Topic: Best methods for sending BTC with low fees? - page 2. (Read 352 times)

You can use a lightning wallet but then again you would have to give equivalent fee when you won't send the money from the lightning wallet to some normal one.
But you can find some wallets where the lightning + normal wallets are integrated as one therefore I think you can make a good use of it .
But then again you would have to pay a nominal fee anyways . Lightning would be a good option it if works for you .

I always check https://jochen-hoenicke.de/queue/#0,24h to choose the lowest fee that will get accept in next blocks, or decide to delay my transactions for later if there's a spike of transactions on the network. This site isn't a simple transaction fee estimator but instead a chart that shows the structure of mempool, so to estimate your fees you should look at the third chart and look for bracket that is 1-2 MB in size (or less) - that would be the lowest fee with a good chance of accepted in next blocks.

The suggested fee on bitcoinfees.earn is almost always a gross overestimation. It's suggested fee at time of writing is still 12 sat/vbyte, when the mempool only has 0.3 MB of data in it, and 12 sat/vbyte puts you at 0.1 MB from the tip. I could make a transaction right now with 1 sat/vbyte and it would almost certainly be confirmed in the next block. A much better site to recommend is https://www.coinb.in/#fees, which currently correctly states 1 sat/vbyte.

Electrum is entirely capable of supporting nested SegWit wallet and addresses, it just won't create them without a small workaround. As much as I would recommend a hardware wallet, you don't need to buy one to do this. You can use Electrum to generate a new legacy or native SegWit wallet, write down your seed, create another new wallet on Electrum and this time select "I already have a seed", and enter the seed you just generated. Alternatively, you can use a tool like https://iancoleman.io/bip39/ (run offline, of course), to generate a seed for you to use in Electrum.

Fee has nothing to do with Bitcoin wallet or it's developers. The fee goes to the miner that validates your transaction. You can adjust the amount up or down depending on how urgently you need the transaction to be confirmed, but if you go too low it will never confirm. You would need to pay the fee regardless of what kind of wallet software you choose. I use Electrum wallet for adjusting a fee, just go to tools, Preferences, then "Edit fees manually".

You should use Electrum as already suggested by multiple users. It's not just for savings transaction fees, its also important for saving your bitcoin. Because Electrum is non-custodial open source bitcoin wallet and you don't need to download full blockchain. So for saving more fees you might use native SegWit wallet. It will save more 30-40% fees comparatively from legacy address. But likely you will face problems during withdrawal from some exchange, because most of exchanges do not support native SegWit. So on that case I will suggest to buy hardware wallet like Ledger nano, it will support native and nested SegWit so you will not face any problems.

But always be careful whatever software you are using that's from original sources. Otherwise your fund would not save whatever wallet you are using. For upgrade wallet I will suggest visit official website if there is any new version for your bitcoin wallet. Just don't update from popups if show on your wallet software. That's how electrum users were attacked few month backs.

You can send BTC with fee as low as just few cents provided you can wait for hours for transaction to confirm. Every wallets lets you choose b/w minimum and maximum satoshis/byte. The more fee you get, the earlier your transaction gets confirmed.

If you are still encountering the problem you can do this method provided in this site: https://freedomnode.com/blog/78/how-to-sweep-bitcoin-dust-to-a-single-wallet-address-with-electrum,  that also includes on how to lower the fees needed in sweeping dust in your wallet.

Few days ago I made some transaction from my electrum wallet and a response was "Transaction could not be broadcast due to dust output", until today I haven't understand the disadvantage. Thanks for the explanation.

Can't say enough about Electrum as well, maybe you don't understand why we're all saying it's a good wallet to have but I started out on it and still use it today. It is as simple to use as most, yet can have very powerful features that you might want to upgrade too once you understand how to really use bitcoin.

1. Only you control private keys, which basically means only you can access yr coins. This is different from most web based clients or even other closed sourced clients where you can't know for sure what the code inside says.
2. Native segwit. It was the first wallet to let you use native segwit format, which basically means you can spend bitcoin with the latest upgrade. This makes yr tx size smaller than older formats and since fees are based on amount per size of data, this means cheaper fees for you.

Also as BreMaster points out:


Yep! I think wallets really need to be managed well and Electrum's coin control allows you to do just that. Regularly consolidate your bitcoin when the network is light on txs. I don't actually spend just to consolidate, instead, whenever I'm spending and I'm not too concerned about the party watching my other inputs, I just use a spend as a consolidate opportunity. ie. Use all inputs, and 2 outputs. 1 for the actual spend and 1 as a consolidated balance.

For me, if I'm spending, I either choose an input that's almost the right size, And if you've got inputs all over the place, use suitable sized ones to spend.

If you have control over the receiving party, you can use lightning network. They are bitcoin that transacts through the lightning network for quick transaction and minimum fees. Though initial deposit and withdrawal to blockchain would cost the regular fees.
You can also try sending via coinbase mail if you and your clients are on coinbase online wallet.

Download electrum or bitcoin core wallet.If you don’t want to use normal fee,you can reduce or increase block fee.

there is also a step 0 to this that sometimes some beginners mess up.
0. don't accumulate dust in your wallet.
"dust" is the small transaction outputs, or in simple terms it is the small payments that you receive from different places like faucets, micro jobs,... not only it is a waste of time but also when it is time to spend all those coins the resulting transaction size will be huge and require a much higher fee.

Fee is already low for bitcoin so unless you are using some wallet where they take out small commision from transaction fee or you are using exchange wallet as bitcoin wallet there is no need to care about fee right now. But during network congestion using fee suggested by blockchain wallet or for better privacy electrum wallet will make sure your transaction will go through.

Wrapped btc (wbtc) on eth chain can be alternative when bitcoin network is congested.

1. Use a wallet where you can control everything. Electrum is a good option.
2. Consolidate your inputs. If you have 0.1 BTC in your wallet and it's made of 100 inputs of 0.001 each, you'll pay more than if you have it "in one piece".
3. Making SegWit transactions (from SegWit address to SegWit address) will also reduce the tx fee.
4. Patience also helps. If you are not in a hurry, even a 1 sat/vbyte transaction should get confirmed, just it may take much longer.

I have been using the Mycelium crypto wallet on my Android Tablet for about a year now. I generally transfer $10 worth of Bitcoin every week to my associate and the charge that I incur every week somewhere around $0.03 to $0.05. I use moderate speed which takes about 5 to 15 mins to complete the transfer.

The problem here is that it is only available for android and iOS platforms.

Bitcoin fee is already small. Use any reliable computer wallet (ex: Electrum) and set the fees yourself based on current network condition, you can look at the recommended fees here https://bitcoinfees.earn.com/. For example, right now if you want the transaction to be confirmed ASAP, use a minimum of 13 sats/byte fees. If the transaction isn't in a rush, you can try lower fees to save some sats but will probably result in longer confirmation time.

But if you're willing to go through some hassle, try Lightning (https://bitcointalksearch.org/topic/basics-of-the-lightning-network-4940536) for even smaller fee. Not everyone could accept payment via LN, though. Read that thread to learn more about LN.

Get Electrum.
Go to https://electrum.org/#download and download it.
Verify the application file before installing it, this will ensure that hat you are going to install real Electrum client.
Tutorial:https://bitcoinelectrum.com/how-to-verify-your-electrum-download/

With Electrum you can have full control without downloading the ful Blockchain.

I would like to get a wallet on my computer and be able to send BTC with small fees.

What is the best approach to this?