How to reduce gas fees | Bitcointalksearch.org

adultcrypto

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Quote from: IceLincoln on September 25, 2024, 08:02:24 AM

Yeah I just recently discovered there’s a way to reduce or bypass crypto transactions fees.
We know how moving or transferring cryptocurrency from one wallet to another or to exchanges can be expensive, with Bitcoin fees ranging from $5 to $30 and Ethereum almost as high.
At the same time there are others with less than a dollar charge or no charge at all e.g Tron(TRX) Ripple(XRP) and litecoin. IOTA and nano offer free gas transactions.

Most crypto transactions require a gas fee to cover for the validation of the transaction.
I just discovered there’s a way to bypass this high charges in some transactions.
For example if you’re transferring from your wallet to your exchange, you can swap to any of the low gas fee cryptocurrencies (TRX, XRP) and send so when you receive it you swap back to the desired crypto. I discovered while dealing with Tron, the gas fees was less than a dollar so I decided to share. Some persons here might already know about it but good info for the newbies.
So any time I want to transact now I do convert to Tron first before I send.
You can research and find out other cryptocurrencies with low gas fees

How is this method useful for someone who is building a bitcoin portfolio and buying bitcoin through the DCA method? If you want to withdraw through any other cryptocurrency with lower transaction fees, that is only useful to you if you don't plan to convert to any other cryptocurrency but then it becomes difficult when you want to buy and hold other cryptocurrency. Even if you withdraw to wallets that allow you to swap, you will still pay fees almost as high as the fee you are avoiding.

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If you're sending Bitcoin, using the Lightning Network can reduce fees.
If you're sending Ethereum, using a decentralized exchange like Uniswap to swap your Ethereum for Polygon (MATIC)
Transfer the Polygon (MATIC), which usually has lower fees compared to Ethereum.

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Quote from: IceLincoln on September 25, 2024, 09:12:33 AM

Yeah I get your point, I didn’t specify I used multi chain wallets coz I deal with a lot of altcoins, I’ve successfully swapped bitcoin in my binance exchange and sent out. It might not work for all wallets(mostly btc Specific ones) and for some transactions but it definitely helps when dealing with most altcoins.

To be honest, you didnt actually find a way to reduce transaction fees, you used a centralized exchange to send another altcoin instead of your desired cryptocurrency. Thats terrible advice in most cases. And in certain situations, you can actually lose your coins irretrievably that way.

Zaguru12

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Quote from: IceLincoln on September 25, 2024, 08:02:24 AM

For example if you’re transferring from your wallet to your exchange, you can swap to any of the low gas fee cryptocurrencies (TRX, XRP) and send so when you receive it you swap back to the desired crypto. I discovered while dealing with Tron, the gas fees was less than a dollar so I decided to share. Some persons here might already know about it but good info for the newbies.
So any time I want to transact now I do convert to Tron first before I send.
You can research and find out other cryptocurrencies with low gas fees

This is only possible if you keep your coins on a centralized exchange because it is on them that you can easily swap from one coin to another on different blockchain. It is not possible on wallets that because they are specific to a certain blockchain, although there are some that offers bridging to other blockchains but even that is limited to few blockchain mostly layer 2 blockchains and this is also requiring some kind of transaction fees.

I don’t see any wallet that can actually bridge to bitcoin wallet because it doesn’t support smart contracts like the Ethereum or EVM blockchain. So this is actually not going to work on bitcoin which is the major worry for transaction fees

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Quote from: Amphenomenon on September 25, 2024, 08:21:53 AM

Op, the generalize name is transaction fee while Ethereum used the term gas fee.

Bitcoin fee for the past few months as been significantly stable I doubt anyone would see any reason of converting their coins to an altcoin before moving to an exchange, actually this is even something I don't see as feasible from the fact that swapping coins require some amount fee also.
Another thing we often use bitcoin-only wallets to store our coins which are actually much reliable and secure, offering much functionality with the Bitcoin Network like fee customization and it likes.

Not to talk about the added difficulty if you later want to track your coins to for example justify their origin, and even more important the fact that in some countries every time you swap is like you sold, and have to pay the corresponding taxes.

Therefore, in many cases, I don't think such a mess is worth the little money you will save in fees.

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Well this method you stated sounds very good but has got a whole pack of limitations attached to it as it doesn't and wouldn't work with al wallets except for the wallets where it works, it doesn't get to be applicable, there are some wallets that do not permit such even when they have Altcoins wallet while some literally charge for that conversion aswell so you may not escape that gas fee but may spend lesser.

For exchange to exchange this works fine but for wallet to wallet, it doesn't all the time, some wallets may not have ltx and other alt coins so in such cases you still get to pay the gas fee, just make sure to always check the mempool and that way you could know what's applicable ta the moment and reduce your fee if you are not constrained by time nd this works well with trust wallet.

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Quote from: IceLincoln on September 25, 2024, 08:02:24 AM

For example if you’re transferring from your wallet to your exchange, you can swap to any of the low gas fee cryptocurrencies (TRX, XRP) and send so when you receive it you swap back to the desired crypto.

For you to be able to swap without paying any fees, it means you are holding your funds in a custodian swap exchange service wallet and it is terrible advice to store your funds in a wallet you do not own the private keys to.

Ways to reduce transaction fees;
• Consolidating small inputs when fees are low,
• Spending from less inputs and outputs,
• Using segwit addresses,
• Not needed change in the transaction.

