how to save.
easy.
stop being fooled.
get the devs to remove the 2 policies of fee's
put bitcoin back to treating full data as full data.
stop them making legacy transactions 4x more just because the devs decided.
the devs can easily remove this multiplier. but they chose not to.
dont blame bitcoin. blame the devs.
the fee policies about treating legacy and segwit differently didnt pop up by magic.. devs wrote it
..
also as separate methods of saving on fees
devs could easily decide to make 10byte=1sat in the underlying fee policy. thus making transactions cheaper.
it wont break bitcoin.
EG if a TX is 458bytes. the fee policy can round it to 460. and then suggest 46sat fee.. easy
.. now watch how all the devs will refrain from doing that because it then doesnt help them push people to use the wishy washy code of segwit
Topic: Strategies to save off Bitcoin fees? - page 2. (Read 388 times)
Given that fees vary over time, one method that can reduce overall fees is input consolidation — combining a set of smaller inputs into a single larger input by spending them from yourself to yourself during a period of time when fees are lower than normal.
i changed it to altcoins, but altcoins still have a fee, but that is the most effective way to change to altcoins say we have to spend $ 10 it's very small instead of having to pay transactions via bitcoin directly
Most recently, Bitcoin's network fees have increased to a point where it's unfeasible to send small payments on a daily basis. SegWit is a solution to save from high fees, but not everyone supports it. Exchanging Bitcoin to an altcoin could be an option, but you'd still have to pay the network fee for the transaction to get processed on the Blockchain.
If there was a working strategy to save as much Bitcoin fees as possible, it would certainly prevent me a lot of "headaches". Do you happen to know of effective strategy to save off Bitcoin fees right now? Any suggestions or recommendations will be greatly appreciated. Thanks in advance.
In order to save transaction fees, you need to have a good strategies and solid plans.If there was a working strategy to save as much Bitcoin fees as possible, it would certainly prevent me a lot of "headaches". Do you happen to know of effective strategy to save off Bitcoin fees right now? Any suggestions or recommendations will be greatly appreciated. Thanks in advance.
Strategies
- Consolidate your small inputs when fee rate is cheap, as a preparation for your bitcoin transaction later (with a single or less inputs) when fee rate is higher. See the guide from LoyceV
- Try to use Segwit address (Bech32 address - bc1): it helps you to reduce transaction size that in turn help you to reduce transaction fee (at same fee rate)
- Have clear plans to move your bitcoin (when - hours, days, bi-weekly). See that topic on weekend effects
Plans
- Weekends are best days to move bitcoin: Sundays usually give cheaper fee rates than Saturday. See details
- Hour frames from 0 to 12 UTC are best to move bitcoin. See details
- Within a day, avoid hours of funding rate on BitMEX. The daily BitMEX broadcast at 13:08 UTC
I will make a summary table and edit this post. Stay tuned!
I hope these tables give you better data presentation.
- You can see weekend and working-hour effects
- Important note: % of difference here is between median. For your interest, if you use non-custodial wallet, and customize your fee rate, you can get much bigger fee-discount.
- My own findings match with The daily BitMEX broadcast at 13:08 UTC. In my table how the % suddenly increases to 33% at 13 UTC hour frame
- Intra-week
- Weekly median: median transaction fees for all transaction within specific week
- Daily median: median transaction fees for all transactions of each days in a specific week
- Difference (in %): [ daily median - weekly median ] / weekly median *100.
- Stats in the table is mean of difference (all observed weeks)
- Intra-day
- Daily median: median transaction fees for all transaction within specific day
- Hourly median: Median transaction fees for all transactions of each hour in a specific day
- Difference (in %): [ Hourly median - daily median] / daily median *100
- Stats in the table is mean of difference (all observed weeks)
At this time where fees are so high, I don't move my BTC in a small amount but in bulk. Sometimes I use XRP as it was the lowest fee in crypto (maybe) but the problem is that many exchanges are delisting XRP and ban from trading which makes me decide not to use it now. That is why moving my BTC in bulk number helps me to save some sats, that only be the last option I take considering that the gas fee for ETH is also high (even higher than in BTC).
Align your transactions with the time of the day wherein fees are at a lower rate? I have been doing that for months now since the start of bitcoin's rise and so far it has been working to lessen the fees that I have been paying per transaction. Usually, 3am PST is the best time in my area to do some small transactions, as there are fewer transactions in queue thus making the average fee lower than what it used to on peak hours. This is not a guaranteed strategy but it will save you some pennies, still.
There is no strategy involved in it because the transaction fee costs as per the weight of your transaction so if you really want to decrease the transaction then it should be having
1 input ==> 1 output
How to reduce the actual weight is by combining all your small inputs into a larger big input at the time when the bitcoin network is free. Normally in weekends you can find lesser transactions on mempool so it is the right time to do it.
Bookmark this site mempool.space and keep watching for less transaction fee from time to time.
