Reduce transaction fees

[hexwin 4931]

 

Everyone should know how to reduce fees when sending Bitcoins.

It is best to check mempool to see if there are to many stuck transactions.

- Use Electrum wallet and adjust edit fee manually 

- Use Ledger wallet and Seqwit addresses

More information and details you can find here:

https://en.bitcoin.it/wiki/Techniques_to_reduce_transaction_fees

 

Calculate fees here:

https://coinb.in/#fees

https://www.buybitcoinworldwide.com/fee-calculator/

Edited October 12, 2019 by hexwin

[martmobi 127]

21 hours ago, damn said:

How long is the transaction going to be confirmed when you tried it?

Whenever I try to reduce the fees, I just move coins to doge and withdraw, or just use the xrp. For whatever thier  reason though yobit disable withdrawing XRP.

I see your point of view, and have you tried comparing the fees of Doge to ETH to see which is more expensive? 

[cryptex 623]

On 10/9/2019 at 12:49 PM, hexwin said:

 

Everyone should know how to reduce fees when sending Bitcoins.

It is best to check mempool to see if there are to many stuck transactions.

- Use Electrum wallet and adjust edit fee manually 

- Use Ledger wallet and Seqwit addresses

More information and details you can find here:

https://en.bitcoin.it/wiki/Techniques_to_reduce_transaction_fees

Hi, looks like you checked the wrong check-box on your picture. It should be Edit fees manually rather than Use  Replace-By-Fee  if I'm not mistaken?

[hexwin 4931]

I just showed image of wallet with that settings you should choose Edit fees manually

I think there is no point of explanation what it means.... for all other I updated the image what you need to click.

 

[Consignee 2395]

3 minutes ago, phabulu said:

just need to be careful, because your transaction can be not confirmed depending on the fees you choose.

It depends, you can check how much satoshi per byte you have to pay for a faster transaction. When a lot of transaction goes on, you have to pay a lot while rest of thehe time, 1 satoshi per byte can get the transaction completed within 1/2 hours.

Make sure when fee is low, you have consolidated all the input into one, thus way, you can avoid higher fee later. If your transaction has a lot of input, the fee will be higher by default.

For each input, your transaction size will increase by 180 bytes. In a busy network, if you choose a transaction which has 5 inputs, and you choose 50 sat per byte, you have to pay 45000 satoshi fee while if you consolidate the input into one when network is not much busy, with 1 satoshi per byte, the fee is 180 satoshi, and later with 50 satoshi per byte, since your input is one, you will require only 9000 satoshi.

There's some additional fee for output as well.

[hexwin 4931]

13 minutes ago, Consignee said:

It depends, you can check how much satoshi per byte you have to pay for a faster transaction. When a lot of transaction goes on, you have to pay a lot while rest of thehe time, 1 satoshi per byte can get the transaction completed within 1/2 hours.

Make sure when fee is low, you have consolidated all the input into one, thus way, you can avoid higher fee later. If your transaction has a lot of input, the fee will be higher by default.

For each input, your transaction size will increase by 180 bytes. In a busy network, if you choose a transaction which has 5 inputs, and you choose 50 sat per byte, you have to pay 45000 satoshi fee while if you consolidate the input into one when network is not much busy, with 1 satoshi per byte, the fee is 180 satoshi, and later with 50 satoshi per byte, since your input is one, you will require only 9000 satoshi.

There's some additional fee for output as well.

Thanks for adding this info

Long ago it was even possible to send Bitcoins with no fees at all (but waiting time was much longer),
later they changed that and set minimum satoshies that needs to be sent.

I would say best thing to do is to follow the fess on some mem pool websites:
I use this one now: https://mempool.space/tv

 

Edited October 10, 2019 by hexwin

[Consignee 2395]

Just now, phabulu said:

really well explained, I used to check on this website: https://bitcoinfees.info/ To not make mistakes when I'm sending BTC.

If I'm correct, if you click on customized fee in Electrum, you will able to see after how much block your transaction will be included in a block. That's an approx estimate and it works for me all the time. Anyway, it's better to check and select the fee.

[Consignee 2395]

5 minutes ago, phabulu said:

Good, I didn't use electrum, only blockchain wallet let me change the fees, and didn't show with good info, only shows if will take less than 60 min or more than 60 min

That's also good then, does their estimanation works? I mean do their time is correct? I never have used it and don't have enough knoeledge on it.

[Consignee 2395]

7 minutes ago, phabulu said:

Not so good because only works for less than 60min , because the other estimation is more than 60min, so it can take 2,3, 6 hours. 

