Reduce transaction fees

[martmobi 127]

44 minutes ago, hexwin said:

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

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

Thanks bro, I've not tried wavesDEX, what's your review on them and there withdraw fees? 

[hexwin 4931]

Just now, martmobi said:

Thanks bro, I've not tried wavesDEX, what's your review on them and there withdraw fees? 

Not bad, withdrawal fees are great...

0.003 WAVES for a fully filled order with an ordinary Waves asset or any pair, such as BTC, ETH
0.0005 $BTC for withdrawal is being charged by the gateway including  0.001 $WAVES  network fee

[martmobi 127]

1 hour ago, cnguchi said:

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

I understand your views my friend, but 50,000 sats it's higher than ethereum withdraw when converted to satoshi. 

ETH fees once converted 0.00500,000  to btc is 0.00009925 sats

Edited October 29, 2019 by martmobi

[cnguchi 70]

22 hours ago, martmobi said:

I understand your views my friend, but 50,000 sats it's higher than ethereum withdraw when converted to satoshi. 

ETH fees once converted 0.00500,000  to btc is 0.00009925 sats

Yes. I didn't notice but I found BTC liquidity on my local exchange better than ETH, so I thought it was easier to sell and less discounted.

[martmobi 127]

2 hours ago, cnguchi said:

Yes. I didn't notice but I found BTC liquidity on my local exchange better than ETH, so I thought it was easier to sell and less discounted.

I understand my friend, so it's all good, I'll keep on using eth as alternative to btc, since it's more favorable than btc. 

[xBDT Script 4371]

28 minutes ago, Awaremooner said:

The question I will like to ask is hope editing the fees payable will not cause your transaction to stuck and further increase the congestion on the bitcoin block chain?

Not at all. You can know how much fee you have to pay for faster confirmation.

Say you want confirmation within 10 minutes, then pay the fee according to the next block which will be suggested by the Electrum wallet, you can add more if you want to, the miner in this case will take your one before anyone else.

You can check it on some websites as well. If you are not in a hurry, you can pay lower fee as well. And don't think about stuck, there are a lot of ways to fix that.

Check fees here - bitcoinfees.info

[xBDT Script 4371]

25 minutes ago, Awaremooner said:

Thanks. I got it now. Means you can pay the premium fees, normal fees, and increased fees for faster transactions based on the urgency of the situation. More attract miners for quick mining response and transaction confirmation. I get now and understand it perfectly

Exactly, when you need an urgent transaction, you have to pay higher fee. Each block of bitcoin has an interval of 10 minutes, that's why I said it will be confirmed within 10 minutes.

Look at the image below, with blue, it's mean next block = within 10 minutes. By the way, if your inputs are a lot, you have to pay lot of fee, it's better if you consolidate the inputs into one when fee is extremely low, like 1 satoshi per byte.
 

[xBDT Script 4371]

14 minutes ago, agcabi said:

There arе variоus еxchanges in this сrypto соins fields and eасh trаdе have sаmе rates fееs.  Sо сheck it and yоu will nеed tо try it using yоbit.

It's not about the trading fee, it's about transaction fee. 

When you send a transaction, you must pay the fees to the transaction validators aka miners. And when a miner sees that they have enough fees to fees for them to keep they pick a tx and added it the blockchain.

By the way, in yobit, withdraw fee of BTC is 0.0012 BTC.

[martmobi 127]

5 hours ago, Awaremooner said:

Thank you so much for the tutorials and I hope it will be worth it. The question I will like to ask is hope editing the fees payable will not cause your transaction to stuck and further increase the congestion on the bitcoin block chain?

 

This I also believe is the right way to go

It's nice to see that both of our thoughts on the matter are the same, I wish you all the best my friend. 

Best regards. 

[hexwin 4931]

Stay on topic here please!

We are talking about transaction fees for wallets only and Bitcoin network.
No talking about exchanges fees here!

 

 

 

[Deborah Christine 410]

On 10/10/2019 at 9:16 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? 

Doge is more expensive than ethereum. But if you want to small fee it better to use waves.

