What is your solution to pay less Fee ? - page 2.

Coyster

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Quote from: terizla on November 21, 2023, 08:40:47 PM

If you want to send $10 and that fee is $10 - $15. Better you waiting the gas fee reduce.
Because if you don't have enough fee in high gas fee this can make your transaction stuck and the fail.

This amount is very small to be sending it on-chain, especially when fees is as high as it is right now, if you have too many smaller inputs, consolidate it when transaction fees become low, and if you want to send a small amount like this, i think you should do it off-chain through the Lightning network. Fees in the Bitcoin network is also not called gas fee, but transaction fee.

terizla

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If you want to send $10 and that fee is $10 - $15. Better you waiting the gas fee reduce.
Because if you don't have enough fee in high gas fee this can make your transaction stuck and the fail.

sheenshane

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Quote from: GeorgeJohn on November 20, 2023, 05:08:08 PM

Quote from: ItsaWhale on November 20, 2023, 03:09:12 PM

thank you a lot for your time explaining i really do appreciate it

I will like you to understand that you should check around and take some information that is vital, because in any thread we have positive and negative advice in which I will like you, to go through all the information dropped here because another thing is to wait until the madness of market calm down.

All OP needs to do is monitor the mempool space, not the market situation.
Because when the mempool space is clogged with a bunch of transactions, it could result in high fees which means nothing we can do is wait when it will cool down. I mean, we should always prefer to check this mempool space for the Bitcoin transaction status.

AFAIK, blockchain wallet don't support modifying fees, correct me if I'm wrong with this.
Unlike non-custodial wallets like Electrum, you can set a fee of even 10 sats to transfer your Bitcoin.

And those who suggested using a transaction accelerator, you can use them if you've met their qualification standard, which means not all the time you can use Bitcoin accelerator.

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Nothing to do here but wait for the transaction fee to get lower or the network to be cleared of spam transactions caused by ordinals and other transactions that intentionally congest the network to make the fee higher.. We can monitor it through Mempool and be ready to make a transfer once the fee goes lower. After the transaction, I make sure that I will push it with the transaction accelerator service like ViaBtc to make sure that the transaction will be picked up by viabtc miners to get confirmed.

RBF does not make any fee less, but it is good to be enabled just in case the tx fee goes really high after sending the transaction and there is an urgent need to make the transaction confirmed.

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Quote from: Mpamaegbu on November 21, 2023, 08:41:44 AM

No, I don't think it's a useless advice. If anything, it makes sense. I've used that method at a point in the past. Anyway, what would be the, "simpler practical options" for you if I may ask other than swapping (maybe into other coins that's not LTC) that GeorgeJohn mentioned. Now is a very critical time for Bitcoin in terms of its major cardinal use as payment option and it's falling at it. I'm sure Satoshi would've been very disappointed seeing this.

This is the big deal regarding scalability. Bitcoin still has shortcomings about network density that involve high fees. Some people have found solutions through Lighting Network or taproot, but this also still has the disadvantage that there are disadvantages when making large transactions.
The best thing is to wait for the network to be quiet. Or maybe moving on some coins with a light transaction fee you can do even though it's not practical. The current network density also seems to come at the beginning of every halving moment. If it is not urgent, maybe keeping it is the best option.

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Quote from: Agbamoni on November 21, 2023, 02:48:25 PM

Currently there is no magical way in running away from paying the fees showing on your wallet. You can use the viaBTC free accelerator as suggested by so many, but you need to remember that you have to set a lower fee before you use it. It works to accelerate the little fees you choose and not reduce the fee. Which means if it's going to take you a week or days to get your transaction confirmed the ViaBTC accelerator will reduce the time for you.

You can use ViaBTC accelerator with any fee rate that is higher than 10 sat/byte, you don't have to set a low fee to use it, but anyway it makes no sense to use a very high fee rate when you have the intention of submitting your transaction to ViaBTC free accelerator and you are willing to wait, so just make sure your fee rate is above 10 sat/byte.

