How to avoid high bitcoin transaction fees?

lite

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Quote from: teddy5145 on January 03, 2018, 04:17:17 PM

Use segwit address, it should lower the cost for sending coins

If your wallet is not segwit ready yet, then you might want to convert some of your coins into another altcoins, Bitcoin will be stored for long term use while while alts for everyday use.

There's also lightning network that currently in testing and it should help our problem with transaction fees and time tremendously.
You can try to test Lightning Network on Bitcoin Testnet though, https://www.reddit.com/r/Bitcoin/comments/7ieuki/how_to_test_lightning_network_on_testnet/

Lightning network is the solution for fast, cheap and microtractions, i hope it's gets released asap. see lightning network in action (https://youtube.com/watch?v=a73Gz3Tvx3k&time_continue=2). we also need to ask bitcoin sites/services to enable segwit address/wallet.

teddy5145

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Use segwit address, it should lower the cost for sending coins

If your wallet is not segwit ready yet, then you might want to convert some of your coins into another altcoins, Bitcoin will be stored for long term use while while alts for everyday use.

There's also lightning network that currently in testing and it should help our problem with transaction fees and time tremendously.
You can try to test Lightning Network on Bitcoin Testnet though, https://www.reddit.com/r/Bitcoin/comments/7ieuki/how_to_test_lightning_network_on_testnet/

ajqjjj

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Quote from: steveabrahams on January 02, 2018, 09:45:46 PM

Quote from: rapidleech on December 20, 2017, 10:17:54 PM

hey guys
i need a clear & technical answer:

How to avoid high bitcoin transaction fees?
i receive 10-20 payment per week , so how to avoid increase of transaction size?

How "transaction size" & Transaction Fees in blockchain work?

Try to not use bitcoin for micro transaction and change into altcoins like dogecoin that have low fee or you can collect it and send it every months, not every week to avoid the fees. Always check this site https://bitcoinfees.earn.com to check how the normal fee and check the last block that mined.

I expects that bitcoin transaction fees would be reduced after the hard fork has been done but unfortunately nothing changed bigger in the chart as I noticed in all the online wallet provider sites.
You need to wait for more weeks to find the bitcoin transaction fee reduced and until that we have to manage the transaction for big number alone not with the value for cheap transaction as you said.

steveabrahams

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Quote from: rapidleech on December 20, 2017, 10:17:54 PM

hey guys
i need a clear & technical answer:

How to avoid high bitcoin transaction fees?
i receive 10-20 payment per week , so how to avoid increase of transaction size?

How "transaction size" & Transaction Fees in blockchain work?

Try to not use bitcoin for micro transaction and change into altcoins like dogecoin that have low fee or you can collect it and send it every months, not every week to avoid the fees. Always check this site https://bitcoinfees.earn.com to check how the normal fee and check the last block that mined.

triads

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Quote from: alyssa85 on December 30, 2017, 10:36:55 AM

Reduce the number of payments and only send/receive large amounts.

Also, check the mempool before you send:

https://dedi.jochen-hoenicke.de/queue/#24h

Wait till it has dropped before sending, and you increase the chances that you receive your coins quickly.

The other option is to use another coin. Ask the people who are sending the coins whether they can use litecoin or doge instead. It's cheaper and quicker.

Avoiding using BTC is not a 'solution'. That so many posters are suggesting it bodes poorly for Bitcoin. Segwit or not, if the crypto can't handle the volume without a $26 transaction fee (which is the current average), it has lost it's original purpose.

For comparison, the average transaction fee for VISA or MasterCard is $2.

alyssa85

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Reduce the number of payments and only send/receive large amounts.

Also, check the mempool before you send:

https://dedi.jochen-hoenicke.de/queue/#24h

Wait till it has dropped before sending, and you increase the chances that you receive your coins quickly.

The other option is to use another coin. Ask the people who are sending the coins whether they can use litecoin or doge instead. It's cheaper and quicker.

Samarkand

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Quote from: iqlimasyadiqa on December 29, 2017, 07:11:11 PM

...
I think the current transaction costs can be said to be very high, but this is a consequence because of the increasing use of Bitcoin....

The current transaction costs have nothing to do with the increasing use of Bitcoin.

