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hexwin

Reduce transaction fees

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s.178.jpg

 

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 by hexwin
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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? 


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

Frequently Asked Questions – Bitcoin Electrum

 

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?

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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.

 

s.178.jpg

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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.

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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.

image.thumb.png.515f947c421d2fb2dd3ddadf55cea581.png

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 by hexwin
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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.

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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.

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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.

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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.

 

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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.

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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 

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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.

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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

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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!

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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. 


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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 


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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. 😯

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

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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.

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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.

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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.

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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

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On Wednesday, May 1, Germany and many other EU countries will have a holiday – Labor Day. However, the United States will continue to work on this day. First, the ADP report on employment levels in the private sector of the country and indicators of business activity in the manufacturing sector will be published. The most important event will undoubtedly be the meeting of the FOMC (Federal Open Market Committee) of the US Federal Reserve on Wednesday, May 1, and the subsequent press conference of the management of this regulator. In addition, on Friday, May 3, we traditionally await another batch of very important statistics from the American labor market, including the unemployment rate and the number of new jobs created outside the agricultural sector (NFP), as well as revised data on business activity (PMI) in the US services sector.   GBP/USD: US PCE Hindered the Strengthening of the Pound   The preliminary statistics on business activity in the United Kingdom released on Tuesday, April 23, were mixed. The PMI in the manufacturing sector of the country crossed from above to below the growth/fall boundary, and with a forecast and previous value of 50.3 points, it actually fell to 48.7. In the UK services sector, on the other hand, there was growth in April – the indicator rose from 53.1 to 54.9 (market expectations 53.0). As a result, the Composite PMI reached 54.0 (52.8 a month earlier). However, all these figures did not attract much attention from investors.   On April 22, GBP/USD fell to 1.2300. The bulls on the pair took advantage of the dollar's overbought condition to return it to the lower boundary of the medium-term corridor of 1.2500-1.2800 in which it had been moving since the end of November last year. However, they did not have enough strength to consolidate within the corridor. The two-week maximum was recorded at 1.2540, after which, pushed by US PCE, the pair went down again and ended the five-day period at 1.2492.   According to specialists from United Overseas Bank, as long as the support at 1.2420 is not broken, there is still a possibility of the pound breaking through the 1.2530 mark. The next resistance, according to them, is at 1.2580. The median forecast of analysts regarding the behaviour of GBP/USD in the near future looks maximally uncertain: 20% voted for the movement of the pair to the south, the same amount – to the north, and the majority (60%) simply shrugged their shoulders. As for technical analysis, the trend indicators on D1 point south 65% and 35% look north. Among the oscillators, the picture is mixed: 25% recommend selling, 25% – buying, and 50% are in the neutral zone. In case of further decline of the pair, it will encounter support levels and zones at 1.2450, 1.2400-1.2420, 1.2300-1.2330, 1.2185-1.2210, 1.2110, 1.2035-1.2070, 1.1960, and 1.1840. In case of growth, the pair will encounter resistance at levels 1.2530-1.2540, 1.2575-1.2610, 1.2695-1.2710, 1.2755-1.2775, 1.2800-1.2820, 1.2885-1.2900.   No significant statistics on the state of the UK economy are planned for the week.   USD/JPY: Reached the Moon, Next Target – Mars?     We called the previous review "Higher and Higher". Now, it is worth asking at what altitude will this flight into space end? When will the Bank of Japan (BoJ) finally decide on a radical change in its monetary policy?   At the meeting on April 26, the members of the Japanese Central Bank unanimously decided to keep the key interest rate at the previous level of 0.0-0.1%. Moreover, the regulator removed from the statement the reference that it is currently buying JGB bonds for about 6 trillion yen per month. The statement after the meeting states that "the prospects for the development of the economy and prices in Japan are extremely uncertain," "if inflation rises, the Bank of Japan will likely change the degree of easing of monetary policy," however, "it is expected that the eased monetary policy will be maintained for some time."   The market predictably reacted to such decisions of the Japanese Central Bank with another Japanese candle on the chart of the USD/JPY pair. The maximum was recorded at 158.35, which corresponds to the peak values of 1990. There were no currency interventions to save the national currency, which many market participants feared. Recall that strategists from the Dutch Rabobank called the level of 155.00 critical for the start of such interventions by the Ministry of Finance of Japan. The same mark was called by 16 out of 21 economists surveyed by Reuters. The rest predicted such actions at levels of 156.00 (2 respondents), 157.00 (1), and 158.00 (2). USD/JPY has long exceeded the levels at which the intervention took place in October 2022 and where the market turned around about a year later. It now seems that 158.00 is not the limit. Perhaps it is worth raising the forecast bar to 160.00? Or immediately to 200.00?   