A method i use in avoiding high Bitcoin transaction fees.

Egii Nna

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Quote from: Hatchy on June 15, 2024, 09:45:06 PM

~~Snip~~

There are still some exchanges that are reliable and save to keep your bitcoin. Although you have said it, most people save their coins in exchange due to the higher transaction charges, but what Op said is a great idea that will help many people.

Take an instance where you don’t know if TON and you want to send out bitcoin, and the bitcoin you are sending in is not small, so the higher transaction free can be enough for someone who wants to start investing in bitcoin. Like me, when I start a bitcoin investment, I start up with just $30, and that is just some transaction free to send out bitcoin. If you use exchange to swap your money to USDT, that transaction free will be absent, and it will be so useful to you in the future. I think that is what the OP is trying to explain. If we look deep, everyone needs a discount, even though I know you are also trying to save people from trusting those random exchanges.

sotelorene

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Quote from: Hatchy on June 15, 2024, 09:45:06 PM

Are you trying to tell us to store our funds(Bitcoins) on exchanges? Because that's the only way I know you can convert Bitcoin to usdt. Except you want to use multi coin wallets like trust which I still see as unsafe and not reliable. Yes the transaction fees is a very terrible thing at the moment but we shouldn't let a short time issue create for us a long time wound( something we will remember for ever).
Don't store your Bitcoins on exchanges. If at all, not all of them. You can just keep a small amount of funds there just Incase of emergency especially in times when fees are very high. Its a method that might save you fees but you may end up losing your funds through such method.

Perfectly said, what the op said may sounds good but it's very risky and I will rather pay the high fee than getting myself into a very big mess or losing my money though the high fee is not encouraging but we should manage till it's time is over just as Hatchy said, it's a short time problem. However, anyone who feel or think he/she can afford to take the risk should go ahead but my advise is that, they should be careful cause since it requires some corner corner process one will definitely make a mistake one day, not wishing anyone to fall victim though.

Localhostspeed

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Quote from: Hatchy on June 15, 2024, 09:45:06 PM

Are you trying to tell us to store our funds(Bitcoins) on exchanges? Because that's the only way I know you can convert Bitcoin to usdt. Except you want to use multi coin wallets like trust which I still see as unsafe and not reliable. Yes the transaction fees is a very terrible thing at the moment but we shouldn't let a short time issue create for us a long time wound( something we will remember for ever).
Don't store your Bitcoins on exchanges. If at all, not all of them. You can just keep a small amount of funds there just Incase of emergency especially in times when fees are very high. Its a method that might save you fees but you may end up losing your funds through such method.

Trust wallet isn't the only custodial wallet with muti chain feature, there are many of them but Trust wallet is closed source when I checked and because of that, you don't really know the structure and how it's been designed as a client or to detect if there is a bug.

The OP is not saying we should used centralized exchanges but recommending one if at all the receiver would want to later send it to an exchange to convert to fiat. Sending Bitcoin from wallet to wallet will cost more since mempool is unstable, sending usdt will save the sender some transactions fees and the receiver doesn't have to bother to send to centralized exchange especially if it's not intra exchange.

However, this is not the best way to go about it. Segwit provide the lowest transaction fee as possible for Bitcoin transaction, a single input and output with effective fee rate of 22 sats wouldn't cost much. It's better to use that for high privacy.

Zigabel

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Quote from: Hatchy on June 15, 2024, 09:45:06 PM

Are you trying to tell us to store our funds(Bitcoins) on exchanges? Because that's the only way I know you can convert Bitcoin to usdt. Except you want to use multi coin wallets like trust which I still see as unsafe and not reliable. Yes the transaction fees is a very terrible thing at the moment but we shouldn't let a short time issue create for us a long time wound( something we will remember for ever).
Don't store your Bitcoins on exchanges. If at all, not all of them. You can just keep a small amount of funds there just Incase of emergency especially in times when fees are very high. Its a method that might save you fees but you may end up losing your funds through such method.

