Happy Halving Day!
Posted April 19, 2024
Chris Campbell
Last night, I didn’t sleep.
Yes. Guilty…
I was clicking “refresh” on the Bitcoin halving calculator all night. (According to best estimates, the halving is happening TODAY.)
But that’s not why I didn’t sleep.
I was building the skeleton for what will soon become the MOST COMPREHENSIVE PRIVATE CRYPTO LIBRARY IN EXISTENCE.
(Sorry for shouting. I haven’t had this much coffee in months.)
In celebration of the halving, we’re releasing this private crypto library to all of our Early Stage Crypto Investor members.
The library is in its baby stages, but there’s already a lot there…
Not (yet) an ESC member? Don’t worry. I’m going to give you a sample from the library that will save you HUNDREDS of dollars in fees on Coinbase.
First, let me show what else is in the library.
We cover the fundamentals of blockchain technology, how it works, and why it matters. We also take on the BIG questions like: “What does the future of crypto look like?”
We explore wallets, how they function, and how to keep your crypto safe like a pro.
We also cover how to use “cold” wallets like Trezor and Ledger, and what makes them different from hot wallets.
Also, don't worry if the market seems volatile – our library will show you how to use that to your advantage.
We'll guide you through using popular platforms like Coinbase, teaching you how to minimize fees and implement a smart “set it and forget it” dollar-cost averaging (DCA) strategy.
Also, once you’re up for it, our library will show you EXACTLY how to trade on Uniswap and other decentralized exchanges.
And for those looking to take their skills to the next level?
We've got advanced topics like understanding key metrics (market cap, volume, TVL), researching cryptocurrencies using Coinmarketcap, and even professional strategies for analyzing transactions, tracking whales, and finding hidden gems with block explorers.
Best part? This is a living library. It’ll grow, evolve, and get better as time goes on. Moreover, members can add comments, suggestions, and build on the knowledge.
So, whether you're just getting started or you're ready to dive deep into the world of crypto…
We've got the knowledge and tools you need to succeed -- all in one place.
Check out the section on how to lower your fees on Coinbase below.
Read on.
How to pay lower fees on Coinbase
New to the world of cryptocurrency and looking to make your first purchase on Coinbase?
Even if you’re not…
Most people in crypto don’t know there’s a way to grind the fees on Coinbase down to the bare minimum.
Here’s how.
Step 1: Start Your Transaction
Open the Coinbase app on your phone or log in to the Coinbase website on your computer. (We recommend using the desktop version for a smoother experience.)
Click on the "Buy/Sell" button at the top of the screen.
Select the cryptocurrency you want to purchase from the list of available options.
Step 2: Check the Standard Fee
When you proceed with the regular buy option, take a moment to look at the transaction fee.
As an example, buying $100 worth of Ethereum may come with a high fee of about 4%, which is $4.
Step 3: Switch to Advanced Trading
To save on fees, let's switch to the 'Advanced' trading mode. From the Coinbase home screen, go to the 'Trade' section and change the setting from 'Simple' to 'Advanced'.
(Find it by clicking your profile button on the top right side of the screen and then switch over.)
Instead of buying directly, you'll place a limit order.
On the advanced page, go to the correct trading pair by choosing it at the top left. In our case, it’s ETH-USD trading pair.
Set your buy order at a price slightly lower than the current market price. This will place your order in the 'buy' section of the order book.
(Note: If you end up with an error message, you need to lower your price.)
Then, in the AMOUNT box, put how much Ethereum you want to buy at your stated price.
Enter the amount of Ethereum you want to purchase, for example, $100 worth. (Toggle between ETH and USD to put in dollar amounts.)
Step 4: Reduce Your Fees
Make sure to tick the 'Post Only' checkbox. This option ensures that your order will only be executed if it can be added to the order book without incurring a 'taker' fee, which further reduces your costs.
Step 5: Complete Your Order
After placing your order, keep an eye on the order book. If your bid price is the highest, your order will appear at the top of the 'buy' list.
When another user agrees to sell at your bid price, your order will be completed. Congratulations, you've just bought cryptocurrency while paying significantly less in fees! In our example, the fee was only $0.40 on a $100 transaction, compared to the original $4.00 fee.
Wrapping Up
By following these steps, you can make the most of your investment funds on Coinbase.
While this method requires a bit more involvement and familiarity with the trading interface compared to a simple purchase, the savings on fees can add up over time.