^
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.
Topic: Best way to avoid high transaction fee - page 2. (Read 347 times)
One of the best ways to avoid the high transaction fee is to use the altcoins just the easy way.
Before I'm using the ripple (xrp) to lessen the transaction fee is you are trying to compare the
$3-6 dollar transaction fee with the use of bitcoin and less $1 with the use of the ripple which is the more convenient?
I'm just converting the ripple funds into the fiat currency that is the reason why I'm using this.
I'm terms of a platform that can possible you use to eliminate or lessen the transaction fee it's easier to use the electrum because you can use your transaction fee manually which is a good thing also they have the fixed value and the lowest rate is the 39.9 sat/byte which is a good thing to have now.
Before I'm using the ripple (xrp) to lessen the transaction fee is you are trying to compare the
$3-6 dollar transaction fee with the use of bitcoin and less $1 with the use of the ripple which is the more convenient?
I'm just converting the ripple funds into the fiat currency that is the reason why I'm using this.
I'm terms of a platform that can possible you use to eliminate or lessen the transaction fee it's easier to use the electrum because you can use your transaction fee manually which is a good thing also they have the fixed value and the lowest rate is the 39.9 sat/byte which is a good thing to have now.
We all knows that the transaction fee is getting insane in the past few weeks
How do you define high? Because IMO the transaction fee is not high if you are transacting an amount like $1000 or even $100 equivalent of BTC.
It's only high if you are making a transactions for small amount, and small amounts are not really suitable for bitcoin as it's value has already increase so resulted to increase of fee.
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so what are the best ways to avoid paying high transaction fee without increasing the waiting time for the confirmation.
There's nothing we can do about the fee if that's what you ask, we can't break the system, but you can have an option to us altcoins instead of btc.
I created a thread on tx fees and highlighted some ways to avoid paying too high to get a transaction confirmed;
All these are suggestions on reducing the elements that go into a transaction and should be done a while before the transaction is to be made. It's not possible to reduce the actual ferrate per bytes that is accepted by miners at a point in time which is dependent on the level of activity on the network. You can reduce the size of transactions which would affect the fees
The standard feerate is determined by the level of activity in the network, so;
• timing your transactions can result in significantly lower fees. During a FOMO period, lots of investors are looking to get in and more traders are active, this is probably not a good time to transact, if it's not time sensitive, when the resulting activity cools, the feerate would also reduce, leading to lower transaction fees.
Reducing the transaction size would also reduce the fees incurred, this can be done through a couple of ways:
• Reducing the number of inputs: the higher the number of inputs involved in a transaction, the higher the size, so to reduce the size, less inputs should be spent.
If I receive 0.4BTC and spend that in a single transaction, the size would be smaller than a 0.2BTC transaction comprising two separate inputs (0.1,0.1BTC).
• Batching receptients : add multiple receiving addresses to a single transaction saves more cost than sending them in separate transactions.
• Consolidateling inputs and outputs: when an entire input involved in a transaction is not spent, this creates the need for a change address to receive the unspent coins. Spending the exact amount of an input would eliminate the need for a change address hence reducing the amount of outputs and also the transaction size.
Note that, inputs weigh more in a transaction and reducing them should be prioritized when looking to reduce fees.
•Using a Segwit address: for a detailed explanation on how segwit functions, check out this thread - https://bitcointalksearch.org/topic/m.52985661
• timing your transactions can result in significantly lower fees. During a FOMO period, lots of investors are looking to get in and more traders are active, this is probably not a good time to transact, if it's not time sensitive, when the resulting activity cools, the feerate would also reduce, leading to lower transaction fees.
Reducing the transaction size would also reduce the fees incurred, this can be done through a couple of ways:
• Reducing the number of inputs: the higher the number of inputs involved in a transaction, the higher the size, so to reduce the size, less inputs should be spent.
If I receive 0.4BTC and spend that in a single transaction, the size would be smaller than a 0.2BTC transaction comprising two separate inputs (0.1,0.1BTC).
• Batching receptients : add multiple receiving addresses to a single transaction saves more cost than sending them in separate transactions.
• Consolidateling inputs and outputs: when an entire input involved in a transaction is not spent, this creates the need for a change address to receive the unspent coins. Spending the exact amount of an input would eliminate the need for a change address hence reducing the amount of outputs and also the transaction size.
Note that, inputs weigh more in a transaction and reducing them should be prioritized when looking to reduce fees.
