Hello, I am a little confused with the wallets and hoping someone can clear it up.
So first i was thinking I could just get a hardware wallet such as ledger and mine into that, Trezor seems to be really against that and apparently due to the processing overhead “dust transactions” are not allowed, I think that will be the same with Trezor.
From what I could find that cold wallets are mainly used for storing crypocurrency for really long periods of time and a large transaction should be made at once to send.
So I looked into a “Hot wallet” such as exodus, I cannot find any objection to “dust transactions” so think that will be fine.
The issue then I found that, I could not find a way to turn cryptocurrency into GBP for example to purchase new equipment, thus Coinbase seemed to be required, from what I could work out, an “Exchange” would be required to trade currency and I would need an exchange that would work with GBP.
The worry I have here is that I will be paying any profit in transaction fees, for example:
- Mine into exodus (Network fee)
- Send to Trezor (Network fee and transaction fee)
- Send to coinbase (Network and transaction fee)
- Exchange coin for currency (Network and transaction fee)
Is there an finacially better way for me to be doing this process?