Topic: Best way to avoid high transaction fee (Read 347 times)
Op didn't clarify which coin he was trying to transact with, for Bitcoin use lightning network, ethereum is trash right now hoping ethereum v2 will make things better but apparently it gonna take 2-3 years for full rollout.
And in the other hand I believe you shouldn't even think of making a small transaction amount while knowing that the fee will take out half of it.
I guess this is the least thing you can do. Make out the most of your fee so withdraw as large as you can. Because you can't do anything when it comes to network fee, you can't stop miners to demand for an increase. It's either you will compromise the speed of the transaction or your budget, the choice is yours 
. But when we talk about the crypto who got the lowest fees then ripple would be one of the best option. So better to convert your btc/eth into xrp first before you withdraw (assuming the wallet you used suppots xrp as well).
I thought crypto stood for convenience and low cost to send money around. I think using the ethgasstation will at least help.
There is no perfect on any innovations. You can say this is the cons of a larger blockchain that is likely congested or been overused. Just most likely suggested avoid making any transaction at the moment if its not that important cause you only will be dissapointed with fees on eth and even bitcoin. But when Ive used my exchange wallet to transfer fund the fee is not that high. Maybe it was because the wallet is a segwit. For eth, Im not sure maybe on the wallet you are using some wallet have high fees but if you used normal mew with an option to change gwei values then its better than dApps automatically applied huge network fees.
We all knows that the transaction fee is getting insane in the past few weeks so what are the best ways to avoid paying high transaction fee without increasing the waiting time for the confirmation.
I don't think there is a back door out of this one. And in the other hand I believe you shouldn't even think of making a small transaction amount while knowing that the fee will take out half of it. In the past all this has already taken place and we are aware of it when ETH or BTC goes up fees increase rapidly.
We all knows that the transaction fee is getting insane in the past few weeks so what are the best ways to avoid paying high transaction fee without increasing the waiting time for the confirmation.
I don't think there is a back door out of this one. And in the other hand I believe you shouldn't even think of making a small transaction amount while knowing that the fee will take out half of it. In the past all this has already taken place and we are aware of it when ETH or BTC goes up fees increase rapidly.
The transactions fees are really alarming especially with the Ethereum blockchain network, am surprise at the rate at which transactions are pending. Really? 43 Gwei can't confirm a transaction, it's really bad. I thought crypto stood for convenience and low cost to send money around. I think using the ethgasstation will at least help.
If I chose to withdraw my BTC say from an exchange to my mobile wallet where I could withdraw via local currency, I always prefer to convert first my BTC to XRP and consequently send it to my mobile wallet as I find it more convenient and economical since XRP has low transaction fee and offers fast transaction. But of course, this always depends on a case to case basis and according to our own preferences. Imho. 
The only comment that has mentioned xrp so far, there isn't better and cheaper way of sending value through blockchain network like Ripple. Very easy, cost efficient with low fees and fast transaction speed. The only option I prefer sending value from local wallet to my crypto wallet, exchange to exchange and wallet to exchange except I'm buying a particular coin for safekeeping for long term. We all knows that the transaction fee is getting insane in the past few weeks so what are the best ways to avoid paying high transaction fee without increasing the waiting time for the confirmation.
I think the transaction fee is already a part of the cryptocurrency so we can't really avoid it, and we could notice a high transaction fee in every transaction.
Probably the best option to convert your bitcoin for example to a cryptocurrency that has low transaction fees like or expel convert it to XRP etc. Having a high volume transaction in bitcoin could really could a big amount of fee but converting it to XRP could lower that fee.
We all knows that the transaction fee is getting insane in the past few weeks so what are the best ways to avoid paying high transaction fee without increasing the waiting time for the confirmation.
Using the right wallet can be helpful in saving the fees, just use the customizable fee structure wallet so you can use the least possible value for the fee and exchanging your bitcoin for an altcoin can do the job but its quite complicated and also will increase the waiting time more longer while ou need to deposit and withdraw multiple times. 
Yes indeed, lately I also feel that fees have increased highly. However, what should we do? I don't want to take high risks. Maybe it is better when you get a higher fee, but the transaction is smooth and fast enough compared to trying to pay less but the transaction takes a long time.
If this is on an exchange, it can be overcome by converting it to another coin that has a cheaper fee. However, if this is in a certain wallet, then I inevitably will personally follow the increase in the fee.