•Using a Segwit address: for a detailed explanation on how segwit functions, check out this thread - https://bitcointalksearch.org/topic/m.52985661
All these are suggestions on reducing the elements that go into a transaction and should be done a while before the transaction is to be made. It's not possible to reduce the actual ferrate per bytes that is accepted by miners at a point in time which is dependent on the level of activity on the network. You can reduce the size of transactions which would affect the fees
It is not possible to avoid the payment of fees, as they are necessary at every transfer process and these fees increase when the currency price increases, so the fees for the transfer of Bitcoin, for example, are more than the fees for Ethereum
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.
Your words are not clear to present your question. Transaction fee, which coin you want to mention here? Bitcoin, or any cryptocurrency you use to move your funds at specific time.If your question is the latter one, I would answer as this: Try to use altcoins to move your funds because they have cheap fees and fast speed compare to bitcoin. Litecoin, Dogecoin, Ripple, Ethereum (but sometimes it has high fees too). Don't choose shitcoins as tools to move your funds because probability in which they will be dumped are high.
For bitcoin transactions, to get low fees, besides consolidation (as advised above), you should create a habit to move your funds in weekends when fees tend to be cheapest compare to other working days. As Johoe's site shows, hours ago, when mempool was clear, you even can move your bitcoin nearly instantly (next one block) at 1 satoshi/ (v)byte.
Also, see Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC
When you move your funds, especially with altcoins don't move all your fund at once. Split them into pieces and move separately. Decentralize your fund movements by using different altcoins.
It is a basic to protect your funds from your side.
Lesson learned from Coinbase: Increasing ETC deposit confirmation time to ~ 2 weeks
This is what I do but if I don't have an option, I have to go through with the current fee that my wallet suggests. 
But op if you don't want to pay a too high fee, you can always use the free push from viabtc accelerator. If it says that you have paid a very low fee, they can't help so always go as much as near to the low-medium priority and not to the lowest fee. You are lucky if by one time input, you get accelerated.
Keep in mind that the lowest minimum requirement of transaction fee is 10 sats/byte in order for them to include your tx in the next few blocks. However, it is still not advisable to use accelarator for pushing your delayed transaction to the miners.But op if you don't want to pay a too high fee, you can always use the free push from viabtc accelerator. If it says that you have paid a very low fee, they can't help so always go as much as near to the low-medium priority and not to the lowest fee. You are lucky if by one time input, you get accelerated.
A good practice is to not rely on third party services but rather on using built in bitcoin wallet functions such as "Replace-by-Fee" or "CPFP"
Very good reminder not only for op but for everyone.
If you find all the suggestions above too technical and confusing, just try to send on a Saturday or Sunday. Coming from experience, sending on a Sunday at 2 sats/byte fee usually confirms in one to three blocks. That's about 10 to 30 minutes and longest waiting would probably be 1 hour.
Although I prefer using https://jochen-hoenicke.de/queue/#0,24h for checking the mempool, some newbies find it difficult to understand it. If you're one of them, https://mempool.space/ does a decent job of recommending transaction fee. It groups fees into low, medium, and high priority which could be convenient for most noobs.
editing:
I just checked the current state of the mempool. You can send your transaction at 1-2 sats/byte right now and it will most likely confirm in 30 minutes of less.
Although I prefer using https://jochen-hoenicke.de/queue/#0,24h for checking the mempool, some newbies find it difficult to understand it. If you're one of them, https://mempool.space/ does a decent job of recommending transaction fee. It groups fees into low, medium, and high priority which could be convenient for most noobs.
editing:
I just checked the current state of the mempool. You can send your transaction at 1-2 sats/byte right now and it will most likely confirm in 30 minutes of less.
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You can not avoid the fees in any way. Since the fee is high now, you have to pay the high fee. To avoid higher fee, one thing you can do is always consolidating all th inputs when fee is too low. I have done all the times but missed for last couple of weeks which cost me $20 tx fee for a single tx due to using a lot of inputs. This is the very first step.
Another way to avoid high fee is to use off chain transaction like coinbase to coinbase. This will allow you zero fee but there's limitation. Both party must have coinbase account.
Another way to avoid high fee is to use off chain transaction like coinbase to coinbase. This will allow you zero fee but there's limitation. Both party must have coinbase account.
We all knows that the transaction fee is getting insane in the past few weeks
the first thing to do is to learn not to use scam sites that suggest terribly high fees whereas the actual high priority fees are so much lower. unfortunately most of the fee estimation sites and even some of the tools and wallets are bad at this. for example the current fee is the absolute minimum 1 satoshi/byte since mempool has been empty for the past 12 hours but a scam site like bitcoinfees.earn.com is currently suggesting an outrageously high fee of 216 satoshi/byte so obviously when you use a scam site you see an "insane" fee.
