[GUIDE] How to send BTC for cheap! (And stop paying $25 for withdrawals) - page 2.

Bitcoin.PN

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Quote from: pooya87 on April 20, 2022, 10:32:23 PM

Your title is also wrong since you include the term "withdrawal" which is the act of taking money out of an account and whatever fee you pay there has nothing to do with bitcoin or its transaction fees. In reality you are paying for the centralized service (like the exchange) you are using.

Could be, but it's to encourage people to use non-custodial wallets and pay peanuts per transaction

DdmrDdmr

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Quote from: Bitcoin.PN on April 20, 2022, 04:25:11 PM

<…>

One thing to take into account, if one is trying to get into the next block, is that it’s important to pay attention to time related factors on those charts. One such factor would be the amount of time the next block has been building-up for, and the number of TXs within so far. The other would be the data for the past few blocks (TXs, fee range, time, how full).

I’ve encountered some occasions when I wanted (yet not really needed) to get a TX into the next block, and whatever fee one sets that might "barely" get you into the next block, may not do so eventually, especially if the block takes a longish amount of time to be mined (well over the average 10 min.).

I’d normally complement the fee decision with a view of Johoe's Bitcoin Mempool Statistics, seeing the distribution of the number of TXs paying what fees is sats/vB, over recent moments in time. Eventually, if I really want to try to get into the next block, I may decide to overpay a bit (normally it’s going to be a few more cents), which is less valuable than the personal time I take staring at the screen, waiting for the TX to be included in a given block.

pooya87

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Quote from: Bitcoin.PN on April 20, 2022, 04:37:34 PM

Yeah but i've known some people paying like $20 per tx which is ridiculous! That's why i made this guide

First of all you should never report bitcoin transaction fees in terms of fiat or even in terms of bitcoin. You should always report them in terms of bitcoin per size (sat/vbytes) because the raw values in fiat or bitcoin are meaningless.
For example in normal circumstances with fees being around 4 sat/vbyte a simple transaction with roughly 30 multisig inputs would require $20 at about $41k bitcoin price.

Your title is also wrong since you include the term "withdrawal" which is the act of taking money out of an account and whatever fee you pay there has nothing to do with bitcoin or its transaction fees. In reality you are paying for the centralized service (like the exchange) you are using.

tbct_mt2

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Consolidate small inputs
Transaction fee - Everything in one

If you have many small inputs, you should choose time when the Bitcoin network gives you low transaction fee and consolidate your small inputs. It is your good preparation for your transaction in future because after consolidating, you will have smaller size for your transaction later that will help to reduce transaction fee.

BitMaxz

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I thought that this is all about exchange where you can able to withdraw Bitcoin at a cheaper fee. Like others said exchanges with expensive withdrawal fees like on Binance its 0.0005BTC which is very expensive you can only get a cheaper withdrawal fee if you send it through another network but only other exchanges have different networks or receive them through Metamask that support other networks like BSC Bep20, TRC20 or other networks that offers cheap transaction fee.

Quote from: Bitcoin.PN on April 20, 2022, 04:25:11 PM

Everyone knows that one can pay like 1-2 sats/vbyte, though sometimes, if you really want to move your coins fast you may want target the next block to be mined and in that case I always look at the mempool and see what kind of fee I would need to pay to just BARELY get in the next block.

Actually, you don't need to worry about the transaction fee today because it's totally 1sat/byte it's not sometimes but the fee is always 1sat/byte.

Also, take note if you want to pay cheaper always use Segwit addresses.

Yogee

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I always check mempool before sending but never bothered at that graph in red hehe. I would have simply chosen 2 sats per vbyte as the bare minimum instead of 1.8 for simplicity.

Newbies may still find your guide confusing so maybe add there what fee will most likely get their transaction mined in the next block.

Charles-Tim

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Quote from: Bitcoin.PN on April 20, 2022, 04:37:34 PM

Yeah but i've known some people paying like $20 per tx which is ridiculous! That's why i made this guide

That should be on custodial exchanges. Any noncustododial wallet that has such poor fee estimation algorithm should not be used, though I have not seen one before which is noncustodial and charge as high as that. But, like I have once implied, it is still good to check the mempool before making transaction.

Bitcoin.PN

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Quote from: Fatunad on April 20, 2022, 04:33:54 PM

tx fees are too cheap or not something to worried upon.

Yeah but i've known some people paying like $20 per tx which is ridiculous! That's why i made this guide

Really simple, but effective

Charles-Tim

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Do not get this wrong, the high fee of $25 and higher are on custodial exchanges which charges more excessively than usual. On noncustododial wallets, the fee is low. Reputable noncustododial wallets should have good fee estimation algorithm, but there is nothing bad to first check the mempool truly.

With feerate of 5 sat/vbyte and bitcoin at $42600, the fee paid to get transaction confirmed in the next block is $0.29, while the mempool is still less congested than this as well often. I have made 1 sat/vbyte transactions lately (not even only lately but since days, weeks and months ago) with less than $0.1 deducted as fee.

https://mempool.space for beginners
https://jochen-hoenicke.de/queue/#BTC,24h,weight for advanced users

Quote from: Bitcoin.PN on April 20, 2022, 04:25:11 PM

Also, make sure your tx has the RBF feature or else you would get stuck with the 1.8sats/vbyte and would probably take a few blocks to get it confirmed.

Most wallets do not have replace-by-fee, that is why I will suggest Electrum wallet which has it. Many bitcoin wallet transaction are not supporting replace-by-fee and one of the reasons not to use many of them.

Fatunad

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Quote from: Bitcoin.PN on April 20, 2022, 04:25:11 PM

Also, make sure your tx has the RBF feature or else you would get stuck with the 1.8sats/vbyte and would probably take a few blocks to get it confirmed.

I do always set out RBF feature when it comes to transactions or setting up small fees. I do always have that habit on checking on mempool.space before transacting.
I do always check the no. of transactions even though the set fees were high but if a certain block do only have few transactions then the next block suggested fees
would be ideal but if you are really that willing to wait up for several blocks before it would push through then its up to your choice but nowadays
tx fees are too cheap or not something to worried upon.

Bitcoin.PN

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Hey fellas, today I'm going to share a guide on how to save a TON of SATOSHIS per btc transaction.

For the well-established crypto guys this is probably already known, but I just don't like how people keep saying that paying with bitcoin is expensive, when in reality is REALLY cheap.

Everyone knows that one can pay like 1-2 sats/vbyte, though sometimes, if you really want to move your coins fast you may want target the next block to be mined and in that case I always look at the mempool and see what kind of fee I would need to pay to just BARELY get in the next block.

It's like the cheapest way to get your tx confirmed paying the least.

I usually go to sites like: https://mempool.space/mempool-block/0 to see how much I would need to pay to get my tx in the next block.

For example, in that pic, I would first create a tx for around 1.8 sats/vbyte and if the mempool got clogged and 1.8 sats/vbyte wasn't enough to be on the next block, I would just increase the fee using the RBF feature

Also, make sure your tx has the RBF feature or else you would get stuck with the 1.8sats/vbyte and would probably take a few blocks to get it confirmed.

Hopefully this was helpful Cheesy

Topic: [GUIDE] How to send BTC for cheap! (And stop paying $25 for withdrawals) - page 2. (Read 349 times)