How Can I Pay Lower Bitcoin Transaction Fee and Not Get Stuck?

danadc

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Quote from: Assface16678 on January 04, 2024, 05:51:23 PM

Quote from: OddJobsForBitcoin on December 30, 2023, 03:27:28 AM

Can somebody explain why mining fees are rocketing? Everyone is blaming Ordinals and BTC block size. Why can't the developers do something about it? Must Bitcoin core remain close to what Satoshi envisaged? I've asked a number of questions already so let's get some answers.

4. How Can I Pay Lower Bitcoin Transaction Fee and Not Get Stuck?

Best option? Wait for the fees to get lower, its wise to do transfer if its not urgent then its better to do a transaction with bulk bitcoin asset meaning if its not need or too urgent then do a bitcoin transaction with a huge amount of bitcoin and wait for the fees to go down or what your desired amount of fee, its better to do one transaction a week then doing a transaction a day its more practical but if the transaction is urgent then we can't do anything about that.

If you have a constant address where you will do transaction then its better to open a light network but it is not practical if you will do one transaction to a specific people or address. We can't do much about the fees or how high the fees are we can only wait for it to go lower and its getting lower based on the day so if you can wait then wait.

That is the best answer, I also think the same if it is not necessary or urgent to make a bitcoin transaction, it is better to wait, this will not be for life, the rates will go down, emergencies are something else, oh if you have to do it Well, no way, you have to face the value that has to be given for the fee, for that reason it is asked that the erosna not despair, that they do something to try to avoid making any type of transaction with bitocin so that they do not lose it , this congestion will pass, that is not something that will always be.

The people who are more impatient will somehow not care, I am sure they will pay for the high fees, and that is their own decision, because there is nothing to do there, things must be managed at that level and to be able to have the best price, but now if you can hold on, it's much better, because that's the point, these days will be very crucial for the ETFs and their possible approval.

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(1, 2, 4) - Because this is bitcoin, and you need to accept it, it was not born to accept you, the development journey so far this problem seems to have some solutions like LN, but of course that is special features that users should learn about and accept rather than judge.

(3)- Like you can't pretend you're someone else because it's fake, so if you want to choose BTC then as I expressed before is accepting. IMO, in addition to switching to altcoins as well as indirectly using bitcoin, I really don't feel like there are too many problems. As some suggest adapt to them, use bitcoin for large transactions and altcoins for small transactions if you want.

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Quote from: OddJobsForBitcoin on December 30, 2023, 03:27:28 AM

4. How Can I Pay Lower Bitcoin Transaction Fee and Not Get Stuck?

Probably it is best to watch the network and the transaction fees to understand when the fees are at a lower level and broadcast your transaction at the same time. Or the best is to stop using Bitcoin totally unless this nonsense ordinals are completely banned by the Bitcoin developers.

Honestly Bitcoin has lost it's charm as a payment method, rather it has become the slowest and costliest one which everyone would like to avoid. It's just an investment right now.

Assface16678

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Quote from: OddJobsForBitcoin on December 30, 2023, 03:27:28 AM

Can somebody explain why mining fees are rocketing? Everyone is blaming Ordinals and BTC block size. Why can't the developers do something about it? Must Bitcoin core remain close to what Satoshi envisaged? I've asked a number of questions already so let's get some answers.

4. How Can I Pay Lower Bitcoin Transaction Fee and Not Get Stuck?

Best option? Wait for the fees to get lower, its wise to do transfer if its not urgent then its better to do a transaction with bulk bitcoin asset meaning if its not need or too urgent then do a bitcoin transaction with a huge amount of bitcoin and wait for the fees to go down or what your desired amount of fee, its better to do one transaction a week then doing a transaction a day its more practical but if the transaction is urgent then we can't do anything about that.

If you have a constant address where you will do transaction then its better to open a light network but it is not practical if you will do one transaction to a specific people or address. We can't do much about the fees or how high the fees are we can only wait for it to go lower and its getting lower based on the day so if you can wait then wait.

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Quote from: BitcoinPanther on December 30, 2023, 03:01:23 PM

If you have the fund create your own mining farm and include your transaction with low transaction fee on the block your mining farm succesfully mined. If you don't have the fund to make this mining farm then there is no way that you can pay lower Bitcoin transaction fee and not get stuck.

