Hope I am not making a fool of myself here, but have a question regarding buying BTC with pounds sterling using the Faster Payment system. Here goes.
I am interested in buting BTC in the range of £50-£100 a shot. But looking at the trades available, I note that almost all have a minimum of 0.01 BTC. £280 at the time of writing. Over my buy range.
Am I missing out on a fundemental aspect of the system here?
Can anyone enlighten me?
You can create your own offer, but bear in mind that mining fees will take a big portion of the trade amount for the one who picks your offer. Taker needs to pay for 3 blockchain transactions so you’ll need to adjust the spread accordingly. The smaller the offer, the more you’ll have to pay to buy BTC if you want someone to take it.
Many thanks for the answer. Does this mean that trading in my price range would effectively be unrealistic?
You can always try, specially at weekends when mining fees are lower. But I think you won’t able to buy overpaying less than a 10%, and even 20% given all the FOMO.