I agree with you because even in the con version you still have to spend some amount of coin to although its not as much as you would when you do the direct bitcoin transaction but then in all storing on an exchange an really be detrimental in the long run for you as exchanges ha never been the safest as always said on this forum of which have been proven to be true due to the events and happens been mentioned both on the platform here and out there as stories we have gotten to hear from others in there experience, even platforms such as trust wallet can be considered safer than exchanges in some cases.
For the cases of emergencies its always best to have little funds in the exchanges, but it should be such that wouldn't be of great concern to you if they eventually get hacked and stolen because exchanges are usually very prone and are never reliable enough because it may be compromised some day and you may have to loose all your funds almost immediately.

Davidvictorson

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I remembered one time I spent close to $46 on transaction fees. I couldn't believe my eyes. I later got to know that this exact method explained by the op is a live saver. And since then this is exactly what I do. The TON network for transfers is free and I think it is a way to attract more people to use it . I know that after some time, we are going to see a small transaction fee added to it. But for now I am going to keep enjoying it while it is still free.

philipabaku

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well better still, make use of Ton network after conversion

Kliss

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Quote from: Hatchy on June 15, 2024, 09:45:06 PM

Are you trying to tell us to store our funds(Bitcoins) on exchanges? Because that's the only way I know you can convert Bitcoin to usdt. Except you want to use multi coin wallets like trust which I still see as unsafe and not reliable. Yes the transaction fees is a very terrible thing at the moment but we shouldn't let a short time issue create for us a long time wound( something we will remember for ever).
Don't store your Bitcoins on exchanges. If at all, not all of them. You can just keep a small amount of funds there just Incase of emergency especially in times when fees are very high. Its a method that might save you fees but you may end up losing your funds through such method.

By converting your Bitcoin to USDT for transactions you can avoid those higher charges. This doesn't necessarily mean you should keep your BTC on the exchange. By asking the receiver for usdt wallet address and converting your BTC to USDT or sending usdt directly you sre using a stable coin to tranfer value without storing your BTC on an exchange this approach can help you avoid higher fees assoociated with transfering BTC. It's still safer to store your Bitcoin in a self-custodial wallet for better control and security. The key is to use the exchange for quick conversions when needed but not as a long-term storage solution. Keep your precious BTC safe and sound in your own wallet.

MainIbem

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Quote from: Barikui1 on June 16, 2024, 01:16:26 AM

Bro, what you are saying is very much possible when your money is already in the exchange wallet already, because if it's already in a exchange, you can convert it to even the cheapest Network, just to cut down cost of high transaction fee, but if your money is already in a electrum wallet, bro, the high fees will be unavoidable, because it's actually not a multi coin wallet as trust wallet.

What I usually do that has been working for me in avoiding this high transaction fee is that, anytime I want to make a transfer from my electrum wallet, I mostly calculate the amount of money that will be ok for me in a month, like 100 or 200 dollar worth of Bitcoin, after such transaction, I wouldn't have to make any withdrawal again till after a months time or sometimes even more, but storing your Bitcoin in an exchange is a no no to me, because you are definitely trying to shoot yourself in the foot by doing so.

Of course I'm pretty aware that storing Bitcoin in exchanges comes with a very high risk and I won't advice anyone to do that, if they're storing for a long-term purpose, the best places of store Bitcoin for long term is the hardware wallets or electrum wallet, but have you thought about those trading with the exchanges that got assets their or those who bought the asset in a p2p in those exchanges, are you also aware that one could secure the exchanges they use with a 2-factor authentication. Yes there are hackers could want to penetrate, their could be security breaches but the 2-factor authentication could help secure it. Asides Bitcoin such method could be used for other cryptocurrency like Ethereum and moreover i don't think the electrum wallet suports Ethereum.

Charles-Tim

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You can have some amount of bitcoin in lightning network. There are easy to use lightning network wallets like Phoenix, Zeus, Aqua, Muun and others. You can make use any of them for cheap transactions.

If you are a trader and you want to spend some of your trading profit or trading money, you can easily make use of bitcoin lightning network on exchanges like Binance, OKX, BitMart and Coinbase and some other exchanges. There are many exchanges that are supporting lightning network.

If you can use liquid network, there are some wallets like Aqua and exchanges that are supporting it. It is L-BTC and has the same price as bitcoin.

Sometimes the bitcoin network can be as low as 20 sat/vbyte or less and you can make use of it. Although, this amount in fee can still be very high for some people to make use of.

