Quote:
Originally Posted by try.
Also to be clear, when it comes to making the transactions I will manually go into those sites linked in above link to see what the current climate is to minimize transaction fees correct? I'm sure this will be easy once all is said and done but this is intense for someone just looking to play poker
i'm not sure what u already know, but whenever u send btc, u pay a miners fee, and u will manually check to see what the optimal fee is at the time u send. the only time u have to do this is when u send out of ur wallet (electrum):
when u buy btc, like when u want to deposit on ign, u will buy on gdax and then send to ur wallet (electrum). in this case, gdax covers the miners fee (apparently - i haven't done it but this is what i was told), so u don't have to pay a miners fee for this step. then u will send from electrum to ign, at which time u will pay a miners fee.
when u withdraw (from ign), they will send btc to ur electrum, and they will cover the miners fee. You will then send that btc from ur electrum to gdax, and again u will pay a miners fee. then u just cash out from gdax to ur bank account (no miners fee).
all that to say: the only time u need to worry about miners fees is when ur sending out of electrum, either to ign or to gdax.
the calculating fees part is the most involved part of the process. if u go look at all that stuff right now it will probably look like gibberish (same for gdax). once u understand it, however, it will be easy.
if i were u, i would just get my gdax account set up, then follow that electrum guide one step at a time. everything u need to know about miners fees is in there. when u get to the fees part, it will take a few minutes to understand it, but then, and especially after u do it a couple times, it should be clear and easy/fast to do.
yeah, it takes some effort to get setup with btc, but once u do ur good, and u will only have to spend more time when u are depositing or withdrawing (and then only 5-10 minutes from start to finish). u will understand the process by then though so it will be a piece of cake.