Idea to avoid high fee - page 3. | Bitcointalksearch.org

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Quote from: btvGainer on March 18, 2017, 07:06:33 AM

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?

first of all spam attack has been over and fees aren't high anymore. good ol' bitcoin is back.
secondly if block size debate finally comes to an end and we no longer see spam attacks there is no need.

finally your idea would cost even more.
1. bitcoin transaction fee to send to exchange site or shapeshift for example.
2. exchange fee based on your volume to exchange bitcoin to that altcoin.
3. altcoin transaction fee. or did you think sending altcoin is free?
4. exchanging that altcoin back to bitcoin and paying another percentage exchange fee.
5. another bitcoin transaction fee to withdraw the exchanged bitcoin to your wallet.

Tigggger

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Quote from: SONG GEET on March 18, 2017, 07:48:43 AM

Quote from: btvGainer on March 18, 2017, 07:06:33 AM

What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?

To convert bitcoin to any other altcoin you have two ways;

1. Send bitcoin to shapeshift like service and get altcoin to your desired address.
2. Deposit your bitcoin in exchange, buy alt from market and send those alt out in the form of withdraw.

in both scenario you have to send bitcoin to exchanges address which will cost you some fee so how this gonna save fees Huh

The only exception for this is that you have to use your exchange wallet or gambling site wallet (which supports other alts and have inbuilt exchange service) as a normal bitcoin wallet, which is not a good practice.

But then on top of that even without exchange fees there is always a difference between what you can sell at and what you can buy at, that may cost more that the original bitcoin transaction fee.

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all wallets working to arrange a transaction fee or even someone ever tried to use without Fee
256301465d77affb6bc7087432a9130db48dd64efa28b0460fb674eda704f382

so the problem is how to get a quick one or more of the transaction confirmation

SONG GEET

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Quote from: btvGainer on March 18, 2017, 07:06:33 AM

What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?

To convert bitcoin to any other altcoin you have two ways;

1. Send bitcoin to shapeshift like service and get altcoin to your desired address.
2. Deposit your bitcoin in exchange, buy alt from market and send those alt out in the form of withdraw.

in both scenario you have to send bitcoin to exchanges address which will cost you some fee so how this gonna save fees Huh

The only exception for this is that you have to use your exchange wallet or gambling site wallet (which supports other alts and have inbuilt exchange service) as a normal bitcoin wallet, which is not a good practice.

Winner

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What your discussing been around since Peercoin was built. People were trying to get more Bitcoin exposure while having another digital currency get some promotion as well. Digital Payments are the main thing in this niche, that is why most of the Altcoins are getting known from news websites and the such.

Bitcoin transactions could have a highspeed if there was a third-party payment processor to sort of loan money for Bitcoins so the sender could immediately recieve the money.

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Quote from: btvGainer on March 18, 2017, 07:06:33 AM

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?

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.

Xester

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Quote from: btvGainer on March 18, 2017, 07:06:33 AM

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?

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.

btvGainer

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Quote from: davis196 on March 18, 2017, 07:34:46 AM

Quote from: btvGainer on March 18, 2017, 07:06:33 AM

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?

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.

Not any particular Altcoin.Leave it to sender and receipient.Let them decide which Alt they prefer.
This will avoid any quick pump.
Bitcoin price can not always remain low so high transaction fee is inevitable.

davis196

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Quote from: btvGainer on March 18, 2017, 07:06:33 AM

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?

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.

btvGainer

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Merit: 1000

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?

Topic: Idea to avoid high fee - page 3. (Read 1773 times)