That's not as easy as you maybe think and it's not even a money thing. Even with millions of dollars to spend on ASIC gear, you wouldn't be able to purchase enough to become a big-enough party to find blocks where you could include your own transactions.

ASIC machines are like Ferraris, they are pre-orders that need time to be constructed. There is big competition and demand, and you would need a lot of time to become competitive.

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Quote from: BitcoinPanther on December 30, 2023, 03:01:23 PM

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4. How Can I Pay Lower Bitcoin Transaction Fee and Not Get Stuck?

If you have the fund create your own mining farm and include your transaction with low transaction fee on the block your mining farm succesfully mined. If you don't have the fund to make this mining farm then there is no way that you can pay lower Bitcoin transaction fee and not get stuck.

If you are thinking the use of accelerator, the free service is almost impossible to access due to bot script that is programed to use the free slots. If you end up planning to use the paid service, I can say forget about it, it cost way higher the transaction fee.

I dont know if you are serious about suggesting on having your own mining farm just to push your transaction or you are really just that being sarcastic? Cool

Imagine that he's trying out to save up fees on here, im not saying that he doesnt have the money but building up a mining farm just to push your transaction doesnt really make sense.
Imagine on how much those miner cost and it would really be just that simple and easy if you could just pay up the fees.
You would really be needing only $8.96 as of this moment for a high priority transaction.

@OP, if you can still be able to increase that fee then you can bump it up but if not then there's no way that you could pull out that transaction rather than on waiting up
for the network to subside.

BitcoinPanther

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Quote

4. How Can I Pay Lower Bitcoin Transaction Fee and Not Get Stuck?

If you have the fund create your own mining farm and include your transaction with low transaction fee on the block your mining farm succesfully mined. If you don't have the fund to make this mining farm then there is no way that you can pay lower Bitcoin transaction fee and not get stuck.

If you are thinking the use of accelerator, the free service is almost impossible to access due to bot script that is programed to use the free slots. If you end up planning to use the paid service, I can say forget about it, it cost way higher the transaction fee.

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Quote from: Rampagoe004 on December 30, 2023, 06:33:38 AM

It's just that talking about LN, I'm curious why currently there are still many people who don't try using LN? Am I wrong in retrieving the data? Or is there something that keeps people from popularizing the use of LN? Because honestly I just found out about LN some time ago and what I know is that the network is much cheaper than the main BTC network.

There is nothing wrong with using the Lightning Network, but for a one-time transaction, it doesn't make much sense. If you and me, for example, transact on a regular basis, then LN is useful. If one of us is only supposed to send BTC once, we aren't saving anything in case we have to open and fund a channel and then close it afterwards.

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Quote from: EL MOHA on December 30, 2023, 08:58:50 AM

Quote from: EarnOnVictor on December 30, 2023, 06:27:58 AM

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2. How do I circumvent high fees?

I use Altcoins where I can and if I must use BTC, I pay the amount for 18 Sat/VB and use ViaBTC to accelerate the transaction for free.

I wanted to suggest set the fee low but to meet the requirements of the viabtc service for free transfer but right now that’s not possible because the hourly slot for free service is said to have been hijacked by bots and it will be hard to get a transaction accelerated using Viabtc free service.

I quickly rushed to the ViaBTC acceleration page to check what you claimed that bots had hijacked it and I was surprised that at 7 minutes past 4 PM, the available slot was 0. This has never happened before ever since I used the service.

Well, I can't ascertain the bot hijacking allegation as ViaBTC will not allow their website to be compromised with bots. It is either they are the ones doing it or the traffic is so high for obvious reasons. Bitcoin's fee issue is pushing people to use any available services that can lower the fee, so you shouldn't be surprised if there are thousands of people using that service on an hourly basis now.

This will appear like a bot if people continue to queue to secure a space at the very first second of a new hour.

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Quote from: SquirrelJulietGarden on December 30, 2023, 03:52:41 AM

Quote from: LoyceV on December 30, 2023, 03:48:07 AM

BNB is a centralized shitcoin made up by a rich guy. A centralized database can't be compared to a decentralized blockchain.

Binance Smart Chain is a centralized blockchain and their team can halt it anytime.

Binance Smart Chain Halted Over 'Potential Exploit,' $100 Million Taken Off Chain. This is one of their BSC halts, not the only halt so far.

Quote from: OddJobsForBitcoin on December 30, 2023, 03:27:28 AM

1. Why is BTC fee high?

Network, mempool capacity to handle pending transactions are limited and demand recently surges a lot, with biggest spam contributions from Ordinals.

