After dipping my toes in the water with Bitcoin, turning £ into BTC, I immediately noticed around a 10% loss through transaction fees. This seems high firstly. Is this normal?
Secondly, with the rate of raise for BTC at the moment, this 10% loss has repaid itself after around 24 hours (which in itself is crazy and unsustainable), but this value is currently stored purely in BTC. If I want to turn the BTC into £ again, I’m guessing this is going to result in ANOTHER transaction fee of around 10%.
All in all, meaning that the value of BTC would need to raise by at least 20% purely to cover the transaction fees when converting between £ to BTC to £ again.
Have I understood all of this correctly? And here I was thinking that PayPal had some expensive transaction fees!