Reduce transaction fees

[hexwin 4931]

With new Electrum wallet that is coming out soon in next release we can expect to see much lower fees:
I am exited to try how it works myself

 

11 hours ago, iamaruf said:

Yes of course you can sign a message with electrum mobile app. This is not hard. If you sign message in dekstop wallet then it will be easy for you.

 

I never used Electrum for mobile so far. Thanks for answering

[hexwin 4931]

Just now, iamaruf said:

Then which wallet you are using? And if you don't find google it.there you will see the tutorial how to sign message  

I am using several wallets:
Hardware wallet I use Ledger
Desktop I use Electrum wallet.
Mobile I use Monarch wallet - and I earn interest every day 😉

[hexwin 4931]

3 minutes ago, iamaruf said:

How you earn from monarch wallet? Also I have monarch wallet. It will be helpful you share the tricks 🙂 

I took one part of my coins Bitcoin and Ethereum ans sent them to interest payment
address inside wallet, so it is earing few percents, and I receive rewards every week. I can always withdraw to my address if I want. They use Bitgo and Celsius for this (partners). 
Again I am using only small part of coins for this. Most of them are safe in hardware wallet

Edited October 16, 2019 by hexwin

[hexwin 4931]

2 minutes ago, iamaruf said:

Would you please tell me the interest percentage? 

Because I really want to earn some free money from holding in monarch wallet. 

You can find exact fee in your wallet and they are changing every day.
I think I posted one image with fees on Monarch wallet topic

 

[hexwin 4931]

8 minutes ago, Ele said:

Reducing fees will help to reduce the expenses of the transactions fee. But be careful not to reduce it very low that you can't even get the transaction picked up by the block chain.

Correct. Also don't do it if there are many stucked transations in Bitcoin blockchain.
You will have to wait a lot. Use it with care and smart

[Consignee 2395]

On 10/18/2019 at 2:14 AM, hafmy said:

Some times they that to calculate and to combine the bitcoins price in the market, for this reason some times in just 15 minutes you receive you bitcoins or will be processed but some times needs days to be processed, means its calculated.

It depends on the network activity. If bitcoin blockchain are having a lot of transaction with high fees, you are unlikely to get faster transaction with low fees.

On 10/18/2019 at 7:15 PM, bichou1584 said:

Will the reduction in payment fees affect the duration of the transaction?  It means how long the withdrawal process takes when you reduce fees.  Is it possible to maintain the quality of the process at a reduced cost

Check the recommended fee here- https://coinb.in/#fees-

Alternatively, if you are using Electrum, you will get the recommended fee for having a transaction faster.

7 hours ago, sanuy said:

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.

Electrum us easier to use. You can try that.

[hexwin 4931]

1 hour ago, dianamushi said:

I think reducing fees is very dangerous if not careful and not knowing what you're doing, could lead for a transaction to taker longer confirmation or no confirmation at all. (stuck forever) i never confirmed this but i think its possible.

Nobody is crazy to set extra low fees, and it is not dangerous at all.

I want to have FULL control of my crypto, fees and how I spend it.

People who don't want that can pay high fees, as they like

[cryptosix 1643]

On 10/10/2019 at 11:32 PM, phabulu said:

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

IF the fee value is low, then it takes long time to confirm. It's better to look for fast confirmation with cheap offers. I heard some people transactions were stucked in the money transfer.

[I-KUN 422]

online wallet like blockchain.com can reduces withdrawal fees manually, but it will slow down the confirmation time.

[Wraithking 22]

This is better because if the transaction fees is reduce it will help to each member because we can easily have an easy way and continue transacting more because the fee is lower now. I'm hoping too that it will continue reduce because lower fees to transactions make our life better

[hexwin 4931]

You can also increase fees if you want.
Important thing is that you are in control of your wallet and in control of your fees on that wallet

[hexwin 4931]

Just now, kylepresz said:

It's important to note that reducing the fees means blockchain miners (those who process transactions) are getting paid less. Therefore they give more priority to the blocks with expensive fees and the cheaper blocks get ignored. This causes a really large queue of transactions that just sit, while miners process the more profitable transactions first. There was a time in 2017, where it was taking up to two months to confirm transactions with low fees. So use this feature with caution.

Stuck transactions from 2017 had nothing to do with reduced fees, but it was to many transactions that network could not handle.  There is a reason and time when you want to use lower fees.

[hakimgentlemen 671]

On 11/10/2019 at 15:56, aeiouc said:

Les frais en BTC sont parmi les plus élevés ou les plus élevés lors du transfert. Réduire les frais est très bon.

Mais la valeur pourrait être égale aux altcoins. Que beaucoup de gens utilisent à cause de cela.

Yes I am of the opinion the transfer is too high for Btc; me for transfer I change my wallet in Ltc. and after I make mees transactions. For the man of 2000 satoshi it is a little reasonable.

[hexwin 4931]

5 hours ago, hakimgentlemen said:

Yes I am of the opinion the transfer is too high for Btc; me for transfer I change my wallet in Ltc. and after I make mees transactions. For the man of 2000 satoshi it is a little reasonable.

We are talking about Electrum wallet here... not about exchanges!