Dailyscript

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When I first saw the topic I was wondering if there was any way that could be possible. The example you gave does not reduce the transaction fee rather it provides an alternative to spend low on transaction fees using a lesser network with a low fee. However, it doesn't work for individuals sending from their wallet to the centralized exchange.

Sending Bitcoin from Wallet to CEX has to be done with the right transaction fee that is set on the mempool. Currently, Bitcoin fees are low, which means anyone can afford to pay for the transaction fees. A low amount of transactions is about 0$0.69 while high transactions can spend nothing less than $2 maximum. Excluding whales. transaction.

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Quote from: IceLincoln on September 25, 2024, 08:02:24 AM

Yeah I just recently discovered there’s a way to reduce or bypass crypto transactions fees.

The common principle for all blockchains, when you make an on chain transaction and want to save transaction fee (cheaper fee), is to do your transaction when that blockchain is not too congested. You must know days, and hours when that blockchain usually have less demands and consequently cheaper fees.

In addition, you will need to reduce your inputs because outputs mostly can not be changed. With inputs, you can consolidate them and prepare it for time when you want to broadcast your transaction.

Quote

We know how moving or transferring cryptocurrency from one wallet to another or to exchanges can be expensive, with Bitcoin fees ranging from $5 to $30 and Ethereum almost as high

Principles to choose days, and hours for your transactions work with Ethereum blockchain too.

For some other chains, You want to make USDT transaction, check transaction fee across chains

avp2306

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Quote from: IceLincoln on September 25, 2024, 08:02:24 AM

I just discovered there’s a way to bypass this high charges in some transactions.
For example if you’re transferring from your wallet to your exchange, you can swap to any of the low gas fee cryptocurrencies (TRX, XRP) and send so when you receive it you swap back to the desired crypto. I discovered while dealing with Tron, the gas fees was less than a dollar so I decided to share. Some persons here might already know about it but good info for the newbies.
So any time I want to transact now I do convert to Tron first before I send.
You can research and find out other cryptocurrencies with low gas fees

This is not new many people do this especially bitcoin fee surge up they find good alternative to bypass those situation. Also Doge is on of best option regarding on this matter. But right now fees is not a problem since it stabilize so there's no problem dealing with bitcoin since anytime they want people could transfer without having or encountered any issues.

Also for other people if they insist to use bitcoin to transfer just use the recommended fee's set by the wallet provider you are using since setting at lowest fee might create an issue on your side since the transfer might take a long time. Many people experience trouble for doing this so always choose the recommended and avoid committing mistakes in this situations.

IceLincoln

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Quote from: Sim_card on September 25, 2024, 08:09:54 AM

When it comes to bitcoin and you are transfering it directly from your noncustodial wallet to an exchange or vice-versa, it will not work because using wallets like Electrum, Bluewallet and Sparrow are strictly bitcoin wallets and there is no way that you can send altcoins to such wallets. What you just said is applicable when you are transferring coins from one exchange to the other or to altcoins wallet that has the swap features.

Yeah I get your point, I didn’t specify I used multi chain wallets coz I deal with a lot of altcoins, I’ve successfully swapped bitcoin in my binance exchange and sent out. It might not work for all wallets(mostly btc Specific ones) and for some transactions but it definitely helps when dealing with most altcoins.

Amphenomenon

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Op, the generalize name is transaction fee while Ethereum used the term gas fee.

Bitcoin fee for the past few months as been significantly stable I doubt anyone would see any reason of converting their coins to an altcoin before moving to an exchange, actually this is even something I don't see as feasible from the fact that swapping coins require some amount fee also.
Another thing we often use bitcoin-only wallets to store our coins which are actually much reliable and secure, offering much functionality with the Bitcoin Network like fee customization and it likes.

Sim_card

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Quote from: IceLincoln on September 25, 2024, 08:02:24 AM

For example if you’re transferring from your wallet to your exchange, you can swap to any of the low gas fee cryptocurrencies (TRX, XRP) and send so when you receive it you swap back to the desired crypto.

When it comes to bitcoin and you are transfering it directly from your noncustodial wallet to an exchange or vice-versa, it will not work because using wallets like Electrum, Bluewallet and Sparrow are strictly bitcoin wallets and there is no way that you can send altcoins to such wallets. What you just said is applicable when you are transferring coins from one exchange to the other or to altcoins wallet that has the swap features.

IceLincoln

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Yeah I just recently discovered there’s a way to reduce or bypass crypto transactions fees.
We know how moving or transferring cryptocurrency from one wallet to another or to exchanges can be expensive, with Bitcoin fees ranging from $5 to $30 and Ethereum almost as high.
At the same time there are others with less than a dollar charge or no charge at all e.g Tron(TRX) Ripple(XRP) and litecoin. IOTA and nano offer free gas transactions.

Most crypto transactions require a gas fee to cover for the validation of the transaction.
I just discovered there’s a way to bypass this high charges in some transactions.
For example if you’re transferring from your wallet to your exchange, you can swap to any of the low gas fee cryptocurrencies (TRX, XRP) and send so when you receive it you swap back to the desired crypto. I discovered while dealing with Tron, the gas fees was less than a dollar so I decided to share. Some persons here might already know about it but good info for the newbies.
So any time I want to transact now I do convert to Tron first before I send.
You can research and find out other cryptocurrencies with low gas fees

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