Yes, for legacy addresses the smallest possible fee is 1 sat/vbyte, for segwit addresses it is appox. 0.7 sat/vbyte, for bech32 addresses even less
bench32 addresses are Segwit addresses. I guess you misunderstood bench32 addresses.
With Segwit address, your transaction fee will be calculated from total virtual size
virtual size = total weight units/ 4
Total weight unit = bytes (of witness data) * 1 + bytes (of non-witness data)*4
- Witness data takes 1 weight unit for each.
- Non-witness data takes 4 weight units for each
The fee rate is in satoshis/ virtual byte. If you are able to reduce your transaction size, your transaction fee will be reduced. It is why Segwit address can help you.
If you use fee estimations in wallets, you need to choose mempool rather than ETA. ETA usually gives you over-high fee rate because it uses the estimated blocks to have confirmation for your transactions.
Mempool option is better because wallet will use mempool size to estimate fee rate for you. 1 Block has size ~ 1MB. Mempool size changes quickly and look at mempool size can help you to avoid over-use of high fee than needed.
See
Techniques to reduce transaction feesPatient spending
Very useful for non-urgent transactions. Not useful for urgent transactions
Spenders who can patiently wait for their transactions to confirm can take advantage of variations in the feerate necessary to achive confirmation. For example, sometimes several Bitcoin blocks are produced in quick succession, raising the effective supply of block space by several multiples; other times, demand drops off, such as fees on Sunday being on average 20% lower than fees on Friday in Q4 2017. Looking at data from the widely-used fee estimator included in Bitcoin Core, we can see fee savings of 90% or more possible, with around 50% being easily obtainable by many patient spenders.
You can compare their figures for difference between fees in Sunday and Friday and compares with mine. I gonna give you update on this soon.
The chart and corresponding table shows that if you are patient enough to wait for up to 6 hours, you can get up to 55% saving in fee.[/list]
