Not everybody has a need to do a one-to-many transaction.
The way to keep transaction fees down is to minimise the number of inputs required. I consider it good practice to use coin control and manage the UTXO set. I combine smaller UTXO's into larger UTXO's when the system is less busy, and I am prepared to wait for it. When it comes to needing a fast transaction during high demand, then I need only one input on the high fee transaction, thus saving fees in the long run.
TIP: Core haven't fully removed the coin amount * coin age weighting in transaction priortisation yet, and there are pools out there that still use this in addition to the higher fee prioritisation. If you have a large enough UTXO with enough confirms on it, you can combine UTXO's for only 1 sat/Byte. During low demand the confirm might be in the next block, or may only take a couple of hours.
Topic: 3 ways you can save on transactions fees today (Read 1170 times)
1. Save up all the payments you need to make and send them in one transaction.
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
This is ome that really relates to me as this is something I have practiced as well and I have equally maintained that there is no way the fees wont go up so far we are always happy about the increase in price and the difficulty experienced in mining a bitcoin. I guess the only way around it is to manage the situation to our advantage in which OP has rightly enumerated.
In fact, for a regular bitcoin user fees doesnt make such a difference because most of people are using cryptos for investing purposes, or to buy anything: if you pay e.g 300$ in btc for something, even 40k satoshis in a single transaction isn't a lot.
The situation is totally different in case of earning in bitcoin: if you get money for your work everyday through the blockchain, even 20k satoshi fee hurts when you have to pay it everyday.
Besy solution in my opinion? Just collect your money into bigger sum and only then, think about transfering it to another wallet.
The situation is totally different in case of earning in bitcoin: if you get money for your work everyday through the blockchain, even 20k satoshi fee hurts when you have to pay it everyday.
Besy solution in my opinion? Just collect your money into bigger sum and only then, think about transfering it to another wallet.
Im not worried too much about fhe fees because i do only small transactions which doesnt need to consume up big fees and also i seldom make transaction on just weekly basis which means if i send an amount with corresponding or higher rewured fee then i wont doubt to put it as long i do made transaction then it should be fine.
The fees are not that much of you compare it with PayPal or any other payment professors. It is only for those who make regular payment to more than 5 addresses.
Fees are essential to the miners who have to confirm your transactions so to keep the system stable I never backed out for paying a little fees.
Fees are essential to the miners who have to confirm your transactions so to keep the system stable I never backed out for paying a little fees.
Also, there are some wallets which do not require fees when sending/receiving fees. Just like coins.ph, it is the wallet that is mainly used in Philippines as it allows us to convert BTC into Fiat and withdraw it in certain remittance centers, banks and other partner companies. The cons is you'll have to wait for some time before the transaction will be confirmed. [1]But, if you are not rushing, why not do the transaction with no fees right?
Now, how do they maintain they service if they don't collect fees from transaction? [2]Simple, they are taking advantage to the fluctuations of Bitcoins price and that makes them profit (as what I have said earlier, it allows us to convert BTC to fiat). And, they are charging fees whenever we are withdrawing (depending on the transaction that you choose, some withdrawals don't have fees.)
Now, how do they maintain they service if they don't collect fees from transaction? [2]Simple, they are taking advantage to the fluctuations of Bitcoins price and that makes them profit (as what I have said earlier, it allows us to convert BTC to fiat). And, they are charging fees whenever we are withdrawing (depending on the transaction that you choose, some withdrawals don't have fees.)
1. With no fee you can even wait forever, especially in the times when fees are pretty high, and have no guarantee of delivery. You can't even use transaction acceleration service.
2. So they simply play with your money on the market, right? No, thanks
Wait. Two of us used coinbase as an exchange at different time and day. I didnt know there is an.off peak hours. If that is the case will it not create a lot of traffic at that time?
I also want to save some sats even though it is not that high sometimes it will get to your nerve when you do it like daily which could not be prevented because I want my bitcoins safe in my own wallet.
I also want to save some sats even though it is not that high sometimes it will get to your nerve when you do it like daily which could not be prevented because I want my bitcoins safe in my own wallet.
I would like to comment about number one with the use of electrum. It is through that by using electrum sending btc is cheaper compared to web wallets but there is one disadvantage and that is a delayed confirmation. There are many complaints about the delay in confirmation for almost 2 days or more when they are using electrum and setting a very low miner fees.
