Reduce transaction fees

[Crypto123 0]

Thank you for this good tutorial. Indeed, everyone loves reducing transaction fees, but it must be noted that this is only available in the Electrum wallet and not available in other portfolios or in exchanges. Also, it should be noted that reducing fees may delay the transaction a little.

[Yomose 3704]

4 hours ago, ethan1751 said:

That's all the difference. Indeed on the blockchain can reduce costs, but confirmation as you say will slow down. But the difference in cost is also not too much. Therefore shipping depends on how we need.

Some people has also made the mistakes in which there coins will be trapped in the mempool, scammers with dust attacks will further let the coin to be trapped there. It is good to use the normal transactions feeling to make the transaction fast. 

[Yomose 3704]

On 5/26/2020 at 8:10 AM, ethan1751 said:

for that matter, all depends on each other's choices again. use fast, normal or slow. for people like me, of course I use the lowest cost transactions.

Wallets can set four options.

1. Fast

2. Normal

3. Slow

4. Edit. 

Even, using slow transactions time is still good but some will edit it and set it to the fee the transaction will be trapped and will not complete only hours or even days. 

[magd 5231]

It is a very good way to reduce withdrawal and transfer fees, but it cannot be used in all types of portfolios, for example, when we want to reduce withdrawal fees in a blockchain wallet, the transactions will take longer to complete, for example: Quick conversion fee for bitcoin on a blockchain is  3 $, but a slow conversion is about  1$

[BitcryptoHan 2557]

On 5/29/2020 at 10:26 AM, magd said:

Quick conversion fee for bitcoin on a blockchain is  3 $, but a slow conversion is about  1$

@magd To be more specific, are you talking about bitcoin transaction on blockchain with such amount for both high and low transactions fee? Can you not also still edit the fee for lower transactions fee?

[George10 9932]

Reducing transaction fees is one of the greatest features in certain wallets like the one you mentioned and I had experience of this vai blockchain wallet it's easy to use however, there are other wallets without this feature.

 

[BitcryptoHan 2557]

On 6/7/2020 at 11:43 AM, Majeshi said:

I didn't know about this method in electrum wallet. This means we can reduce the transaction fee to an amount that we need by ourselves or we are limited to some amount? Please, tell me more about this.

Yes, transaction fees can be reduced, if you are using wallets that allow such like coinomi and electrum. But, if the fee is much reduced, it can lead to the transaction being trapped in the mempool until it might be cancelled later. 

[malik6314193 5449]

I don't know about it before that we can edit manually fee of transactions. But there is my question that, will it effect the speed of transactions. If not then why we don't use this feature. 

[Yomose 3704]

On 6/14/2020 at 3:16 AM, malik6314193 said:

I don't know about it before that we can edit manually

That means the wallet you are using does not support such, if you use like coinomi wallet , you will be able to edit transaction fee, also is another wallet called electrical good for sending bitcoin. 

[Raqeebzy 6456]

Transaction fees can only be edited in hardware and paper wallets, I can hardly see it available on other types of wallets. But before editing transaction fee, users must know a lower transaction fee might in turn means a slow transaction confirmation and vice versa. Personally, I like to use a medium/average transaction fee to be economical with average transaction speed.

Edited June 16, 2020 by Raqeebzy

[Yomose 3704]

On 7/4/2020 at 12:42 PM, Motidepada said:

I like to use at least recommended low fee for btc transactions but some people will still edit the transaction, making it trapped in the memory pool, this is not a good idea, I also wait for network not to be congestion for low transaction fee. 

As to what I know, people like to use the lowest fee for a transaction they still want on time, that is why some people really learn how to calculate the fee in satoshi per bytes, this gas really be so helpful in a way some will use low fee for a fast transaction when it has been calculated. 

[Tunuu 2235]

This is very good, i never know there is any wallet that you can decide to set your own fee. Am using yobit, my best way to reduce bitcoin fee its to convert them to altcoins and am very happy for that.

[Yomose 3704]

21 hours ago, Tunuu said:

This is very good, i never know there is any wallet that you can decide to set your own fee. Am using yobit, my best way to reduce bitcoin fee its to convert them to altcoins and am very happy for that.

@Tunuu You can use yobit for you savings, but yobit is not a wallet but an exchange platform for trading, wallets ate the best for saving coins, hardware wallets with private keys store offline are the best. 

[Tunuu 2235]

8 hours ago, Yomose said:

@Tunuu You can use yobit for you savings, but yobit is not a wallet but an exchange platform for trading, wallets ate the best for saving coins, hardware wallets with private keys store offline are the best. 

Thank you sir @Yomose i real appreciate  your explanations. I will now use exchanges only for trading and investing then i will buy ledger nano for storing my crypto.

