Topic: How una dey cope with this high Bitcoin fees wahala, which wallet una dey use? (Read 243 times)

The high transaction fee matter no funny at all for last week oo, because boys waste money for transaction fee as we de try withdraw the little one wey we get, then miners come help us share am .

Normal transaction wey person de run for 12-20 sat for electron, don go above 200sat, but thank God now, the market congestion don reduce unlike before, if not many people go like switch to de use exchange wallet.

Yes mate,  when I say do more cash it doesn't mean if you DCA or you go all in to naira but then both naira and USTD are both fiats to me since both are centralized and you can choose to use them alternatively to bitcoin or any other cryptocurrency you are holding and depending on your vacation at moments because at some point you will still be needing the bank to complete some and almost all you spending transaction especially now that cryptocurrencies are not widely used for payments in the Point of sales (POS)

I think we can always figure out ways around it and survive the time,  if we survive Naija currency swap vs POS wahala,  bitcoin transactions own go be play.

Actually, this idea is a good one to reckon with. I had the thought of doing such but looking at it and the way Nigeria banks behave and the naira fluctuations I had another thought of transferring and living some emergency funds in stable coin. This is even more safe and stable than the local way and currently usdt against naira Is appreciating so you could see why I had choose to better remain onchain with a stable coin than converting to naira instead of the value of my naira to keep dropping I better remain onchain with usdt as my emergency rescue funds than keeping it in local currency.

Thank God say the fee issues have now passed behind us and we can focus on more important things, I no too panic sha because based on history of bitcoin this is not the first to such blockchain congestion will happen and it is not peculiar to only Bitcoin,  same have happened in 2017-2018 according to records and also some other blockchains such as ethereum and USTD have all experience such crisis at some points.

But then whenever such happens as a bitcoin holder all you need to do is to do. More cash than Bitcoin,  unless on an emergency where you need to use Bitcoin,  the good news is that the network connections in Bitcoin blockchain or any other cryptocurrency blockchain don't last for too long before there will be attempts to stabilize the network making them flexible.

Na Mobile Electrum wallet I dey use dis one get place wey I fit adjust my transactions fee to the last value but the problem be say if I too low am, dey Bitcoin go just stay there, as I low am las las na one online transaction accelerator I use push am, last week wey I wan send Bitcoin from my wallet to Binance as I come see the high transaction fee, I just weak, even the wallet warn me say the transaction fee too much, I low reach minimum the fee still dey high I just close am straight waited till after some days later, thank God be say no be Trustwallet I dey use I for don enter one chance bi dat, I come go do small research about wetin cause am dey say na Bitcoin ordinance wey dey use Bitcoin Blockchain.

Hehe chief I understand, as here na local na wetin make i dey post like this but anyhow thank you for the corrections I will take it up as you said. You know one thing about us  is to understand it and quickly take corrections without picking offenses despite me knowing it. If na anoda person him or she fit vex but e no reach were normal person go take am as something bad because I don sabi you for long here so no issues, you too much.

Bitcoin is not ethereum or altcoins, there is nothing called gas fee in bitcoin transaction, it is called transaction fee, or just call it fee which we can also easily understand.

What a nonsense!
How man go work finished for the whole weeks and months Baboon go sitdown chop wetin him no work for, as e dey like this ehh this gas of a thing dey vex me like mad. How many go work and to move the money out from their wallet na to share 40/60 or even 50/50 because of say man dey use bitcoin for payment, dey e dey pepper me for body ehh no be wetin to talk at all.

Snr. Man this Mata for bitcoin transaction fee really spoil market. Last week my transaction got stucked for four days before it was confirmed. After then the transaction I did was $12 even at then I took me hours before it was confirmed but I had no choice than to wait for the confirmation. Early this week I provoke  reduce the gas fee from $10 to $2 omo under 1 hour plus the transaction was confirmed. Today I ginger mora do another one I see the transaction fee I reduce am from $8 to $0.78 under 30 minutes the transaction was confirmed but I learnt one lesson from this occurrence and I have have taken measures immediately so that next time I won't go through this stress of looking for a way to transfer my coin and trying to escape high transaction fee.

All these occurrence are on trust wallet and segwit to be precised. As I see someone has already illustrated via pictorial excerpts on how to set the gas fee.

I will always advice Nigerians to stop using Trustwallet for bitcoin, it is one of the worst bitcoin wallet that I have seen.

@CryptoHeadlineNews
I like it that you are estimation your coins and fee in naira, but did you know that the exchanges and wallets that I have seen naira, including Binance and Trustwallet are all using CBN (official) rate? Which is 461 as of today. The last parallel (black) market price of United States dollar to Nigerian naira was 753. That can be misleading. You are not wrong, but I am just saying.