It is not an issue with the wallet. The problem is with the user using a fee that is way too low. Adjust your fees and there will be no problems.But, if you are not rushing, why not do the transaction with no fees right?
Unless you define "not rushing" as waiting for a month then its fine. It isn't 2014, you need a fee for every transaction else you will be waiting forever.
Also, there are some wallets which do not require fees when sending/receiving fees. Just like coins.ph, it is the wallet that is mainly used in Philippines as it allows us to convert BTC into Fiat and withdraw it in certain remittance centers, banks and other partner companies. The cons is you'll have to wait for some time before the transaction will be confirmed. But, if you are not rushing, why not do the transaction with no fees right?
Now, how do they maintain they service if they don't collect fees from transaction? Simple, they are taking advantage to the fluctuations of Bitcoins price and that makes them profit (as what I have said earlier, it allows us to convert BTC to fiat). And, they are charging fees whenever we are withdrawing (depending on the transaction that you choose, some withdrawals don't have fees.)
Now, how do they maintain they service if they don't collect fees from transaction? Simple, they are taking advantage to the fluctuations of Bitcoins price and that makes them profit (as what I have said earlier, it allows us to convert BTC to fiat). And, they are charging fees whenever we are withdrawing (depending on the transaction that you choose, some withdrawals don't have fees.)
i don't like coinbase, because they require id and track you like no tomorrow, and bitcoin should preserve a little your privacy i think
Yeah I don't like them either, but if you're already paying a coinbase merchant, it doesn't make much difference. On some merchants, you need to give coinbase your email address when paying. Creating an account only requires an email address and password. They also still track your payment even if your only paying one of their merchants and may cancel it. So privacy wise not much difference. The big issue is of course your trusting coinbase with whatever coins you store there.
Yeah what I mean by number one, is if you want to buy something and expect you want to buy another thing soon, just wait and do both payments at once in the same transaction. Thats what I do, I do all my weekly purchases at the same time in one big transaction. It saves a good amount on fees. A tx with only one output is 225 bytes, but one with two is around 270 bytes.
3. Transaction fees drop at off-peak times.
Check https://bitcoinfees.21.co regularly and do your payments when the fees are lowest.
Forget that site! Check https://btc.com/stats/unconfirmed-tx regularly. I've seen your link show 200 sat/byte, while my link shows 10 sat/bytes. Your link seems to favour miner's interests.Recommendations at the moment:
Your link: 140 sat/byte
My link: 30 sat/byte (this does change quickly though)
using a proper wallet you never need that site. and that site is known to still report high fees (because of the way it calculates it) even if the mempool is empty.
The problem with using a wallet that calculates this, is that most people do it. If 3 people want something and there are only 2 spots, it doesn't matter how much they pay, one will be left out.Having wallet software increase the fee has lead the very fast increase to 2 Bitcoin fees per block, while we're all still waiting.
the first don't always work, ...
second because the size of the transaction will be bigger, and you will end up paying more anyway
One transaction with 2 outputs is much smaller than 2 transactions with 1 output each. second because the size of the transaction will be bigger, and you will end up paying more anyway
When LN comes you'll be able to do this without having an account at coinbase or trusting them to keep your BTC safe.
We all want LN to be introduced on bitcoin but segwit is still not activated and block size debate is getting more insane these days. Road to success for bitcoin : Segwit activation --> Introduction of LN network
After this there will be no any block size and high fee issues.
1. Save up all the payments you need to make and send them in one transaction.
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
2. Do offchain transactions.
Most merchants use coinbase as a payment processor.
Create a coinbase account and deposit some BTC there.
Whenever you need to pay a coinbase merchant you can do it through coinbases system without it touching the blockchain
When LN comes you'll be able to do this without having an account at coinbase or trusting them to keep your BTC safe.
3. Transaction fees drop at off-peak times.
Check https://bitcoinfees.21.co regularly and do your payments when the fees are lowest.
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
2. Do offchain transactions.
Most merchants use coinbase as a payment processor.
Create a coinbase account and deposit some BTC there.
Whenever you need to pay a coinbase merchant you can do it through coinbases system without it touching the blockchain
When LN comes you'll be able to do this without having an account at coinbase or trusting them to keep your BTC safe.
3. Transaction fees drop at off-peak times.
Check https://bitcoinfees.21.co regularly and do your payments when the fees are lowest.