[Yomose 3704]

18 hours ago, sidalilaroma85 said:

Thanks for this informative idea that you bring it today, fir sure i will try it and discover it when i want to do some transaction because there a site witch have a very big withdraw fees of bitcoin like yobit exchange 0,0015 btc

The are many exchanges with more transactions fee when it comes to withdrawal, yobit fee is even one of the best, and using altcoin to withdraw is very low on yobit if also compared to other exchanges. 

[Yomose 3704]

5 hours ago, Daddyabakar said:

all private wallet can hard transaction fees but you be supposed to see a most minuscule fee that tin be old as the less significant the fee measures the longer your transaction will be accomplished
 

I think you have to reconstruct your comment, it is  not coherent at all. But if I get you tightly, did you meant lesser fee will make transaction longer? If so, I will advise you to read about this very well but not that you are not right but during no congestion network, the fee can be lower and transaction still faster. 

[BTC Future 3946]

Lately mempool is empty and this means that users can try sending Bitcoin with 1sat. If this doesn't work replace by fee with 2 sats. Still 1 sat would proceed after a while.

[Yomose 3704]

On 8/21/2020 at 10:20 PM, taylorzed1 said:

There are programs or websites that we can edit our rate, but we have to be careful not to put a rate too low, as the transaction can take days and even weeks

The lower the fee the less likely the transaction will be put in the next block, but if the blockchain network is not congested, you can still send bitcoin with a very low feeling beyond expectation. You can try this on weekends when the network is not congested. 

Edited September 4, 2020 by Yomose

[BitcryptoHan 2557]

On 8/21/2020 at 10:20 PM, taylorzed1 said:

There are programs or websites that we can edit our rate, but we have to be careful not to put a rate too low, as the transaction can take days and even weeks

Wallet can also do that, have you tried electrum or coinomi wallet before.

On 8/11/2020 at 8:28 PM, BTC Future said:

Lately mempool is empty and this means that users can try sending Bitcoin with 1sat. If this doesn't work replace by fee with 2 sats. Still 1 sat would proceed after a while.

The transaction will not be successful of you use 1 satoshi as transactions fee for bitcoin transactions. Even 2 satoahi can not work. If it works, it will take days before it will be successful. 

[BitcryptoHan 2557]

32 minutes ago, BTC Future said:

On 11 August which was 12 days ago when I wrote this post it was AS I SAID. I seriously got no time to answer to anyone randomly claiming that this is not correct and not actually having anything else to back up his claims. 

So if you just want to finish your 20 posts and get over it, stop quoting me as you are wrong in both your last two answers.

@BTC Future Maybe you can put me in your ignore list, if you post what is wrong, I will always quote you. About the transaction, what is right is 1 satoshi by byte. Using 1 satoshi is wrong. The transaction will only be trapped in the memory pool. You need to know more about transactions fee I think. 

Are your even trying to consolidate or what that you want to use 1 satoshi for transaction? Even, consolidating with such small amount will makes your transaction miserable. 

Edited August 23, 2020 by BitcryptoHan

[DiamondBit 720]

On 8/31/2020 at 9:39 AM, HodlKiddo said:

But now that we're in the midst of a pandemic, people tend to incline to cashless option, I don't that 5 hours of transaction time for .00001 btc is good enough. I think, the best workaround here is to exchange your coin to a lower coin such as XRP before transferring it for a lower transaction fee and faster transac time.

Such transaction can be less than 5 hours, it can even take less than 2 hours, it depends on the memory pool. But I get your point. That is why I also like to make use of digibyte for transaction. But there are cases you will not have option than to use bitcoin for transaction because it is mostly used by people. 

[Yomose 3704]

On 8/25/2020 at 6:28 PM, HodlKiddo said:

Reducing transaction fees isn't really good at all times or it isn't really good. Because  reducing transaction fees will greatly increase the time that you need to wait before your transaction will be processed. Processing speed for transaction depends on how much you'll pay for transaction fee, so be mindful not to set it to the lowest transaction fee as possible.

You will need to do the calculation, I still send as low as 0.00002 btc per byte, it can even take less than 2 hours or 1 hour before completion. It depends on how many people making transactions at the particular time you make your own transaction. If no much people, mines will not have options than to include you in a block as early as possible. 

[BitcryptoHan 2557]

On 8/21/2020 at 10:20 PM, taylorzed1 said:

There are programs or websites that we can edit our rate, but we have to be careful not to put a rate too low, as the transaction can take days and even weeks

This require some sort of calculations, and also depends on the mempool. If you are not also in haste, you can use low transactions fee. If the mempool is not congested, you will see the transaction confirmed in minutes to hours. I use 15 satoshi/vbyte which can take less than 3 hours before confirmation. But, if the mempool is congested, I do not make transaction in such time. 

[edgarjpaezv 2]

the ethereum fees it is so high, i lose much money withdowing of nomadtaks

[Dev1lsm1le 49]

I lost smthin like 30$ on my last few transactions. Ethereum gas fee so broken..