Topic: Idea to avoid high fee - page 2. (Read 1775 times)
The Value will definitely not be same again. One would lose some coins in the process.
Come on man you are complaining because the fees is what 0.5$ per transactions. All these years if you see other payment processors like paypal,skrill , payza , etc have been charging 3-10% fees and no one complains about it much as we have no choice. Even though the bitcoin fees has increased it is still cheaper than other alternatives. And converting to altcoins also takes fees so it basically useless to convert.
There is a way to transfer any crypto cyrrency to someone else without paying anything and bypass the blockchain all together.
I have address 1/ wallet with 10 BTC or 5 or 1 BTC in it (you can move amounts to get to a amount that is exacly what you want to send to someone else)
For example Say I have 11 BTC's in a wallet or address and I only want to pay my brother 10 BTC for his car I transfer 1 BTC to another wallet or address I own send or give him the address or wallet with the 10 BTC's in with the password so he becomes the new owner of the wallet or address. The actual 10 BTCs never moved anywhere the only thing that changed is the ownership of the 10 BTCs.
With alot of brainstorming by core developers the BTC ecosystem can change completely. Emagine all 21 million BTC has been mined and spread all over the world (decentralised as one big pool) If they were all broken up in sets of 100's 50's 20's 10's 5's 1's 0.01's etc BTC's So if I own (like money) 1 set of 10's BTC and 2 sets of 1's I can store it in a address of 12BTC and give you the whole wallet/address with passwords etc and you do whatever you want with that wallet (1st thing is to change the password. I can give ownership over physycally too in return for your TV etc. Need alot of brain storming though.
I have address 1/ wallet with 10 BTC or 5 or 1 BTC in it (you can move amounts to get to a amount that is exacly what you want to send to someone else)
For example Say I have 11 BTC's in a wallet or address and I only want to pay my brother 10 BTC for his car I transfer 1 BTC to another wallet or address I own send or give him the address or wallet with the 10 BTC's in with the password so he becomes the new owner of the wallet or address. The actual 10 BTCs never moved anywhere the only thing that changed is the ownership of the 10 BTCs.
With alot of brainstorming by core developers the BTC ecosystem can change completely. Emagine all 21 million BTC has been mined and spread all over the world (decentralised as one big pool) If they were all broken up in sets of 100's 50's 20's 10's 5's 1's 0.01's etc BTC's So if I own (like money) 1 set of 10's BTC and 2 sets of 1's I can store it in a address of 12BTC and give you the whole wallet/address with passwords etc and you do whatever you want with that wallet (1st thing is to change the password. I can give ownership over physycally too in return for your TV etc. Need alot of brain storming though.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
Well that is convenient but there is another trouble that will come along. If you convert your bitcoin into altcoins then you send it to a recipient then the receiver will actually complain. The reason is when he will convert the altcoins back to bitcoins he or she will pay the transaction fee and lets add to that the withdrawal fee of 50k satoshi. Thats rude and it just eats more of your bitcoin rather than saving it. Hence I do not see your suggestion feasible due to this flaws.
This is exactly what litecoin was made for back in 2011, actually.
But still there are not many web wallets for litecoin and i think that is one of the main factor for the very low userbase for litecoin compared to bitcoin. For micro transactions bitcoin can still be useful if you include as much transactions as you can in one transaction.
If you are not okay with the fees then don't input any fee at all. You will still have your transaction confirmed however it might take days or weeks on end, though. If you feel that you are paying a large amount of money just for the fees, you can always convert to an alt then convert back to btc once you're don, however that would be a hassle.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
Some other altcoin?Which altcoin do you suggest?
This will pump the price of that altcoin and the altcoin`s transaction fees might also increase.
Anyway,the bitcoin price might go down soon and this will decrease the transaction fees for btc payments.
This will avoid any quick pump.
Bitcoin price can not always remain low so high transaction fee is inevitable.
