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I got this thing because I made a decent bit off flipping bitcoin before Robinhood let its mask slip and everybody jumped ship, so I rolled the profits from that into a Ledger Nano X because I figure why not reinvest those earnings and trade the right way?

I've been meaning to get crypto to get my assets out of USD so I'm insulated from the coming hyperinflation, but now that I've got one and I'm looking into how it works it seems like more trouble than it's worth. I set me Ledger up with Ledger Live, did all the seed word bullshit, then when I went to actually trade I saw how high the transaction and "handling" (excuse the fuck out of me?) fees were and if I didn't know any better I'd say this whole Bitcoin thing was a scam.

I did some looking into it and apparently Electrum is a better solution, but then I'd have to create a new wallet with new seed words, I don't even know if it'll use my Ledger for authenticating transactions, and this is turning into a shit show pretty fast. Which is why I'm here asking for advice from people who already trade crypto with a Ledger.

I got this thing because I made a decent bit off flipping bitcoin before Robinhood let its mask slip and everybody jumped ship, so I rolled the profits from that into a Ledger Nano X because I figure why not reinvest those earnings and trade the right way? I've been meaning to get crypto to get my assets out of USD so I'm insulated from the coming hyperinflation, but now that I've got one and I'm looking into how it works it seems like more trouble than it's worth. I set me Ledger up with Ledger Live, did all the seed word bullshit, then when I went to actually trade I saw how high the transaction and "handling" (excuse the fuck out of me?) fees were and if I didn't know any better I'd say this whole Bitcoin thing was a scam. I did some looking into it and apparently Electrum is a better solution, but then I'd have to create a new wallet with new seed words, I don't even know if it'll use my Ledger for authenticating transactions, and this is turning into a shit show pretty fast. Which is why I'm here asking for advice from people who already trade crypto with a Ledger.

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[–] • 0 pt

The ledger is to keep your shit safe. Has nothing to do with trading fees. BTC is $20 a transaction these days. Ethereum blockchain based currencies are $70+ per transaction. Google gas fees. It costs money to move your funds. This is why many keep their funds on centralized exchanges, but as in the case of Robinhood, you see that you don't really own what is in your brokerage/exchange account.

[–] • 0 pt

That's one of the reasons I pulled my crypto assets out of Robinhood. One of the reasons I wanted to invest in crypto was as a contingency, but it's not useful as a contingency if I'm using something like Robinhood because, if shit really hits the fan, all the shit I have in Robinhood won't be mine anymore ('cause it never really was).

[–] • 0 pt

Well the downside to decentralized currency is transaction fees/network fees/gas fees. Whatever you want to call them. Centralized exchanges are cheap to trade on because they have liquidity pools and trades aren't happening on the blockchain.

[–] • 0 pt

Yeah, I wasn't expecting that. I'm probably gonna try to find a time when transaction fees are as low as possible and make an investment. I am planning on sitting on it long-term as a contingency, but I still wanna buy as low as possible in case I ever wanna flip it later.