Another trick to save fees a bit more by using a native segwit wallet "bc1....", I can see it saved 36% transaction fee when watching the Txid on blockchain explorers.
1 input ==> 1 output
How to reduce the actual weight is by combining all your small inputs into a larger big input at the time when the bitcoin network is free. Normally in weekends you can find lesser transactions on mempool so it is the right time to do it.
Bookmark this site mempool.space and keep watching for less transaction fee from time to time.
Another trick to save fees a bit more by using a native segwit wallet "bc1....", I can see it saved 36% transaction fee when watching the Txid on blockchain explorers.
My strategy only works if you intend to sell your token for fiat in your country provided that other ecurrencies such as perfect money is also available for exchange in your country. If your bitcoin is in your personal wallet, you will have to pay the block chain fee to get it send to an exchange. Once it is on exchange, trade it for TRX. Currently it very cheap to send TRX just 1TRX for withdrawal. Once you have done this, you will need to make use of p2p services that allow exchange of TRX to perfect money. Bestchange.com offer relay of trusted exchanger that offer such service. Some of them provide instant exchange of TRX to PM
Every exchange has their own policy and procedure for withdrawals. Some exchanges, they charge a fixed fee for a withdrawal. Others charge the fee based on current estimates. If the exchange supports SegWit and they have replace-by-fee enabled, that's ideal, as they then can charge a lower fee and bump the fee if needed. Some are better than others. For instance, Paxful supports SegWit, but they do not have replace-by-fee enabled. So if they paid an insufficient fee for your withdrawal, they can't do anything about it, really. And because they batch transactions, you can't do a child-pays-for-parent (CPFP) fee bump either on the incoming zeroconf (0-conf) transaction.
For the best control, use a non-custodial exchange that also permits you to both set the fee(s) paid, but also to perform a replace-by-fee (RBF) fee bump. This would be P2P exchanges like LocalCryptos, LocalCoinSwap, and HodlHodl. Then, you'll want to be using a wallet that supports replace-by-fee (RBF) as well.
For the best control, use a non-custodial exchange that also permits you to both set the fee(s) paid, but also to perform a replace-by-fee (RBF) fee bump. This would be P2P exchanges like LocalCryptos, LocalCoinSwap, and HodlHodl. Then, you'll want to be using a wallet that supports replace-by-fee (RBF) as well.
~snip
For small transactions I don’t know but you can use the above strategy once and send the small amounts many times in Litecoin.
For small transactions I don’t know but you can use the above strategy once and send the small amounts many times in Litecoin.
interesting strategy, but this could be used for fast payments only, since BTC/LTC pair fluctuates as well, and could provoke much more expense than $10-15 on high value transactions in case of BTC/LTC spike
of course, this spike could go on both sides, but risk is involved and could influence the final outcome
one strategy that could be seen as well is transferring BTC to USDT on Tron, and transfer USDT with low fees on Tron network (actually USDT on Tron almost reached 10 billion), but I am not using it, it is better to send BTC in the first place, and swallow fees than risk to lose value in the process
Most recently, Bitcoin's network fees have increased to a point where it's unfeasible to send small payments on a daily basis. SegWit is a solution to save from high fees, but not everyone supports it. Exchanging Bitcoin to an altcoin could be an option, but you'd still have to pay the network fee for the transaction to get processed on the Blockchain.
If there was a working strategy to save as much Bitcoin fees as possible, it would certainly prevent me a lot of "headaches". Do you happen to know of effective strategy to save off Bitcoin fees right now? Any suggestions or recommendations will be greatly appreciated. Thanks in advance.
If there was a working strategy to save as much Bitcoin fees as possible, it would certainly prevent me a lot of "headaches". Do you happen to know of effective strategy to save off Bitcoin fees right now? Any suggestions or recommendations will be greatly appreciated. Thanks in advance.
For big transcations I just deposit my bitcoin to an exchange and then I trade it for Litecoin.At the moment this is the strategy which saves me 10-15 dollars in fees.Bitcoin fees if you want fast confirmations are really high during this time and I found litecoin has some really low fees which I like.
For small transactions I don’t know but you can use the above strategy once and send the small amounts many times in Litecoin.
Most recently, Bitcoin's network fees have increased to a point where it's unfeasible to send small payments on a daily basis. SegWit is a solution to save from high fees, but not everyone supports it. Exchanging Bitcoin to an altcoin could be an option, but you'd still have to pay the network fee for the transaction to get processed on the Blockchain.
If there was a working strategy to save as much Bitcoin fees as possible, it would certainly prevent me a lot of "headaches". Do you happen to know of effective strategy to save off Bitcoin fees right now? Any suggestions or recommendations will be greatly appreciated. Thanks in advance.
If there was a working strategy to save as much Bitcoin fees as possible, it would certainly prevent me a lot of "headaches". Do you happen to know of effective strategy to save off Bitcoin fees right now? Any suggestions or recommendations will be greatly appreciated. Thanks in advance.
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