Better you use Electrum, available in mobile version as well. Electrum wallet is more friendly with all the features available and you don't need to download the whole blockchain even.

[hexwin 4931]

4 minutes ago, Consignee said:

Better you use Electrum, available in mobile version as well. Electrum wallet is more friendly with all the features available and you don't need to download the whole blockchain even.

Is it possible to sign-a-message with Electrum app in mobile also?

So far I never used to install it in smarphone, as I prefer Desktop Electrum.

 

[Consignee 2395]

6 hours ago, hexwin said:

Is it possible to sign-a-message with Electrum app in mobile also?

So far I never used to install it in smarphone, as I prefer Desktop Electrum.

 

So, I have not seen that so far. That would be a good edition.

6 hours ago, phabulu said:

I have used electrum for BCH a long time ago, I think I'll try it out for btc now, thanks for the recommendation.

Don't forget to check the website and be sure that it's electrum.org, there are a lot of electrum phishing site which will get you downloaded fake app and steal your BTC.

[iloveyobit 6599]

or simply you can buy a nother coin with a low fee and send with it , its the easy way  that i know , thank you and good luck 

[Bills 583]

Well according to some readings I have done about it, the fee rates should not be reduced much, because they are processed too late, they remain on hold, sometimes they last days, weeks and the fee has to be modified later so that they can process it . Caution should be exercised when doing so.

[hexwin 4931]

Exodus wallet and some other similar wallets for example don't have this options
so often it charges higher transaction fees, and no way to adjust them.

For Ethereum Metamask also has 3 option to choose fee, and I think this is good to have for Bitcoin also

[cryptokram 102]

will there be a big effect on the speed of transfer? as i always experience Bitcoin transfer from one wallet to another is one of the slowest coin. The tip is very useful but i want to know the speed of the transaction made. Thanks in advance!

[hexwin 4931]

I am adding few more websites that can help people to calculate fees for sending Bitcoin.
Note that every fee reduction means longer confirmation time

https://coinb.in/#fees

https://www.buybitcoinworldwide.com/fee-calculator/

[martmobi 127]

1 hour ago, Ben Fraj Salwa said:

500 DOGE per withdrawal is high fee. So I can try other exchangers in BestChange, fee to buy DOGE will be lower.

Cool, nice to see that you have a plan to solve the problem, it's good to access all possibilities before deciding on the right path to follow... Wishing you all the best my friend. 

[martmobi 127]

On 10/11/2019 at 4:48 PM, phabulu said:

This is an alternative, that why I like LTC so much, when I need to withdraw or send less amount I use LTC or doge.

Some exhanges have some high fees, but with ltc, is not that much.

I support your view point my friend, since the transaction fees for bitcoin and ethereum are on the high it's a safe bet to use alternative to safe costs... Thank you for the idea 

[spyaquino 907]

I prefer not to mess with the fee functions, because I've had cases of transaction loss not in BTC but in MEW, with ETH for wanting to save on the transfer rate, in the end the loss was greater. 😯

[hexwin 4931]

You can always speed up stuck transaction, and for Ethereum is is super easy.
Some people like to pay more fees, but not me 😉

[duncun007 3577]

i would never mess around with fees again! tried it before on blockchain wallet and received it after 2 weeks! it was back in 2017 when bitcoin was at above 14k and the fees were insane. learned my lesson.

[hexwin 4931]

Nobody should set some random minimal fees, and there is a reason when you should use lower fees.
There are fee calculators and mem pool for monitoring best time to consolidate BTC in one address.

[seriousguywithfunnypants 266]

On 10/9/2019 at 12:07 PM, damn said:

How long is the transaction going to be confirmed when you tried it?

Whenever I try to reduce the fees, I just move coins to doge and withdraw, or just use the xrp. For whatever thier  reason though yobit disable withdrawing XRP.

Probably, it may take much longer than regular transaction because of the lower fees. Miners are choosing automatically the highest fees.

[cryptotalker 611]

nice and useful topic, congratulate. people want to protect their hard-earned earnings by acting economically. This can sometimes be done while sending bitcoin, sometimes also during any transaction. Thank you.

[Corrado25 9442]

It is important to set not too low commissions. Because you can wait a long time. I recently sent myetherwallet tokens a little wrong with the commission. My transfer has not been verified for 2 days. You have a clear example of the disadvantages of some crypto currencies. They need to work better so that there are no delays in the network at all