Withdraw & Deposit Dollars from Bitshares or leave them there forever?

[yvv]

Fees are flat. Bitshares charges them in BTS, openledger charges them in OPEN.XXX assets. You may convert them to USD if you wish, but this does not matter for withdrawal process. Just keep in mind that fees may change any time, and check them every time you deposit or withdraw funds.

[ironmonkeeeee]

Thank you for the guidance yvv!

Just to be clear the fees are multiplied by the current prices?

So right now the Gateway for BTC would be (BTCMarket Price)*0.0003
And BTS would be (BTSMArket Price)*.22941

I think that will be my last question on this topic. You have all been very helpful! I hope I can return the favor to a new-comer.

[yvv]

.22941 BTS is a fixed bitshares transfer fee, 0.0003 BTC is a fixed gateway fee. There is no sense to withdraw less than the gateway fee, since it is applied to withdrawal. And keep in mind, that bitcoin transaction pool is currently clogged with unconfirmed transactions

https://blockchain.info/unconfirmed-transactions

This is not a problem of openledger, this is a problem of bitcoin, so you might want to try cashing out through some other coin. Last time I cashed out through OPEN.ETH and this worked for me smoothly, but you may consider different variants and choose which one works best for you. Try small amount first, but make it larger than fee.

[ironmonkeeeee]

Thank you for the heads up pc!

I suspected that might have been one of my issues. I checked blockchain.info and sure enough the transaction did not go through. I could also see on https://wallet.bitshares.org/#/deposit-withdraw that there were no recent transactions.

OK. So at least my method is sound.

I saw the fees listed in the withdrawal dialog box but wasnt completely sure what they related to.

Can you help me clarify the following:

There is a .22941 BTS fee which I am assuming is a flat fee.
Then there is the BTC Gateway fee of 0.0003 Is that fee calculated off of the current price of BTC?

Here is my math.

Current BTS price was $0.50 = BTS Fee of .22941*.5= 0.114705
Current BTC price was $14,000 = BTC Gateway Fee of $14,000*0.0003= $4.20

I changed 7 BTS with a value of about $3.50 in to OPEN.BTC I cant recall what the exchange rate was here but lets just assume it gave me $3.50 in OPEN.BTC

With that math I paid in fees: $4.31 which is greater than the amount of the transfer. OK I feel dumb now but I am learning!

I did a quick search on fees and found a note that indicated that if the fees exceeded the transaction amount that the entire transaction just gets applied to the fees and it can not be reversed. I guess thats fair since I used up some computing power and couldnt pay to complete the transaction.

Thanks again for all the help!
-Newbie

[pc]

For my own peace of mind I have tried to move 7 BTS back to Coinbase to see how the process works. I exchanged the 7 BTS to OPEN.BTC and then withdrew the OPEN.BTC to my Coinbase address. In that withdrawal process it appeared that the OPEN.BTC was converted back to BTC for the transfer. The transfer went through with no error (at least I think it did) however nothing has showed up in my Coinbase account yet.

Note that the BTC mining fee of .0003 BTC will be paid from the amount you are withdrawing. A microscopic transfer like yours might not be sufficient to cover all fees. Not sure if coinbase has a minimum deposit amount for BTC.

You can check your deposit address at blockchain.info to see if OL executed the transfer.

[ironmonkeeeee]

Thank you for the welcome! And the replies.

This has been super helpful for me. I like the idea of just holding the bitUSD until I need actual cash.

For my own peace of mind I have tried to move 7 BTS back to Coinbase to see how the process works. I exchanged the 7 BTS to OPEN.BTC and then withdrew the OPEN.BTC to my Coinbase address. In that withdrawal process it appeared that the OPEN.BTC was converted back to BTC for the transfer. The transfer went through with no error (at least I think it did) however nothing has showed up in my Coinbase account yet. I am guessing that OpenLedger and or Coinbase is down or backed up but I am hopeful that this process will work.

I am going to work on getting a verified Open Ledger account as well. So much to learn! I am looking forward to actively participating in the community.

Regards,

[yvv]

So lets say that I need to get US Cash out of Bitshares from the BTS that I am holding. Would I convert that back to OPEN.BTC then send it back to my Coinbase account which is connected to my bank account?

Yes, this is one way you can do. I use openledger gateway for withdrawals all the time and they never failed me. You can also use blocktrades bridge or any other exchange which trades bitshares assets to get out.

If you don't need cash to spend, you may buy bitUSD and keep them in your bitshares wallet.

[zapata42]

Hello,

Welcome to bitshares.

Your question is similar to this one:
https://bitsharestalk.org/index.php/topic,25651.0.html

Currently BTS is mainly a crypto investment.

Like other crypto you can use it as a currency to exchange value with other poeple that see value in it, but it has some unique features such as:
  - it gives you voting power to govern the Bitshare Decentralized Autonomous Company;
  - it allow you to pay fees to use the Bitshare Decentralized Exchange
  - it is used as collateral to borrow smart assets like bitUSD, bitEUR, bitCNY, ... Which allow you to get some leverage to invest even more in crypto. (Use this feature with caution it is risky).
All those usage makes BTS unique and worth hodling.

If you want to start a business may be the smart assets (bitUSD, bitEur, bitCNY, ...) are better for you as they have all the nice properties of crypto, plus they have a stable value.

To convert to FIAT you should currently  get out from the DEX and go through a gateway who usually use BTC/ETH/LTC.
On the DEX the only gateway to FIAT is Openledger but it is currently down. More gateway are coming with Bitspark, and OCASH (should be the same as openledger). Note that for bitCNY there is already MagicWallet.

[ironmonkeeeee]

Hi All,

This may be a dumb question. I am a new Bitshares user and was wondering what the best practice is to get funds in or out in US Dollars. Or is the idea that once funds are in the Bitshares Wallet they should just stay as a cryptocurrency in one form or another?

 I funded my Bitshares account with BTC from my Coinbase account.

That showed up in my Bitshares Wallet as OPEN.BTC. I understood all that part. I then sold the OPEN.BTC on Bitshares to purchase BTS.

So lets say that I need to get US Cash out of Bitshares from the BTS that I am holding. Would I convert that back to OPEN.BTC then send it back to my Coinbase account which is connected to my bank account?

Openledger seems sketchy at best since it goes down so often and I am not confident in depending on them.

I am just thinking of my real world needs if I need to actually pay for anything. My goal is to start a business form the investment earnings. I cant pay my rent with a Cryptocurrency though. IF the idea is to just leave it as crypto and invest in crypto business that is fine but it just severely limits the usefulness of the investment.

Thank you in advance for your help!