Ordinal analysis
Ordinals

It just means that the ordinals are causing great harm in this matter by increasing the fee on the bitcoin network. The effect it causes is very bad for all Bitcoin holders in times like this.

In the mempool space, when I monitor it, I don't see it drop by 60 sats. Rather, it happens so rarely that it even happens, but it's only a matter of time or a coincidence if its fee suddenly drops in the undermempool. In such a matter, it should be done in a way so that the holders do not have headaches in reality.

And I don't think there's a way for us to avoid it to lower the feebut we can adjust it however you will not be priroritize for sure.

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Quote from: masyari on December 30, 2023, 05:13:26 AM

There are decentralized chains that have higher TPS than btc.

Theoretically and on paper anything is possible, you can even have unlimited number of transactions per second. For example Ethereum was supposed to be "a decentralized computer" in theory.

But what about reality?

When we check out each of the alternatives, we see that they either suffer the same flaws as Bitcoin (because majority of them are copies of Bitcoin!) or they suffer a wide range of other issues as what they've changed is opening up new attack surface.
For example Ethereum (which is not far from being a copy of Bitcoin) suffers from the same problems and on top of that it is not what it was advertised as (the theoretical case I said above). Instead it is a centralized shitcoin with a flawed protocol, a massive premine and a mutable blockchain.

blapaz

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Quote from: EL MOHA on December 30, 2023, 08:58:50 AM

This is simply saying you don’t have knowledge about LN. here is a comprehensive list of threads for LN network by Pmalek

Definetely.

Quote from: EL MOHA on December 30, 2023, 08:58:50 AM

Also this is how to set up a LN using electrum wallet https://bitcointalksearch.org/topic/electrum-lightning-network-walkthrough-5259973

_Got on that link, images are missing._

Why would someone have to learn about channels, trampoline routing, etc.
Point is, if we want people to use LN, it should be dumb-easy and more 'transparent'.

Other networks' L2 are just much more user friendly - maybe it's the tooling, I don't know.

That's my point of view though. I don't feel safe using it - due to ignorance, I agree, but it needs to be much more easier for me to use it.

My 2c

pakhitheboss

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According to those replies that I have just now read on your thread. It is impossible for you to avoid Bitcoin high transaction fee, which is correct. If you don't want to hold Bitcon or trade with it then explore other options.

There might be multiple reasons for you to create this topic. After seeing your activity on multiple board and in specific your topic which, for me looks like you are desperate I'll Do Odd Jobs for You, it somehow relates that you might have found jobs that pays in Bitcoin and you want an option to cash out without getting into the transaction fees issue.

Either you keep holding to what are getting paid or swap them to alts that are known to be cheap transaction. I meant altcoins like TRX as this is the most traded cryptocurrency on every exchange with the lowest transaction fee.

I would still recommend not to sell everything that you have been earning with Bitcoin. Whatever you are earning take out 30 percent of it for your monthly need as I wrote above and let the rest be in your wallet.

EL MOHA

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Quote from: EarnOnVictor on December 30, 2023, 06:27:58 AM

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2. How do I circumvent high fees?

I use Altcoins where I can and if I must use BTC, I pay the amount for 18 Sat/VB and use ViaBTC to accelerate the transaction for free.

I wanted to suggest set the fee low but to meet the requirements of the viabtc service for free transfer but right now that’s not possible because the hourly slot for free service is said to have been hijacked by bots and it will be hard to get a transaction accelerated using Viabtc free service.

Quote from: blapaz on December 30, 2023, 08:34:47 AM

speaking for myself.
i don't know how to use securely.
does bitcoin core supports it?
what opening a channel means?
do i need to have another wallet?
what means paying an invoice? (seen it from kraken, which allows withdrawal via LN).

This is simply saying you don’t have knowledge about LN. here is a comprehensive list of threads for LN network by Pmalek

Also this is how to set up a LN using electrum wallet https://bitcointalksearch.org/topic/electrum-lightning-network-walkthrough-5259973

Gladitorcomeback

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Quote from: OddJobsForBitcoin on December 30, 2023, 03:27:28 AM

Can somebody explain why mining fees are rocketing? Everyone is blaming Ordinals and BTC block size. Why can't the developers do something about it?

