Reduce transaction fees for bitcoin payments

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: sab1234 on October 14, 2017, 07:43:08 PM

But what if I am sending from my exchanges wallet to mine? How do I reduce fees in that case? If the fee is very low how do i calculate the time it would take to go through(will there be a chance that it will never go through)

the exchanges are not wallets.
and the fees they take from you are not bitcoin transaction fees even if it is called liked that.

these fees are the cost of them giving you the services they are offering. you can call it cost of using their platform. if you check your real transactions in a block explorer you can see the fee that your transaction includes is very different from what you paid the exchange.

Morchid

sr. member

Activity: 586

Merit: 255

The only way to reduce transaction fees is to lower the fees when sending bitcoins. The only downfall is it could take a while to receive your bitcoins. Transactions fees, in my opinion, are getting very expensive for sending bitcoins.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

Quote from: sab1234 on October 14, 2017, 07:25:33 PM

Hi,

I was wondering if I am sending bitcoins from one of my addresses, to another of my own addresses, how do I reduce the bitcoin transaction fee?

You will get a different experience because we can do many ways to send bitcoin. you can use exchanges and also wallet web or offline. usually the exchange rate set by an exchange is fixed and can not be changed. but if you send it via web wallet or offline wallet then you can determine how much fee you use. such as in blockchain and also electrum you can be free to choose, but I do not recommend to use small amount of fee because it can affect the length of bitcoin delivery process. some even apply a very small fee until bitcoin transfers have a confirmation time of up to 2 days. if I then I will apply a normal fee, it will keep the condition of the transaction going fast enough and also I am not worried about the bitcoin I have.

squatz1

legendary

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Quote from: hitlab on October 14, 2017, 07:42:07 PM

You need to use a wallet that lets you manually set the transaction fee. If your transaction is not urgent you can set a very low fee and it will still confirm after a while.

You could do this, but to help alongside this is to use a lower fee and then find one of the bitcoin TX accelerators to be able to at least get it a little faster. As you're not going to get confirmed if you have a low TX fee. Sucks, but that is the price we pay for BTC to be secure and safe for all.

Quote from: sab1234 on October 14, 2017, 07:43:08 PM

But what if I am sending from my exchanges wallet to mine? How do I reduce fees in that case? If the fee is very low how do i calculate the time it would take to go through(will there be a chance that it will never go through)

Most exchanges even let you set this, at least the big ones do.

RAmondragon

member

Activity: 197

Merit: 10

Based on my experience in poloniex exchange, when I withdrew there is no way to lower the fee, it's fixed at 0.0001BTC when i transferred to my electrum wallet. For lower fees, if you happen to do so, there really is no way to calculate the ETA since miners will always prioritize higher fee transactions. I have usedan online wallet that let's you change the fee and when I used low, it usually comes in after 2-3 hours. Could be earlier if I checked frequently but I'm not in a hurry anyway. Even with lower fees, if the destination address is correct, it WILL arrive.

sab1234

newbie

Activity: 13

Merit: 0

But what if I am sending from my exchanges wallet to mine? How do I reduce fees in that case? If the fee is very low how do i calculate the time it would take to go through(will there be a chance that it will never go through)

hitlab

member

Activity: 88

Merit: 10

You need to use a wallet that lets you manually set the transaction fee. If your transaction is not urgent you can set a very low fee and it will still confirm after a while.

btcbrother

full member

Activity: 131

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Quote from: sab1234 on October 14, 2017, 07:25:33 PM

Hi,

I was wondering if I am sending bitcoins from one of my addresses, to another of my own addresses, how do I reduce the bitcoin transaction fee?

If you do not need the Bitcoin urgently then you should reduce the fee very low to not spend more than necessary. To reduce the fee you must send from your own wallet or one that is compatible with custom fees, for example https://blockchain.info.

sab1234

newbie

Activity: 13

Merit: 0

Hi,

I was wondering if I am sending bitcoins from one of my addresses, to another of my own addresses, how do I reduce the bitcoin transaction fee?

Topic: Reduce transaction fees for bitcoin payments (Read 204 times)