You can not use Littecoin on Electrum

2 hours ago, Baddo said:

At whatever point I attempt to lessen the expenses, I simply move coins to doge and pull back, or simply utilize the xrp. For whatever thier reason however yobit debilitate pulling back XRP.

Hello...hello 
We are talking about Electrum wallet here... not about exchanges!

You can not use doge coin on Electrum

Edited October 26, 2019 by hexwin

[FlappYZoK 2493]

Thank you for such amazing instruction about how to reduce transaction fees. It'll really help a great deal of people to save their money in the future!

[xBDT Script 4371]

17 hours ago, hexwin said:

You can not use Littecoin on Electrum

Litecoin has the same wallet as of wallet for Electrum Bitcoin. They both are same, a forked version of Electrum. You can get it here-  electrum-ltc.org

Although, it's not directly from electrum, they have vouched for this litecoin electrum wallet. You can use it as the same way of bitcoin electrum, everything is same. Since, it's open source, it's very unlikely to have malware or others.

[speedxp 111]

If I do that, it's certainly not exchangeable. Example of YOBIT Exchange, Bitcoin withdrawal fees are very high. Everyone here must already know how to make withdrawals lower than Bitcoin. By replacing with another altcoin to make a withdrawal.

[martmobi 127]

On 10/27/2019 at 6:07 PM, rysofttor said:

Will thеre bе a сolоssаl impаct on thе rаtе of ехсhаnge? As I involvement Bitcoin mоve from оne wallеt to аnоthеr is оne of the slowеst cоin. Тhе tiр is very vаluable but I wоuld like to knоw thе spеed of the exchаnge mаdе. Мuсh аррreciated in dеvеlоpment!

I don't think there'll be so much impact on the rate at all, there is always constant improvement so the changes expected are positive changes. 

[xBDT Script 4371]

On 10/22/2019 at 7:22 AM, vlc39 said:

transferring fee is not only one factor to consider. When you transfer larger amount of funds more than $1000 (added $1000 to the post)it is better to transfer BTC itself or ETH, but for below $1000 transactions BTC/ETH transaction fees are lot high. And always I feel more comfortable with NEO/XLM/XRP Transaction speed than BTC.
When I see the comments I feel lots of people do this for reduce the cost. Lets discuss about this, I will do next post discussing about other factors too..

That's how transaction fee doesn't work, transaction fees are depended on the size of the transaction. Size of a transaction is related to input and output. AT this moment, with 1 satoshi pert byte fee. You can send $100000 worth of BTC with 270 satoshi fee. It will get confirmed within next 1 hour maximum.

If you have a lot of input, to send $10 worth of BTC, you have to spend a lot of fee.

[cnguchi 70]

On 10/10/2019 at 8:16 PM, martmobi said:

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

I think you should try to withdraw WAVES it is very cheap only 0.002 WAVES for 1 withdrawal from Yobit and very fast, less than 1 minute to receive coins

[hexwin 4931]

9 hours ago, xBDT Script said:

That's how transaction fee doesn't work, transaction fees are depended on the size of the transaction. Size of a transaction is related to input and output. AT this moment, with 1 satoshi pert byte fee. You can send $100000 worth of BTC with 270 satoshi fee. It will get confirmed within next 1 hour maximum.

If you have a lot of input, to send $10 worth of BTC, you have to spend a lot of fee.

There are some websites that are showing you size of transaction and estimated fee you need to pay.
I think all wallets should have this information about network condition and stuck transaction by default

[xBDT Script 4371]

Just now, hexwin said:

There are some websites that are showing you size of transaction and estimated fee you need to pay.

Well there are sites which will give you the idea of how much how much to spend in USD but if you know the calculation algorithm then it is really easy for yourself to find the right amount of fees. This is handy when the network is too busy and requiring high fees. You just see the network busyness and find a point that will be cheaper for you and calculate fees from there.

Quote

I think all wallets should have this information about network condition and stuck transaction by default

Most of the wallets basically suggest you high fees when network is busy but sometimes you can even have your tx confirmed with 100 times less fees in the next block. 

[martmobi 127]

8 hours ago, cnguchi said:

I think you should try to withdraw WAVES it is very cheap only 0.002 WAVES for 1 withdrawal from Yobit and very fast, less than 1 minute to receive coins

I know waves, but the app that I use to convert my cryptocurrency to my local fiat currency ony accept eth and bitcoin 

[cnguchi 70]

2 hours ago, martmobi said:

I know waves, but the app that I use to convert my cryptocurrency to my local fiat currency ony accept eth and bitcoin 

you can buy WAVES on Yobit then withdraw it to Binance to sell BTC and then withdraw to your local fiat trading application it only takes 50,000 sts cheaper fee than withdrawing BTC on Yobit pretty much

[hexwin 4931]

3 hours ago, xBDT Script said:

Most of the wallets basically suggest you high fees when network is busy but sometimes you can even have your tx confirmed with 100 times less fees in the next block. 

I mean that data should be easy to understand for ll newbies...
simple text like - network has lot of stuck transaction, you will wait more, add higher fees or wait, or similar when fees are lower. I think this is not hard to add to wallets, and can be handy

3 hours ago, martmobi said:

I know waves, but the app that I use to convert my cryptocurrency to my local fiat currency ony accept eth and bitcoin 

You can also withdraw Waves to WavesDEX exchange and trade it for Bitcoin or any other coin you want