.


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