They are caused by the high price, which causes fees to rise, because they are calculated
in Satoshi and not in $. Additionally, miners (and other entities that have an interest to damage Bitcoin)
are using spam attacks to bloat the mempool with low-fee transactions, which causes fee
estimations of most wallet software to skyrocket to unnecessary high levels.

figmentofmyass

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Quote from: iqlimasyadiqa on December 29, 2017, 07:11:11 PM

I think the current transaction costs can be said to be very high, but this is a consequence because of the increasing use of Bitcoin.

in the scheme of things, it's not that high. for the first time recently, transaction fees amounted to more than the block reward, which bodes well for bitcoin's security model. it needs to be secured purely by transaction fees in the future.

but i don't think the current fees are organic. there's definitely a combination of a spam attack and gaming of the difficulty algorithm to encourage higher fees. but i'm realizing that even more than that, the biggest problem is bad fee estimation by major wallets and exchanges. when large economic nodes are pricing us out unnecessarily because they are overpaying for immediate confirmation, this is a problem. there should be some collaborative effort made among the exchanges and major wallet providers like blockchain.info to create sane fee estimation algos.

iqlimasyadiqa

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Quote from: Carmen01 on December 29, 2017, 08:44:31 AM

You can't avoid any transaction if you need but you cannot do any transaction if you want too also so i say that if you have problems in fee don't do transaction and if you need it then do transaction even it's so high that's all you can do.Moreover i think everything here in crypto have a reason why it's happen so always search that then always ask someone if you don't know exactly why it's happen.

I think the current transaction costs can be said to be very high, but this is a consequence because of the increasing use of Bitcoin. I see this as a necessity, although many services say it can provide accelelators to speed up delivery, but I prefer to increase transaction fees. Better to issue higher transaction fees to be able to get a service faster time than having to wait too long. We can not avoid the transaction fee because I think it is a mandatory thing and we must apply a high transaction fee to get the best service when sending Bitcoin.

Patatas

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Quote from: Quidat on December 29, 2017, 12:28:28 PM

If you did able to put up low amounts on the suggested or default fees on that time then for sure high chances of that bitcoin transfer would really be stuck. This is why its really important to look at here https://bitcoinfees.earn.com regarding on the the suggested fees that you would able to use up.We do all know lightning network isnt there so for now we would really have any choice but to wait up.

The problem is,this would just get his confirmations faster but not necessarily less fees as the network would be as usual congested.The most optimal solution would be to use services that have the segwit locked in : )

Quote from: Carmen01 on December 29, 2017, 08:44:31 AM

You can't avoid any transaction if you need but you cannot do any transaction if you want too also so i say that if you have problems in fee don't do transaction and if you need it then do transaction even it's so high that's all you can do.Moreover i think everything here in crypto have a reason why it's happen so always search that then always ask someone if you don't know exactly why it's happen.

This makes me sad to see how terrible you signature posters are..you had to post even though you had no idea what's what..

OP,please inbox me I will explain you better technically if that's what you expect.Threads are usually filled with spam from shit-posters.

Quidat

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Quote from: Wipro on December 29, 2017, 09:18:22 AM

Quote from: Carmen01 on December 29, 2017, 08:44:31 AM

You can't avoid any transaction if you need but you cannot do any transaction if you want too also so i say that if you have problems in fee don't do transaction and if you need it then do transaction even it's so high that's all you can do.Moreover i think everything here in crypto have a reason why it's happen so always search that then always ask someone if you don't know exactly why it's happen.

In desktop wallets and some online wallets like blockchain you may able to modify the transaction fees like low, regular and priority fees. As you change this option you will get the transaction fees reduced somehow from the fee as default transaction fees.
But transaction may stuck while we modifying the transaction fee. Still if you want to take risk and do this. You can do it as like that.

If you did able to put up low amounts on the suggested or default fees on that time then for sure high chances of that bitcoin transfer would really be stuck. This is why its really important to look at here https://bitcoinfees.earn.com regarding on the the suggested fees that you would able to use up.We do all know lightning network isnt there so for now we would really have any choice but to wait up.

maichimoto

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error08

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Quote from: lite on December 24, 2017, 03:39:29 PM

Quote from: rapidleech on December 20, 2017, 10:17:54 PM

hey guys
i need a clear & technical answer:

How to avoid high bitcoin transaction fees?
i receive 10-20 payment per week , so how to avoid increase of transaction size?

How "transaction size" & Transaction Fees in blockchain work?

