Topic: How can I avoid paying these crazy transaction fees? (Read 415 times)

Contact the vendor and complain to them. Maybe they will give you a discount.

currently the gas fees on the Bitcoin network is gradualy beoming anoying. I don't see why a transaction will cost anything more than cents but ofcourse we understand the TPS is very low and this has birthed the high cost of fees based on priority.

If you however must pay your vendor with fees in cents, you must consider paying via other altcoins that charges way lesser.

Sadly Bitcoin and Ethereum are horrible when it comes to making small purchases during bull markets. I think ETH is not as bad and you can get away with $1-2 transactions but lately BTC due it Ordinals clogging the chain are resulting in fees closer to $10 for a single transaction, that is with a 100 sat/byte. So paying less than $0.20 is just not possible.

Maybe wait until Christmas day when we have no activity and maybe the fee will be cheaper then but who knows. There might be a Santa rally and the fees might still be high. Just need to bite the bullet and the first time accept that you fee will be high. Use lightning or some other Layer 2 chain such as Arbitrium which is very low in fees.

Can't deny that transaction fees have really increased quite significantly recently. Maybe because the network is busy and also because the price of Bitcoin has risen quite significantly recently. However, when you want to make a transaction like that and what's more it is a one-time purchase, of course this might be a little difficult to carry out according to expectations. Usually the fees will change. but not necessarily significantly in a fairly close time span. The Lightning network, which is usually the solution, is currently still quite ineffective. So, yes, that's the fee that has to be paid now. So, if you don't choose altcoins, that means you might need to rest the purchase time again to get a lower fee. but this may be difficult to do.

With Bitcoin, you've very limited options when it comes to transaction fees. At least on ethereum, you can just bolt away to the cheapest EVM chain whether it's L2 or side chain as long as it gets the job done. My current workaround to evade high fees on Bitcoin to simply to set a transaction fee that meets the minimum requirement for ViaBTC's tx accelerator and hit send. Then I try to time the hourly tx submission to their free transaction accelerator. As long as your tx hit the minimum criteria, you should be good to go even if your tx fee is 50% less than the recommended fee based on the mempool.

https://www.viabtc.com/tools/txaccelerator

An investor will wait for a bull run in 2024 after Bitcoin halving to find chance to take profit. Take profit now, in 2023 is not a smart investment idea. I don't see need to pay expensive transaction fee now and in return I might lose my bitcoin by selling cheap, cheaper than 2024 and 2025.

I believe from December to April 2024, I will have opportunity to move my bitcoin with cheaper transaction fee. At this time, I agree with you that waiting is the best choice.

Some people want to move their bitcoin, are ready to pay expensive fee because they have different needs like have to sell coins to have cash to use, sell coins to buy shit coins.

For the first reason, it is serious and an experienced investor will always have some amount of cash to use, without need to sell bitcoin at not good price.

Nothing and wait until the market congested getting into a normal wave, previously people kept making a lot of transactions with the BTC somehow on its pair and also newly released coins, if you don't hurry too much with the transaction just couple of hours or days it could be lead back to normal state. If you encounter the same scenratio as that with your transaction better to tell to them with the transaction fee is too much high or use the P2p by the binance if you have some so you don't need to pay higher tx fees. Always check too the

Lolz.. I thought I was the only one waiting for unconfirmed Bitcoin transaction, but not knowing we were many, because I also initiated a transaction on the 5th December of 0.002 BTC worth $84 at the time the transaction was made, whose initial fee was $17, but had reduce it to $2.5, and could you imagine it took it good 4days before it got confirmed, because I just woke up this morning and found out transaction done since on the 5th December just go confirmed today on the 9th December with an extra $4 due to the recent increase in the price of BTC. (i.e value of 0.002 BTC instead of $84 now $88)



So, I'm sure yours is likely to get confirmed by tomorrow.

Worst experience of reducing transaction fee. Few day age I transfer $68 in someone's wallet by reducing the transaction fee. The fee showing for transfer $68 is $13 it's a lot of amount for me. That's why I reduced my fee to $13 to $2. Something. I know it will take a lot of time how much time it will take 4 hours, 5 hours, maximum one day. But  what tye luck I have 3 days spend but it still pending.

Ethereum's gas fees are still quite high at the moment, to swap tokens on a DEX around $31 and of course still very expensive.


For Gas Fees, withdrawals of Exchanges such as Binance are charged 0.0032 ETH with a minimum withdrawal of 0.01ETH.


For Bitcoin, Gas Fee has now dropped by 105.66 sat/vB around $6.68 with a confirmation of about 20 minutes.


All those gas fees are updated as I write this comment.
Ethereum is still high but for other networks such as zksync, Optimism, BSC, Polygon, TRX is still quite cheap and the best choice besides ERC20 networks.