The number of spam transaction is increased and people are paying high fee to the miner for quick according to meme pool the current unconfirmed transactions are more than 460,000. Big wallets are paying more than normal and people like you and me will just wait for some miracle. Some devolpers showing interest to do something with ordinal and Inscription but generally it is not looking very easy as BTC is decentralized and everyone have free hand to use it in own way but if continues small investors will be affected.

Quote from: OddJobsForBitcoin on December 30, 2023, 03:27:28 AM

2. How do I circumvent high fees?

Presently you have only one way, constantly check out the fee in the https://mempool.space/ and when you see that you could bear average fee then make transaction.

Note: Free accelarators not working, I have already checked and just wated my time.

blapaz

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Quote from: Rampagoe004 on December 30, 2023, 06:33:38 AM

It's just that talking about LN, I'm curious why currently there are still many people who don't try using LN? Am I wrong in retrieving the data? Or is there something that keeps people from popularizing the use of LN? Because honestly I just found out about LN some time ago and what I know is that the network is much cheaper than the main BTC network.

speaking for myself.
i don't know how to use securely.
does bitcoin core supports it?
what opening a channel means?
do i need to have another wallet?
what means paying an invoice? (seen it from kraken, which allows withdrawal via LN).

i m not risking using it.

Rampagoe004

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Quote from: Plaguedeath on December 30, 2023, 04:37:44 AM

Custodial is always the easy way to use since you only need to creating an account and it's ready to use.

While non custodial needs you to open a new channel, fund it etc that looks more technical.

But it we talk about security, non custodial is always secure than the custodial one. In custodial, you're relying on someone else channel, if the owner want to close the channel, you will lose your coins.

I think we can use non-custodial wallets for security reasons and as you said although it looks more technical but non-custodial wallets are much safer to use.

It's just that talking about LN, I'm curious why currently there are still many people who don't try using LN? Am I wrong in retrieving the data? Or is there something that keeps people from popularizing the use of LN? Because honestly I just found out about LN some time ago and what I know is that the network is much cheaper than the main BTC network.

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Quote from: OddJobsForBitcoin on December 30, 2023, 03:27:28 AM

1. Why is BTC fee high?

I think you already know this, it is as a result of the congestion caused by Ordinals and BRC-20. Sadly, I don't think this will end soon.

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2. How do I circumvent high fees?

I use Altcoins where I can and if I must use BTC, I pay the amount for 18 Sat/VB and use ViaBTC to accelerate the transaction for free.

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3. Why aren't developers tweaking the Bitcoin blockchain code to accommodate millions of transaction like Solana and BNB? This would ven make people feel comfortable using BTC as a payment instrument instead of mainly speculative, keeping big players like Blockrock less interested and giving small players like us time to buy.

I think big players will find a way to work around this though it is discouraging and annoying. However, Bitcoin can't be scaled the way you thought like that of Solana and BNB because it has to preserve its true decentralization. The more the scalability, the more it gets exposed and reduces the decentralization tendency.

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4. How Can I Pay Lower Bitcoin Transaction Fee and Not Get Stuck?

Refer to the answer provided in number 2.

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Quote from: masyari on December 30, 2023, 05:13:26 AM

There are decentralized chains that have higher TPS than btc.

True, but how successful and decentralized are they? And how many transactions do they actually process? Bitcoin's blockchain is currently 569 GB. Chainstate is already 9.4 GB. If blocks would have been 10 times larger, spammers could still easily fill them with transactions. If the current blockchain and chainstate would have been 10 times larger, you'd need 8 TB SSD and 128 GB RAM to run a node. That's still possible, but most consumers wouldn't do it anymore.
I really hate high fees, and I really want to see a solution for the low transaction throughput, but on-chain scaling can't be enough to reach mass-adoption. Google tells me Visa processes 242 billion transactions per year. That's not a problem for a huge centralized database with many backups, but it's impossible to decentralize to tens of thousands of nodes.

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Quote from: LoyceV on December 30, 2023, 03:48:07 AM

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3. Why aren't developers tweaking the Bitcoin blockchain code to accommodate millions of transaction like Solana and BNB?

I don't know Solana but BNB is a centralized shitcoin made up by a rich guy. A centralized database can't be compared to a decentralized blockchain.

There are decentralized chains that have higher TPS than btc. They can make blocks bigger and/or more frequent (and reduce reward per block) to increase tps but looks like no one care that it's really hard to use L1 BTC as payment.

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