If this is on an exchange, it can be overcome by converting it to another coin that has a cheaper fee. However, if this is in a certain wallet, then I inevitably will personally follow the increase in the fee.
We all knows that the transaction fee is getting insane in the past few weeks so what are the best ways to avoid paying high transaction fee without increasing the waiting time for the confirmation.
There is an option to send Bitcoin depending on the fees LOW, MEDIUM, FASTER transaction. The confirmation will it depends also in mempool prioritization, if we have huge fees definitely that would take first over those who pay with small fees. Now, considering that you only pay the minimum fees, you can either expect also the you'll be the last transaction to be mined. Not would bother us if we are not in a hurry but even though you pay high fees still it depends on the network loads. That we think an instant transfer it sometimes makes impossible especially during this time.
The most unpopular suggestion here will be off-chain transactions which I see as a good alternative since it is fast and free. The only downside on off-chain transactions is they are only available to custodial wallets like Coinbase and they require the other user to have the same custodial wallet as yours so that an off-chain transaction would be possible. Also if you are a newbie this is also good for you since you won't have to tick anything else in a setting as the custodial wallet itself would detect if that address if from theirs as well.
If I chose to withdraw my BTC say from an exchange to my mobile wallet where I could withdraw via local currency, I always prefer to convert first my BTC to XRP and consequently send it to my mobile wallet as I find it more convenient and economical since XRP has low transaction fee and offers fast transaction. But of course, this always depends on a case to case basis and according to our own preferences. Imho.
Best way to avoid high transaction fee
1. If you can afford to wait with your transaction make it that it gets confirmed only after hour or few. Of course you need to know how high transaction fee is needed.
2. If you can afford to wait days then make transaction on Sunday when mempool is most empty. Avoid doing them on Friday.
My first thought too. But if take this matter seriously one can consider, where possible, the alternative coin. For example recently I had two options when paying for service and selected to pay with LTC because BTC fee was too high at that moment.
Completely depends tho. That can be a good solution if you already have LTC in the first place. But if you'd have to exchange the BTC for LTC on an exchange, you might want to think twice as you might end up spending more money due to the exchange fees; depending on how much money you're planning on sending.
Definitely everything has to be on the scale. Exchange that I used that time required $12 to withdraw BTC whereas only $1,2 for LTC. Obviously, I have chosen LTC and got a double profit, first, the time for transaction connfirmation was negligible , second - it saved me money.
One of the best ways to avoid the high transaction fee is to use the altcoins just the easy way.
There are a lot of underwater stones in your advice and it is preferable mostly for small amount. While you do bitcoin>altcoin>altcoin>bitcoin "cheap transaction", exchange rate can grow up and you would lose on a rate more than you might spend using usual transaction. Also some exchanges have deposit/withdrawal fees (in case your exchange does not support an alt you are using). Minimal withdrawal amount also difference from exchange to exchange.
We all knows that the transaction fee is getting insane in the past few weeks so what are the best ways to avoid paying high transaction fee without increasing the waiting time for the confirmation.
Best way is to use Bitcoin segwit addresses, as it is faster than normal bitcoin addresses. It is also cheaper. 
My first thought too. But if take this matter seriously one can consider, where possible, the alternative coin. For example recently I had two options when paying for service and selected to pay with LTC because BTC fee was too high at that moment.
Completely depends tho. That can be a good solution if you already have LTC in the first place. But if you'd have to exchange the BTC for LTC on an exchange, you might want to think twice as you might end up spending more money due to the exchange fees; depending on how much money you're planning on sending.
The best way to avoid paying high transaction fees: use low transaction fees lol 🤷♂️
My first thought too. But if take this matter seriously one can consider, where possible, the alternative coin. For example recently I had two options when paying for service and selected to pay with LTC because BTC fee was too high at that moment.
^
I think OP is referring to main chain transactions from one wallet to the other, not exchange withdrawal. If you use Electrum make sure to use another tool to double check the fee, as sometimes the estimation can be messy.
I think OP is referring to main chain transactions from one wallet to the other, not exchange withdrawal. If you use Electrum make sure to use another tool to double check the fee, as sometimes the estimation can be messy.
But when the service we're using is charging high fees, we have no other choice.
A faucet site I'm on charges over 15K sats for quick transactions, and 60% lesser for slower payments. Whew.
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