This is what I do but if I don't have an option, I have to go through with the current fee that my wallet suggests.
But op if you don't want to pay a too high fee, you can always use the free push from viabtc accelerator. If it says that you have paid a very low fee, they can't help so always go as much as near to the low-medium priority and not to the lowest fee. You are lucky if by one time input, you get accelerated.
Keep in mind that the lowest minimum requirement of transaction fee is 10 sats/byte in order for them to include your tx in the next few blocks. However, it is still not advisable to use accelarator for pushing your delayed transaction to the miners.But op if you don't want to pay a too high fee, you can always use the free push from viabtc accelerator. If it says that you have paid a very low fee, they can't help so always go as much as near to the low-medium priority and not to the lowest fee. You are lucky if by one time input, you get accelerated.
A good practice is to not rely on third party services but rather on using built in bitcoin wallet functions such as "Replace-by-Fee" or "CPFP"
The best way to avoid paying high transaction fees: use low transaction fees lol 🤷♂️
Unfortunately, if you need the transaction to get confirmed asap, and unless the person/service you're paying doesn't accept bitcoin through Lightning, unfortunately you have no choice but to pay higher fees.
Yes, another alternative is to use centralized off-chain free transactions(e.g. Coinbase <-> Coinbase), but I wouldn't recommend that.
Unfortunately, if you need the transaction to get confirmed asap, and unless the person/service you're paying doesn't accept bitcoin through Lightning, unfortunately you have no choice but to pay higher fees.
Yes, another alternative is to use centralized off-chain free transactions(e.g. Coinbase <-> Coinbase), but I wouldn't recommend that.
- One of the best way is to wait until the mempool is not congested.
This is what I do but if I don't have an option, I have to go through with the current fee that my wallet suggests. But op if you don't want to pay a too high fee, you can always use the free push from viabtc accelerator. If it says that you have paid a very low fee, they can't help so always go as much as near to the low-medium priority and not to the lowest fee. You are lucky if by one time input, you get accelerated.
I also advise to check first the suggested or recommended transaction fee (satoshi per byte) here: https://coinb.in/#fees
For what I also notice these past few weeks, there is much lower transaction fees around 00:00 UTC. I don't think if the time matter but when you try to use some website that tracks the recommended transactions fees, you can compare it and save more fees especially the wallet you own can be adjusted the transaction fees.
For what I also notice these past few weeks, there is much lower transaction fees around 00:00 UTC. I don't think if the time matter but when you try to use some website that tracks the recommended transactions fees, you can compare it and save more fees especially the wallet you own can be adjusted the transaction fees.
- One of the best way is to wait until the mempool is not congested. [1] https://jochen-hoenicke.de/queue/#0,24h. High transaction fees happens when the network is busy which leads bitcoin user to get into the race making them to raise their fees in order to get prioritized.
- You can also use SegwitAdresses that starts with bc1 or 3 to significantly reduce the tx fee you will be using.
- Consolidate your inputs when mempool is not congested. [2] [Aug 2020] Fees are low, use this opportunity to Consolidate your small inputs!
- You can also use SegwitAdresses that starts with bc1 or 3 to significantly reduce the tx fee you will be using.
- Consolidate your inputs when mempool is not congested. [2] [Aug 2020] Fees are low, use this opportunity to Consolidate your small inputs!
Depends on what you're using. If you're using a software wallet where you control everything like electrum and bitcoin core then you should be actively consolidating your inputs (spending your funds within the wallet) and using a low fee for this when you don't need a fast conformation.
You could try gambling on tx fee and set it slightly lower than the transaction fee and hope it confirms, nit is there a reason for the rush?ost good payment managers should offer at least 12 hours for the tx to confirm which is a good way to go about saving some funds too...
You could try gambling on tx fee and set it slightly lower than the transaction fee and hope it confirms, nit is there a reason for the rush?ost good payment managers should offer at least 12 hours for the tx to confirm which is a good way to go about saving some funds too...
Is there other options that you can think of? I don't see one though. Because if you want your tx to go thru without waiting for so long, you really need to pay high fees. Or maybe use lightning network?
https://www.expressvpn.com/blog/how-to-use-lightning-network/
https://www.expressvpn.com/blog/how-to-use-lightning-network/
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.
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