Who sends you the payment? it would be best if both party(receiver and sender) used segwit address(fees are cheaper) and decrease the number of inputs(especially this)/outputs. to calculate, how much effect inputs/outputs have on the fees, use this tool(estimatefee.com).

This is the best and easy way to do it, until the time has come for lightning network to be implemented on chain.
As Op is the one who receive the payment, can you convince the sender to use segwit address as well?
It's weird for most big platforms such as exchanges do not use segwit address as their transactions must be the biggest contributor to the mempool.

Wipro

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Quote from: Carmen01 on December 29, 2017, 08:44:31 AM

You can't avoid any transaction if you need but you cannot do any transaction if you want too also so i say that if you have problems in fee don't do transaction and if you need it then do transaction even it's so high that's all you can do.Moreover i think everything here in crypto have a reason why it's happen so always search that then always ask someone if you don't know exactly why it's happen.

In desktop wallets and some online wallets like blockchain you may able to modify the transaction fees like low, regular and priority fees. As you change this option you will get the transaction fees reduced somehow from the fee as default transaction fees.
But transaction may stuck while we modifying the transaction fee. Still if you want to take risk and do this. You can do it as like that.

Carmen01

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You can't avoid any transaction if you need but you cannot do any transaction if you want too also so i say that if you have problems in fee don't do transaction and if you need it then do transaction even it's so high that's all you can do.Moreover i think everything here in crypto have a reason why it's happen so always search that then always ask someone if you don't know exactly why it's happen.

whirlcoin

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The best way to avoid high transaction fee by selecting the right wallet based on the use.If you send many transactions then it is good to choose electrum wallet which allws you to send all transactions at once with single fee.If you transaction is single then best to choose blockchain wallet because the fee is affordable when compared to coinbase or other pupular wallets.
But the reason for high transaction fee is traffic in blockchain network so we need to wait if the network is too traffic or else it will cost you more.

Nfp

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To avoid high transaction fees for every transaction you do, you can check it out here at this thread https://bitcointalksearch.org/topic/segwit-wallets-2657620 . Having a different SigWit wallets that you can use to avoid a high transaction fees.

triads

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Quote from: onrise on December 26, 2017, 02:27:20 PM

Right said that you have to pay sometimes high because if the trust factor and they do command that trust. The problem is inspite of paying decent fees your transaction in blockchain gets struck for a week or so thus the purpose of btc itself is sending fast transaction from one place to another is not being served here. Thus users will now shift to another wallet or will shift to another coin all together due to such transaction fees and delayed transfers.

It will also mean all the micro / dust transactions are going to leave, if they haven't already. Fees have averaged $30 to $50 this month... that's insane. If this continues, Bitcoin will cease to be a payment vehicle for the average person. It will only be for investors and people doing large transactions. Ironic, since it was all those smaller transactions that helped Bitcoin become established to begin with.

namjar

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And where is the difference? If you change the fee of a transaction it will be almost the same.

You need to put the recommended fee to make that transaction go through quickly.

Actually, if you use 400 satoshis per byte the transaction will go through fastly, but the recommended fee is aproximately 1000 satoshis per byte (it is all a huge lie)

Maybe your theory would apply right now, but just only for now.

Quote from: akram143 on December 26, 2017, 03:32:13 AM

I think the wallet we are using plays a big part in transaction fee,so you have to choose a wallet with customisable fee structure to avoid high fees.

onrise

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Quote from: Mister1k on December 26, 2017, 02:09:38 PM

Quote from: felipe04 on December 26, 2017, 07:52:23 AM

i think the fees are more good than to avoid that because we have coinpot.co here in crypto and some of transaction there are no fees like in our own country that don't have any fees there,Coinpot.co have different wallet btc,doge,ltc and etc. but i didn't use it because even it's no fees at all we don't have assurance in that wallet not like blockchain that already trusted wallet even with fees.

I don't think wallet site you have mentioned here is trusted source or not. Keep change good wallet provider in market like blockchain wallet or coinbase wallet.
I knew fees are high in the mentioned wallet but trusted and it should not be a scammy wallet for its consumers. We cannot do anything to fees you can utilize the wallet to send or receive after some weeks.

Right said that you have to pay sometimes high because if the trust factor and they do command that trust. The problem is inspite of paying decent fees your transaction in blockchain gets struck for a week or so thus the purpose of btc itself is sending fast transaction from one place to another is not being served here. Thus users will now shift to another wallet or will shift to another coin all together due to such transaction fees and delayed transfers.

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