Finally orange pilled my uncle and it feels amazing to have another ally in the family. He's been buying like crazy on nostr:npub1xkere5pd94672h8w8r77uf4ustcazhfujkqgqzcykrdzakm4zl4qeud0en but had a question that I'm pretty sure I know the answer too but wanted to check. #asknostr

it charged me $11 and some change for fee. I know all of them do that, but the price I paid was $256 higher than the price that was displayed on the graph when I initiated the purchase. I’ve been watching it and it’s very consistently when the transaction actually happens. Are they pulling a fast one,  or is that common practice? It’s consistently around a one percent difference, and if I’m not mistaken, it’s always higher what your charged.

It could be the micro volatility, but it always seems like it’s higher ???

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Slippage.

Yeah that's what I thought 🤙🏻

There is almost always a market spread and it’s pretty universal that it won’t line up with spot basically anywhere you buy. But also keep in mind how nominally large a small percentage of the price is now. You mention $256 as the price difference, but that’s only 0.4%.

Right it's kinda mind blowing how it has such near perfect consensus given how much data is collected from all over the world in real time 🤯. You just marvel at it sometimes.

Either could be true. There is usually some slippage, but how much you have to test yourself.

One of the best places for aguide to what you should pay is here https://messari.io/project/bitcoin

Thanks!

Could be because smaller exchanges usually don’t have the liquidity/volume to have lower fees so spreads are wider.

Oh yeah good point, didn't think of that.

Centralised businesses that facilitate purchases often have fees and bid/ask spreads, from credit cards when you have overseas purchases to #bitcoin exchanges

It is on you, the customer, to find good ones with the lowest costs

Hard to say without trying different exchanges?