AVE5

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Quote from: Hatchy on June 15, 2024, 09:45:06 PM

Are you trying to tell us to store our funds(Bitcoins) on exchanges? Because that's the only way I know you can convert Bitcoin to usdt. Except you want to use multi coin wallets like trust which I still see as unsafe and not reliable. Yes the transaction fees is a very terrible thing at the moment but we shouldn't let a short time issue create for us a long time wound( something we will remember for ever).
Don't store your Bitcoins on exchanges. If at all, not all of them. You can just keep a small amount of funds there just Incase of emergency especially in times when fees are very high. Its a method that might save you fees but you may end up losing your funds through such method.

The exchange isn't a safe place to store bitcoin as a asset value unless we're ready to make a immediate trade because Investors are not in full control of their Privacies and securities unlike self custodial wallets.
Even having the pretty little fund for emergency used in there of an exchange is still risky because scammers are also ready to still a peanut if they can't get cake but the truth always remains, sometimes we'd want to make urgent transactions for emergency used and having some amount of funds in the exchange would fascinate on a quick execution and then save us the risks of loosing everything if we have all stored in the exchange just as have said @Hatchy

Barikui1

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Quote from: MainIbem on June 15, 2024, 08:22:43 PM

I'm not really impressed with the high transaction fees and I don't think anyone is, so I came up with an idea. I know many would be familiar with this but those that are not could use this method when transferring BTC. Instead of transferring Bitcoin to someone and end up paying high charges, you could ask the reciever for a USDT wallet address I mostly recommend Ton USDT address (I normally use that network cause it's more cheaper) then convert the BTC to USDT or send USDT to the reciever and then they could convert back to BTC when they successfully receive it, but please don't fail ask for both the Ton USDT wallet address and tag/memo or comment for those transferring from OKX if not the transfer would be completed but the reciever won't get to recieve it. The good thing is that it might be recoverable but the process is very stressful and tiring due to poor costumer service from most exchanges. So always remember to ask for tag incase you consider this method and decide to use Ton for the network.

Bro, what you are saying is very much possible when your money is already in the exchange wallet already, because if it's already in a exchange, you can convert it to even the cheapest Network, just to cut down cost of high transaction fee, but if your money is already in a electrum wallet, bro, the high fees will be unavoidable, because it's actually not a multi coin wallet as trust wallet.

What I usually do that has been working for me in avoiding this high transaction fee is that, anytime I want to make a transfer from my electrum wallet, I mostly calculate the amount of money that will be ok for me in a month, like 100 or 200 dollar worth of Bitcoin, after such transaction, I wouldn't have to make any withdrawal again till after a months time or sometimes even more, but storing your Bitcoin in an exchange is a no no to me, because you are definitely trying to shoot yourself in the foot by doing so.

Hatchy

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Are you trying to tell us to store our funds(Bitcoins) on exchanges? Because that's the only way I know you can convert Bitcoin to usdt. Except you want to use multi coin wallets like trust which I still see as unsafe and not reliable. Yes the transaction fees is a very terrible thing at the moment but we shouldn't let a short time issue create for us a long time wound( something we will remember for ever).
Don't store your Bitcoins on exchanges. If at all, not all of them. You can just keep a small amount of funds there just Incase of emergency especially in times when fees are very high. Its a method that might save you fees but you may end up losing your funds through such method.

MainIbem

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I'm not really impressed with the high transaction fees and I don't think anyone is, so I came up with an idea. I know many would be familiar with this but those that are not could use this method when transferring BTC. Instead of transferring Bitcoin to someone and end up paying high charges, you could ask the reciever for a USDT wallet address I mostly recommend Ton USDT address (I normally use that network cause it's more cheaper) then convert the BTC to USDT or send USDT to the reciever and then they could convert back to BTC when they successfully receive it, but please don't fail ask for both the Ton USDT wallet address and tag/memo or comment for those transferring from OKX if not the transfer would be completed but the reciever won't get to recieve it. The good thing is that it might be recoverable but the process is very stressful and tiring due to poor costumer service from most exchanges. So always remember to ask for tag incase you consider this method and decide to use Ton for the network.

Topic: A method i use in avoiding high Bitcoin transaction fees. (Read 111 times)