1 majority all people if not business founder transaction only one payment not Mass payment
3 when is time in GMT off-peak times, or is low volume transaction and low statistic volume unconfirmation
1. Save up all the payments you need to make and send them in one transaction.
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
2. Do offchain transactions.
Most merchants use coinbase as a payment processor.
Create a coinbase account and deposit some BTC there.
Whenever you need to pay a coinbase merchant you can do it through coinbases system without it touching the blockchain
When LN comes you'll be able to do this without having an account at coinbase or trusting them to keep your BTC safe.
3. Transaction fees drop at off-peak times.
Check https://bitcoinfees.21.co regularly and do your payments when the fees are lowest.
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
2. Do offchain transactions.
Most merchants use coinbase as a payment processor.
Create a coinbase account and deposit some BTC there.
Whenever you need to pay a coinbase merchant you can do it through coinbases system without it touching the blockchain
When LN comes you'll be able to do this without having an account at coinbase or trusting them to keep your BTC safe.
3. Transaction fees drop at off-peak times.
Check https://bitcoinfees.21.co regularly and do your payments when the fees are lowest.
I would like to comment about number one with the use of electrum. It is through that by using electrum sending btc is cheaper compared to web wallets but there is one disadvantage and that is a delayed confirmation. There are many complaints about the delay in confirmation for almost 2 days or more when they are using electrum and setting a very low miner fees.
the only proper way of doing it is to reduce the size of your transaction. and for that you need to stop receiving dust. dust from getting paid from dust paying services such as a faucet or similar things. and if you do that you will realize that the transaction fee is not really that big.
one of the biggest problems with new people using bitcoin is that they think of it as a bank account and start receiving a lot of dust. then by the time they want to spend it they look at the amount not the size that is where most of the confusion about fees comes from.
one of the biggest problems with new people using bitcoin is that they think of it as a bank account and start receiving a lot of dust. then by the time they want to spend it they look at the amount not the size that is where most of the confusion about fees comes from.
Only way that one can save on transaction fee is placing small transaction fee manually and waiting long to get confirmation. If you place a very minimal amount too you can get confirmation but the time delay takes place respect to the miner involved into the transaction.
the first don't always work, first because i don't always need to send all the coins to a single entity
second because the size of the transaction will be bigger, and you will end up paying more anyway
i don't like coinbase, because they require id and track you like no tomorrow, and bitcoin should preserve a little your privacy i think
for now the best oen is paying half of the average and use an accelerator, or simple wait, it's a good compromise
second because the size of the transaction will be bigger, and you will end up paying more anyway
i don't like coinbase, because they require id and track you like no tomorrow, and bitcoin should preserve a little your privacy i think
for now the best oen is paying half of the average and use an accelerator, or simple wait, it's a good compromise
1. Save up all the payments you need to make and send them in one transaction.
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
2. Do offchain transactions.
Most merchants use coinbase as a payment processor.
Create a coinbase account and deposit some BTC there.
Whenever you need to pay a coinbase merchant you can do it through coinbases system without it touching the blockchain
When LN comes you'll be able to do this without having an account at coinbase or trusting them to keep your BTC safe.
3. Transaction fees drop at off-peak times.
Check https://bitcoinfees.21.co regularly and do your payments when the fees are lowest.
On electrum, go to tools > "pay to many" to do this, enter in each payment as ,
2. Do offchain transactions.
Most merchants use coinbase as a payment processor.
Create a coinbase account and deposit some BTC there.
Whenever you need to pay a coinbase merchant you can do it through coinbases system without it touching the blockchain
When LN comes you'll be able to do this without having an account at coinbase or trusting them to keep your BTC safe.
3. Transaction fees drop at off-peak times.
Check https://bitcoinfees.21.co regularly and do your payments when the fees are lowest.
Easy way to save transaction fees is to use an Alt coin such as LTC or Doge or Eth to transfer between exchanges and then convert to BTC on the exchange if you need it.
As for retail purchases if your money is already in BTC buy a gift card to use instead.
If your money is not in BTC , but Fiat , you come out cheaper to use a CreditCard/Check /Cash/Money Order
* Cryptopia & NovaExchange also allows their users to transfer coins offchain to another user on the same exchange. *
If you don't make that many transactions,it's not that big of a deal to pay some more and have your transaction confirmed fast,on the other hand if you make a lot of transactions I think that there is an accelerator that can make it faster without having to pay fees and it's a good alternative
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