Omo.. I no go lie, the last past few weeks have been both a hell and blessing in disguise to me, in the sense that I was able to save more and spend less unlike before that if I need small money, ah go just run Btc transfer and swap am immediately to fiat in less than 10minutes. But I swear, has few weeks did actually show me shege, as you dey see say you get rubbers oh, but yet no fit transfer or swap an into fiat due to very high transaction fee. Because I fit remember trying to transfer my fund from Trust Wallet (I.e my first campaign BTC wallet address and I yet still maintaining it) to Remitano, and I noticed that the fee to transfer #12,000 was #3000 (i.e something wey dey cost #260 before oh), and I stopped, hoping that next day fee go don drop back to normal, but only for me to check and I noticed say fee done skyrocket 4x from #3000 to be #10,000 as fee oh to transfer that same amount of #12000.
Check out below


But it was just of recently I noticed that you can equally select the amount of fee you wish to pay while using "Trust wallet" (i.e after the fee fell back to around #1500), as you can see in the arrow given in the image below, as that button is meant for fee, and it can be used to reduce or increase your Bitcoin transaction fee on trust wallet. And that was how I was able to reduce my fee from #1325 to #500 on Monday 15th May, transferred and got it confirmed in less than an hour.

Omo during that high fee period,na only one transaction I do and when I see the fee like 25% of my transaction, I won mad but I no get option than to just do am because I need small thing to use hold my side. After that transaction,I no free do any  one gain. I go borrow fiat currency from somebody wey trust me and I tell am say I get bank issues which he understand with me.

Na just last weekend na e I do my first transaction after that one. Omo as I see say the fee don do down,I no even bother to adjust my transaction fee once na e I broadcast my transaction so that I go for pay up that my guy. I dey use electrum wallet and I no just dey alright with that high fee,omo I nearly give Hamphuz my binance wallet btc address to use dey transfer my funds. I just reason am say e no go make sense.

I know say my level  as a newbie never reach to contribute to this topic, because I never dey trade. But as I just dey read through una comments on this topic, the thing come make me dey fear small, unto say the risk wey dey involved for trading in bitcoin dey real, because if you no calculate well, you fit to loose plenty money. E de rush me for body to start to dey trade immediately, but e be like say I need to take am easy and learn more, as I de do now from senior members like una.

Anyway if I fit to contribute small, I for say if dem dey charge high fee for one wallet and e get alternative for another wallet, wey go give a better deal at that time, na to change to that one sharply. Because una make me to understand here say e dey possible to move from one wallet to another.

But better to move your coins out of Trustwallet because it is one of the bitcoin wallets that is trash. It supports only one address for bitcoin which means no privacy. It collect users information which can be given to the government and third parties. It does not support RBF. Not supporting CPFP. Not supporting coin control. It is close source.

The bitcoin high transaction fee last week really worry me too much as I take the see how my bitcoin just d reduce for price and I no fit send am go exchange to change am to stablecoin because of sae I d use trustwallet. Anyway, the bitcoin transaction fee don reduce sha, as of today na $2.30cent wey I spend to run my bitcoin transaction

Na few days ago, wey I know sae peso go fit customize em transaction fee for trustwallet. All this while I no know sae peso fit reduce em transaction fee.

Since all my dealings with bitcoin transaction I never experience this kind high fees before, na small small cent wey peso d pay to run em bitcoin transaction. When this one happen(high fees), I was really confused of the whole thing. I no know where to start until a friend tell me sae, I go fit reduce my bitcoin transaction fee for trustwallet

Belike you no follow news, people that were looking for very fast confirmation payed at some point more than above what's on the OP. Many people no get patience and dem no get time to dey find accelerators. We no dey use the bitcoin blockchain, e get people wey dey depend on am very well and any moment wasted fit affect their reputation. Take Hhampuz as example, he's known as a fast paying signature manager and to keep his reputation intact, una see the kind money wey him dey pour for transaction fees just to make sure there's no delay in transaction while other managers dey delay their participants payment and you no go blame them, dey no get reputation to protect.


Nice I no get dat update oh, I think say trustwallet na still dat crazy wallet wey no dey allow their customers to set their own transaction fees. I know say dem sabi recommend fees to use and during the hike in transaction fee they recommended were outrageous as I confirm am myself.


Practically E fit happen, any blockchain can get congested, the thing be say most blockchain for this industry no get better activities but their develops just they manufacture high numbers to push rubbish agenda so people go feel say the blockchain na coco but nothing dey dem. See Ethereum na, immediately better people start they use am, na so congestion wan kill the blockchain. Using USDT as example, make we just assume say USDT transaction on other blockchain was stopped and na only Ethereum wey people prefer pass or dem dey use, already Ethereum get problem with congestion wey dem dey try solve so e fit get similar issues too.

My brother as it's now ehh is really holding me at the bad point because of this confirmation issues check from blockchain explorer you would see the balance reflected to account but yet to be confirmed. At this point we had no other options than to wait till it confirmed, but just as you have said we have to exercise patient praying this Sunday should be a happy one to us. Transaction spent 5 days to confirm omo this one shocked me o.

no be small oo, but na truth wey you talk sha, 184$ no be small money and the funny about this amount be say na actually my three and half month salary when I been day teach for one secondary school for my area and just imagine how I go come use the kind amount take transact my bitcoin from my electrum wallet go my binance exchange to change the coins, e just better say I leave am there make I use am as long term investment dey go until this problem die down which I know say no be anytime soon

Dollar parallel market rate is used, nothing affected.

You can imagine, how person go pay $184 for just fees, na some secondary school teachers six months salary be that. This high fees wahala dey really bother me, I dey pray say na this month e go end cos we no go fit continue like this. Na now I come dey see the importance of stable coins o. I sure say the increased fees go affect p2p price, question to the traders for the house, how una take dey calculate profits with the fee costs when customer won buy bitcoin from you?