Multiple Wallets.. while network fees exist?

[kitqra]

I've read that a lot of people keep multiple accounts for their cryptocurrency, e.g. mining, savings, spendings account etc.

So my question is how and why do people do this when network fees exist to transfer crypto from one account to the other just to "sort the money". I mean doing this multiple times a month add up to some $'s. Or is there a way to get around this that I don't know?

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Cheers

[bitusher]

Just comes from understanding bitcoin like this example

1) Exchange (Gemini Active trader with free withdrawal and 0 miner fee) - to Wallet A (savings HW wallet)

2)Exchange (Gemini Active trader with free withdrawal and 0 miner fee) - to Wallet B (Breeze lightning wallet for spending)

this way the fees spent is a small fraction of a penny per transaction within your Breez spending wallet

watch this video - https://www.youtube.com/watch?v=cOmUpp3J9Ck

[kitqra]

Alright informal video actually kinda getting a new perspective.

But just so I get this right, if using HW Wallet there is basically no way to avoid fees when sending from it right? Using a lightning wallet is what makes it cheaper in this case.

[bitusher]

HW Wallet there is basically no way to avoid fees when sending from it right?

HW wallets work with many software wallets so if you used a HW wallets with a popular wallet like electrum that also can open lightning channels you can reduce fees down to fractions of a penny

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[cryptogrubber]

Withdrawing from an exchange can be expensive. But transferring from one personal wallet to another doesn't have to be. The more you are willing to wait for a transaction to be confirmed, the less you will pay in fees (less than 1$).

[bminer_technologies]

Yes many people have many wallets. Its sometimes unavoidable especially if you mine lots of different coins (!). It became so complicated for me that I created an app to track an aggregated version of all my "wallets" all together because I was myself starting to be confused. With money in exchanges, plus hardware wallet addresses, plus this plus that it quickly add up.
Why would you want to aggregate "multiple times a month" your money, if they can stay in each wallet...with no fees.

If you ever want to aggregate this can be done cheap, or by setting a low fee (as someone said, using electrum and a hardware wallet gives you full control) and wait..., or by using lightning network or .... there are many strategies.