That being said, it is advisable to mention the requirements for ViaBTC accelerator before recommending it, and in addition to the fee rate i mentioned above, your transaction must not be more than 500 Bytes and it must not have an unconfirmed parent transaction.

Agbamoni

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Currently there is no magical way in running away from paying the fees showing on your wallet. You can use the viaBTC free accelerator as suggested by so many, but you need to remember that you have to set a lower fee before you use it. It works to accelerate the little fees you choose and not reduce the fee. Which means if it's going to take you a week or days to get your transaction confirmed the ViaBTC accelerator will reduce the time for you.

hosseinimr93

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Quote from: Publictalk792 on November 21, 2023, 12:38:42 PM

So I was thinking that Electrum also work like other wallets. I learned much after searching and I have written which I learn after searching. If I am wrong so please correct or I missed anything so you should tell.

In all non-custodial wallets, all the fee you pay goes to miners and it's not only electrum which doesn't charge extra fee. Some (non-custodial) wallets allow you set the fee rate by yourself. Even if a non-custodial wallets doesn't allow you to set the fee rate, it doesn't mean they charge extra fee.
Take note that you have to pay extra fee when withdrawing fund from custodial wallets or exchanges.

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Quote from: ItsaWhale on November 19, 2023, 08:58:37 AM

I do use Blockchain wallet to make Transaction as it has lower fee but recently the fees are very high
so i have to pay around 15-20$ per Transaction even if i send 10 $

What is your solution to pay less Fee ?

thank you for your time if you do help me

Either keep paying higher fees or wait for the fees to become lower. There is nothing else that you can do to reduce the fees since the whole network is congested and everyone will have to pay higher fees or have their transactions stuck for days without getting a single confirmation. It's only the miners that will enjoy these times since they will be getting higher amounts in transaction fees in these phases where the transaction fees of Bitcoin skyrocket all of a sudden.

In the past, it used to take a lot of time before the network would get congested after it used to happen once, but nowadays, it's happening too quickly because we saw the same thing happening a couple of months back, and now it's happening again and this isn't good for it, to be honest.

Publictalk792

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Quote from: hosseinimr93 on November 20, 2023, 01:39:48 PM

Non-custodial wallets like electrum don't charge you any fee for the transactions you make. All the fee you pay goes to miners. Therefore, it doesn't make sense to say that electrum has lower fees.
In electrum, it's you that chooses the fee. The required fee rate depends on number of inputs and outputs, address(es) type, how congested the network is and how fast you want your transaction to be confirmed.

You are right that wallets like Electrum do not charge extra fee for transaction. The fee you pay when using Electrum are only for the miners who process and confirm the transaction. Electrum gives you the fee rate for your transaction based on these things like how many inputs and outputs there are and what type of addresses used and how much the network is busy and how quickly you want the transact. This control over the fee rate is a useful feature of Electrum because it lets users decide how much the transaction is important.
Basically I never used the Electrum for transaction so I didn't have much knowledge about that therefore I said in my previous message that you should select a wallet on basis of low fee. So I was thinking that Electrum also work like other wallets. I learned much after searching and I have written which I learn after searching. If I am wrong so please correct or I missed anything so you should tell.

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Quote from: FatFork on November 20, 2023, 05:32:47 AM

Quote from: GeorgeJohn on November 19, 2023, 06:12:22 PM

~snipped~

If the aim is lower fees, then forget the pointless crypto swaps and look into simpler, practical options.

No, I don't think it's a useless advice. If anything, it makes sense. I've used that method at a point in the past. Anyway, what would be the, "simpler practical options" for you if I may ask other than swapping (maybe into other coins that's not LTC) that GeorgeJohn mentioned. Now is a very critical time for Bitcoin in terms of its major cardinal use as payment option and it's falling at it. I'm sure Satoshi would've been very disappointed seeing this.