Still a lot of effort to go through for every transaction when you're only talking about ~$1 in fees in most cases.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
You are indirectly suggesting to use exchanges as wallets. Otherwise converting altcoins into bitcoins will be again a head ache as we might be needing them send back to our personal wallets by paying higher tx fees. I foresee your idea will be viable only when we are using an exchange services as our wallets. After accumulating significant balances in bitcoins in exchanges, we could send them back to our desktop wallet.What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
This way, I believe dogecoins would be the right choice to be used as transaction carriers as they just need 1 dogecoin as tx fees which is equivalent to merely 20 satoshi (5000 times lesser fee per 1kb).
in my experience i only use 1 address only even in blockchain the address always change. so the input will not much and it not takes high fee to send a transaction
This is a good idea; however, it is not entirely convenient, because we still lose a small fee when exchanging currencies, and it can cost us a lot of time and effort. To perform many different transactions. I support this idea, but we need to take a different approach, we need something more convenient and faster, a technology that integrates everything and works steadily. It would be very difficult, but it is possible.
This is exactly what litecoin was made for back in 2011, actually.
Hmm, it's probably one of the solutions that fairly well. But I think, that all of them will not necessarily accept it. Because the Fee they would get will also be getting bigger, because the prices of most of the altcoin have a high level of risk (automatic price can be high and low). So this probably could be the solution for those who are indeed doing great deals, for if they do big deals it needed is speed
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
I agree with your opinion and I would go with litecoin for several reasons; it's a cheap coin, very good confirmation time, it's be around from 2011 and so on. Moreover, people are willing to accept an altcoin there is no rush to convert it back to btc because they can use it for micropayments too. But if the blocksize debate ends maybe some kind of side-chains could be used for these small transactions. Till then we can use an altcoin like I said.
People might not be comfortable holding on to an alt, because its price could drop drastically. That is where the conversion back to BTC and the associated fees comes into play.
I remembered when I do transaction using electrum wallet, for thinking that I want to avoid high fee transaction I adjusted the fee to the minimal fee which is 0.00003BTC I was so happy but the disadvantage of what I do was worst and disaster to me it tooks 2 in half days before I received the confirmation it has been stocked for a couple days my friend told me within 36 hours it will go back where it belongs. then He advised me that next I must set the fee adjustment at the middle not in minimum/lowest fee.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
My concern is if an altcoin really is not a scam coin or whatsoever I am feeling a little doubt over some altcoin gaining something because the fee's on bitcoin transaction is to much but I think the value is dropping right now and the high fee's are getting lower we are having a problem just like these because of the value of bitcoin skyrocket I think we don't need another coins anymore instead wait for it to accept the transaction or let bitcoin drop it's value.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
Yes you can rid out from this issue by changing the minimum fee level in your wallet. Please check your web wallet or desktop wallet according to change it. If you change to minimum fees for transaction, we need to wait for long time to transaction to complete.
If you okay with transaction time change to low fees else let it be as default.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
So how would you get your bitcoin to an exchange to convert to the altcoin ? im not sure that would make sense and you would have t pay a fee to the exchange also? i think you need to rethink this. unless i am missing your point.
Yes, I think the OP is missing out the factor of fees of altcoins. It may sound an alternative way, but it also will take fees from us, may be less but it will be there.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
So how would you get your bitcoin to an exchange to convert to the altcoin ? im not sure that would make sense and you would have t pay a fee to the exchange also? i think you need to rethink this. unless i am missing your point.
You are not missing the point, I have same conclusion from OPs post. This can not work like he imagined, especially for the people who wish to transfer low amounts of bitcoins. Xapo still doesn't have fees, low transaction fees are also available with many wallet's, and maybe we will wait a bit more, get annoyed by that but it's only way for many of us. Have patience like I have, I don't complain on that, I find something to do until confirmation.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
So how would you get your bitcoin to an exchange to convert to the altcoin ? im not sure that would make sense and you would have t pay a fee to the exchange also? i think you need to rethink this. unless i am missing your point.
A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?
From the way it seems, high fees will only compound the problem because it might erode the spread on profit but the issue is that it cannot be avioided but rather minimise and to do that, first thing is to avoid send small amount of btc and then instead of making withdrawal every now and then, it could be aggregated to move at once then wait for a while to do same.
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