For Bitcoin, it is quite normal after yesterday experienced a surge in transactions and a significant increase in the price of Bitcoin so that gas fees will be more expensive.

Yes, unfortunately, our hands are tied are far as transactions goes, you can manually set the fees though depends on the user. Or just monitor the mempool when the fees is down or at least not 100 sat/vB++.

In my case though, transaction accelerators are very effective.

https://www.viabtc.com/tools/txaccelerator

You just really have to check it if there is a available open free slots as they usually filled in very fast.

This is just about the most you could do. Apparently, these fees are the one means to sustenance for the bitcoin blockchain, it’s one means in which miners get the little or most they do and in times like this, we just have to bare with the trend. It’s a trend and it does goes out.
You might just pay the fees or perhaps, sort other means outside cryptos or Bitcoin payment. Perhaps you could even buy some altcoins (Stablecoins) preferably and use that to make your transactions. You would still arrive at the same means of paying without having high fees levied on your transaction. Only cause for worry would be the rate at which you would be offered the stablecoin or altcoins for sale. Nothing is real free my friend.
Bitcoin accelerators might be able to help as well.

I was going to suggest you to use the Lightning network but you can't use that because the first time you still have to pay the fee which will exceed the 20 cents limit. If your vendor accepts several cryptocurrencies then simply don't use BTC to pay the amount. Use another token like BNB or Matic they have the lowest transaction fee. I mostly prefer them whenever I have to avoid transaction fees.

See if your vendor accepts Matic, or BNB for payment method, if yes then check if the transaction fee is lower than your limit of 20 cents or not. Because the fees might exceed in rare cases so make sure to check that before making any transaction. And if you already have your funds in BTC and to get Matic or BNB you have to swap them into any of these two coins.
And this will cost you too So it might be possible that if we combined all the fees made, it would cross your 20-cent limit. So, I don't think there is any other way for you to make this happen but to wait for the transaction fee to drop, but in any case, the fees are not going to drop below 2$ maximum so expecting it to drop below 20 cents will be idiotic.

I myself am shocked by such commissions, and I don’t see any solutions to reduce commissions. The rate of commissions was declining, but yesterday they increased by 270 percent.
All my earnings come to Trust Wallet, and once upon a time it was possible to make a swap on it for other tokens, but now this cannot be done - and there is only Bitcoin.
Reducing the commission is a bad option, because in the past my transaction with a reduced commission was stuck for five days, after which I still didn’t understand whether it went further or returned.
Someone may suggest Transaction accelerators do not provide any guarantees, but my friends told me that they could not get any effect from these services.

According to etherscan, the required gas price for getting confirmation is now 45 Gwei.
As for a normal ethereum transaction 21,000 units of gas is required, the required fee is now around 0.0009 ETH which is worth around 2.2 dollars.

The required fee would be higher if you want to send tokens and note that you would have to pay much higher fees for withdrawal from exchanges.

Based on preference, it seems OP just wants to make payments in cryptocurrency, which is not necessary if the shop accepts fiat payments. Perhaps if I happen to be in OPs situation and I have two options of payment, even if Bitcoin is my most preferred means of payment, I will rather consider paying with fiat since the transaction fee for Bitcoin is too high.

There is no alternative to this right now than to pay the fees because the bitcoin network has become high even in weekends due to the FOMO and the ETF anticipations of speculators, but if you want to forgone decentralization and privacy, then here are some options that I know you can use to purchase an item from online vendors:

Most vendors that I know used Binance pay or internal transaction to received bitcoin transaction, so I think you can ask him if he want the payment through that route, simply request for his Binance Pay ID and move your coins from spot wallet to funding and send him the bitcoin and then you can share him the transaction ID which is always an internal transaction and it cost zero fees but you have to make sure you are dealing with a legit and trust worthy vendor, if you don't trust and can't verify then don't send. Other exchanges has this features, Kucoin is there as well to use.

You can also request if the vendor accept other coins, many of them accept stable coin such as USDT, you can swap your BTC to stablecoin and utilized tron blockchain for the time being because this are the only alternatives that you can use for now and if you insist on bitcoin for such, then you have to be ready to pay the fees to get your transaction to the vendor.

No Ethereum has its fees and it is called gas fee, the Ethereum network is the most expensive network In terms of fees, so if you’re going to consider that network I will advice you not use it because it is expensive than even bitcoin. If you’re considering using Altcoins then I will say you should go for tron network it is fast and cheap.

Ethereum has its own block explorer as etherescan

Buying new coins is a bigger headache than purchasing the hat. If it was as simple as going to the convenience store and buying whatever coins you want as simple as it is buying gift cards (marked up reasonably) then this post wouldn't have existed.

Does Ethereum have the same transaction fees? Is there a mempool.space type of site to check the current trend on Ethereum ?