SamReomo

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My solution to pay less fee is by not making any transactions during the network congestion because when network is congested with so many transactions then the fee gets higher and anyone who wants to make transactions with low fee during such times won't be able to receive or send the transactions as miners won't be accepting low fee transactions during such times.

Another important step to do during such times is to do transactions with another blockchain instead of Bitcoin and I think Monero is one of the best altcoins to go with during network congestion times because the Monero network is quite safe and the transactions are secure and the fees are low.

hatshepsut93

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My solution is to just hodl Bitcoin as an investment and occasionally sell it on exchanges if needed, and for that I wait for periods of low fees and deposit some BTC to have a small amount on my exchange account ready for sale if I have to. I'm not buying anything with BTC that could justify even a $10 fee so I'm going to wait for mainstream Lightning Network before considering using Bitcoin for smaller payments.

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I agree with the suggestions above that you need to maximize this time if you are going to transact. If urgent, you have no choice but to deal with the set present fees. If not, you need to check the fees suggested by mempool.space and do it when it is quite low. What is quite low these days? It varies from the amount you will send. A $3 fee can be low for an individual because of how huge it was for the past few days. But as said going about maximizing it, don't do small transactions because it might just be eaten by the fees and can be stuck up if you do not prepare it. So, prepare your transactions while we are still experiencing dynamic fees.

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Quote from: ItsaWhale on November 20, 2023, 03:09:12 PM

thank you a lot for your time explaining i really do appreciate it

I will like you to understand that you should check around and take some information that is vital, because in any thread we have positive and negative advice in which I will like you, to go through all the information dropped here because another thing is to wait until the madness of market calm down.

Doan9269

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Quote from: ItsaWhale on November 19, 2023, 08:58:37 AM

Hello dear members of BitcoinTalk

I do use Blockchain wallet to make Transaction as it has lower fee but recently the fees are very high
so i have to pay around 15-20$ per Transaction even if i send 10 $

What is your solution to pay less Fee ?

First have a target on the use of the mempool to study the way the congestion was going with each transaction fee for every category, also try to make weekends transactions because the mempool is less congested sometimes during this period, make use of a free bitcoin mining pool to accelerate your transaction in other to make it faster, in doing this, the kind of wallet you must use has to be the type that supports RBF.

jossiel

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The solution is not to transact at these high fee times. If you can pay what the network is requiring you with the high priority, no one can stop you in doing so.

But if your transactions are just like measly amounts then you don't have to sweat on it. Like what everyone is talking about waiting for it to drop down, that's what I am doing. I am not in a hurry and my transactions can be delayed so that's totally not a problem to me.

And to those that are in different situation and you need to do the transaction as much as you can. The alternative is to use altcoins that have cheaper fees yet fast in confirmations like LTC which is what everyone trying to do now.

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Quote from: ItsaWhale on November 20, 2023, 03:09:12 PM

thank you a lot for your time explaining i really do appreciate it

The long-term solution is to wait until the clog gets clear, short term solution is LN but only if you are going to make small-valued TX more often and can't able to postpone it for any reason.

I would say wait until things clear and we are not far away from seeing 1sat/vbyte TX to be included in the blocks.

ItsaWhale

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thank you a lot for your time explaining i really do appreciate it

hosseinimr93

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Quote from: Publictalk792 on November 20, 2023, 01:18:27 PM

One way to pay low fee is to use a different wallet that has low fees. There are many wallets available like Electrum Exodus or Mycelium. You can use with your choice or can choose according to fee.

Non-custodial wallets like electrum don't charge you any fee for the transactions you make. All the fee you pay goes to miners. Therefore, it doesn't make sense to say that electrum has lower fees.
In electrum, it's you that chooses the fee. The required fee rate depends on number of inputs and outputs, address(es) type, how congested the network is and how fast you want your transaction to be confirmed.

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