USD/JPY ended the past week at 158.32. The forecast of analysts regarding the near future of the pair looks as follows: fear of currency interventions still prevails over 60% of them, while the remaining 40% are waiting for the continuation of the flight to Mars. Technical analysis tools clearly have no concerns about interventions. Therefore, all 100% of trend indicators and oscillators on D1 point north, although a third of the latter are in the overbought zone. The nearest support level is located in the area of 156.25, then 153.90-154.30, 153.10, 151.00, 149.70-150.00, 148.40, 147.30-147.60, 146.50. And it is practically impossible to determine resistance levels. We only note the reversal maximum of April 1990, 160.30, although this target is quite conditional.   No significant events regarding the state of the Japanese economy are expected in the coming week. Moreover, traders should keep in mind that Monday and Friday in Japan are holidays: April 29, the country celebrates the birthday of Hirohito (Emperor Showa), May 3 – Constitution Day.   CRYPTOCURRENCIES: Where Will Bitcoin Fall?   As expected, the fourth halving took place in the bitcoin network at block #840000 on April 20. The reward for finding a block was reduced from 6.25 BTC to 3.125 BTC. Recall that halving is a halving of the reward size for miners for adding a new block to the bitcoin blockchain. This event is embedded in the code of the first cryptocurrency and occurs every 210,000 blocks – until the moment when the mining of 21 million coins (presumably in 2040) ends the emission of cryptocurrency. It should be noted that the fourth halving will provide for the mining of approximately 95% of the entire bitcoin emission, about 99% of all coins will be mined by 2033-2036. Then, the emission will gradually move towards zero.   In the previous review, we promised to tell how the market would react to this important event. We promised – we report: the market reaction is close to zero. For several days after the halving, there was no growth in volatility. The price of bitcoin slowly and lazily moved first upward, reaching $67,269 on April 23, and then returned to where it began its weekly journey: to the $64,000 zone. It seems that market participants froze in anticipation of who would be the first to start buying or, conversely, selling the main cryptocurrency massively.   According to experts from Bitfinex, the post-halving supply restriction stabilizes the price of the first cryptocurrency and may contribute to its growth. "The reduction in the pace of bitcoin issuance after halving, which will amount to $30-40 million per day, contrasts sharply with the daily net inflow of $150 million into spot ETFs. This emphasizes a significant demand and supply imbalance, which may contribute to further price growth," stated the Bitfinex report.   However, analysts from QCP Capital believe that bitcoin optimists will have to wait at least two months before assessing the effect of the past fourth halving. "The spot price grew exponentially only 50-100 days after each of the three previous halvings. If this pattern repeats this time, bitcoin bulls still have weeks to create a larger long position," their report stated.   Anthony Pompliano, the founder of the venture company Pomp Investments, believes that within 12-18 months, the coin is expected to grow to $100,000, with chances of reaching $150,000-200,000. However, before moving to a bull rally, BTC/USD, in his opinion, is waiting for a correction down. At the same time, Pompliano believes that the price will not fall below $50,000. "I think we have already crossed this Rubicon," – he wrote.   The possible upcoming decline of the main cryptocurrency is probably a topic currently much more discussed than its subsequent growth. Many agree that bitcoin coins will appreciate in the long term. But how will quotes behave in the more foreseeable future? Fidelity Digital Assets, the leading issuer of one of the spot BTC ETFs, has already revised its medium-term forecast for bitcoin from positive to neutral. The reason for abandoning optimistic sentiments is several worrying trends in the crypto market. Fidelity analysts noted the growing interest in selling from long-term hodlers. Among them, there is currently a large percentage of profitable addresses, as noted in the company's report. This means that holders may want to lock in profits and start selling BTC. On the other hand, on-chain data indicates that small investors, on the contrary, continue to accumulate the first cryptocurrency. Since the beginning of the year, the number of addresses on which BTC is stored for at least $1,000 has increased by 20% and reached a new historical maximum. "Such a trend may indicate the growing dissemination of bitcoin and its acceptance among 'average' users," – Fidelity noted.   Specialists from CryptoQuant examined the SOPR indicator readings for these categories of investors and made conclusions similar to those of their colleagues from Fidelity. Investments in Bitcoin by "new" whales (owners of coins "aged" less than 155 days) almost doubled the indicator of "old" large players (more than 155 days). At the same time, the increased value of the metric showed that the profits of the "old" hodlers significantly exceed the indicators of the "newcomers". And if the "old-timers" move to fix profits, this may lead to the formation of price peaks. An analysis of the current picture, according to CEO of CryptoQuant Ki Young Ju, also speaks of the need to exercise caution in anticipation of possible corrections and increased volatility.   Recall that earlier, specialists from JPMorgan noted that digital gold is in a state of overbought. And co-founder of CMCC Crest Willy Woo noted that if the price of the first cryptocurrency falls below the support level of short-term holders at $58,900, the market risks moving into a bearish phase.   As of the evening of Friday, April 26, the BTC/USD pair is trading in the region of $63,950. The total capitalization of the crypto market is $2.36 trillion ($2.32 trillion a week ago). The Bitcoin Fear & Greed Index remained in the Greed zone, although it rose from 66 to 70 points.   Finally, in conclusion of the review, our long-forgotten crypto-life-hacks column. It turns out that in order to become a crypto millionaire, it is enough to have a marker and a piece of paper. The possibility of such a way of enrichment was proven by Christian Langlois, also known as Bitcoin Sign Guy. This guy made headlines in many news outlets after showing a notebook sheet with the inscription "Buy Bitcoin" behind the back of the Chair of the Federal Reserve System Janet Yellen. At that moment, the head of the Fed was giving testimony about the state of the US economy. This image instantly spread across the network and became one of the symbols of the emerging crypto industry.   For his misdemeanour, the 22-year-old intern Langlois was disgracefully expelled from the hearings. But after this episode was shown on television, enthusiasts sent 7 BTC to his crypto wallet to thank the guy for his bold move. Four years ago, Christian sold 21 copies of the "cult" sheet at an average price of 0.8 BTC, earning another 16.8 BTC. Thus, his total earnings reached 23.8 BTC, which is more than $1.5 million at the current exchange rate. And a few weeks ago, Langlois was offered another 5 bitcoins for the original, but he refused to sell the sheet. Nevertheless, Christian liked the idea of further monetizing the self-created object of "artistic and historical heritage", and he decided to sell it at an auction, directing the proceeds to finance his startup Tirrel Corp. On April 25, 2024, the auction house Scarce.City reported that the lot, which became a popular meme, was sold for 16 BTC (more than $1 million). NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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