[jcarlo 206]

7 hours ago, XxhaxX said:

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

Fee transactions on almost all platforms are actually fairly inexpensive. Even bitcoin is currently developing a lightning network that allows transactions to run faster and cheaper. This will be followed by other cryptocurrency and ethereum will also have switched to PoS so that transactions are also faster and cheaper

[yifnt 666]

This only applies to those who use the wallet, for me in making savings that are cost-effective is to use altcoin, there are many altcoins available in exchange and can be used as an alternative for withdrawals

[Naga 1250]

29 minutes ago, asarpur said:

Yes I am of thе suppоsitiоn thе chаnge is аs well tаll for Btc; me fоr ехchange I regulate my pосkets in Ltc. And аfter I mаkе mеes ехсhаngеs. For the pеrson оf 2000 sаtoshi it mаy be a smаll realistiс.

If u want lower transaction fees then go with other crypto currencies  but bitcoin is for whales that won't mind even if transaction fees were 30$. Use doge or dgb.

[Anthomy K 446]

Oh my god, another extremely useful guide. Today I saw so many suitable circuits. How did it happen that before I simply did not notice them.

[scorpiali 5626]

Nice tutoriel a never use electrum wallet,but i use this option in blockchain wallet we have also the same option to reduce fee of transfer Bitcoin or ethereum too the same way 

[spyaquino 907]

Sometimes reducing the rates cause us even more damage, because if the time is long this can be decisive in a transfer where you want to take advantage of the market moment, imagine if your transaction takes hours and the price is high there when the transaction The price drops, meaning you saved on the transaction but lost on the negotiation because of the delay in the transfer, this can happen.

[Agios 1763]

My experience. indeed we can choose the cheaper fee for sending Bitcoin, but the problem is that we will be able to confirm for a long time on the blockchain, even for days. So that our transaction must wait for 2-3 confirmations.

[on1k3n 470]

Cryptocurrency fees are so high, and I wish they would lower them. They charge you a ridiculous amount to move such a little bit of Bitcoin. I think the fees should change based on the amount of money you're sending. If it's a small percentage, just 1% of the total. For larger transactions you can raise it to 2-3%. I'm tired of trying to send Bitcoin, and getting hit with a message that it's not enough to cover fees. 

[RyujinONE 131]

Yeah but if you want a best tx speed you should using the highest fee, if you dont know using a segwit address from electrum with a maximum fee only takes 10k satoshi for a single transaction its already cheap for me since the transaction using bitcoin.

[Brushless4500KV 4214]

Fees are the most annoying parts of any exchange or withdrawal. Some sites even charge you some fees to deposit into your account! There are options to reduce the fees. You can adjust hash settings to reduce your withdrawal fees in some wallets but trading websites has a fixed fee which is high in most cases. You can't reduce exchange fees. The only possible solution to reduce the negative effect of fees on your transactions is to increase your investments to gain more profits. For example, when your profit is $50, you don't care about $3 fee but when you have gained only $8, you don't feel satisfied to pay $3 for fees.

If you want to pay the least for the fees, you should convert your coins to the ones with lowest fees.

[teminalibug 309]

What is this mempool, is it like a tool for reducing transaction fees or it is a mining pool with which you can modify your transaction fees.

[ASDFGHJKL17 267]

I wanna learn a lot in cryptocurrencies, bitcoins and in any online transactions, i also want to know how to reduce transactions fee, please quote this if you can help me guys. I need some help to add some knowledge about this topic. Thankyou in advance guys. 

[Crypto123 0]

I have heard a lot about the Electrum desktop wallet and I intend to install it on my device and everyone confirms that it is the best wallet, but I did not know that we can reduce the fees, this is a very good feature in addition to other features. Thank you for this useful post.

[Bitkoyns 103]

11 minutes ago, tindical said:

Do I got tо gеt a filе wallеt to utilize this mеthоd?

Do you mean a desktop wallet? There are some wallet even on mobile that lets you use custom fee for your transaction, Mycelium for example you can adjust the transaction fee if you want to get confirmed on the next block or you can wait hours if the network is clogged. Usually it depends on the time of your transaction