Save Money When Sending Crypto!
Bitcoin users hate this four letter word more than anything else... I'm talking about FEES!
Anybody who used Bitcoin over the summer will admit that the fees were getting RIDICULOUS! To make things worse the transactions were taking longer and longer to confirm as the price of Bitcoin kept growing. After the implementation of SegWit we have seen a dramatic drop in both fees and transaction times.
I have put together a fee comparison from Coinbase:
Now one may ask themselves "How fast will my money arrive if I send it through a particular coin?". Currently the networks for all three major coins are running smoothly. Here is a network speed comparison:
Bitcoin is clocking in at just under 8 minutes between block times. This is down from the 10 minute block average Bitcoin has boasted in the past.
Ethereum is running at a BLAZING 24 second per block. In the past ETH was capable of 15 second blocks but the network is slowing due to increased mining difficulty.
Litecoin is still chugging along at an average of one block every 2 minutes 16 seconds. This is actually faster than their expected 2.5 minute blocks.
Once the miners begin implementing the Lightning Network they will have near instantaneous transactions available for not only Litecoin but for Bitcoin and other coins as well. Not only will it increase transaction speeds we will see a huge reduction in fees. SegWit has opened the doors for amazing innovation and progress in the crypto community. The next year is going to be a very fruitful one for Bitcoin and all of its children :)
Personally I love to use Litecoin when sending transaction because the network is extremely reliable, every exchange I use accepts it and the fees are the lowest of the big three! Every once in a while I send an Ethereum transaction just because I have some laying around but I always prefer good ol' LTC. Rarely do I ever send an actual Bitcoin transaction these days with the crazy fees. Rather, I buy the amount of crypto I need in Litecoin, send it to the exchange of my choice and then trade it out for BTC so I can trade other alt-coins.
Now if you want to avoid the transaction fees ALTOGETHER and you already have a Coinbase account there is a simple trick...
BUT I will have to save that for another post :-D
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
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You leave us with honey on the lips ;)
I think you will benefit greatly from the "no fee" trick. It's so simple that even I overlooked it for years!
Great post dude with valuable information. Thank you you made the murky water a little clearer
I try to keep my crypto community informed and always thinking ahead :)
Block times should fluctuate according to difficulty but then find equilibrium around the programmed amount.
But the fees is the interesting one. I was expecting fees on BTC to drop after SegWit (along with mempool size) but I will need to do a follow up to my post last month. Thanks for reminding me! :)
There are only about 6,000 unconfirmed transactions right now by the way. I remember during the height of the backlog, when miners were switching over to BCH, there were over 90,000 unconfirmed!
@hotsauceislethal This is great news. Nicely carried out! Followed.
Good publish. Hardwork pays much more so maintain Operating difficult! Followed.
Thank you sir :) I try to publish something at least once a day here. Normally it's just my Bitcoin Price Forecast. I am trying to keep the information relevant as well as easy to read.
@hotsauceislethal you are the man I have so much difficulty with fees and as a newbie to the crypto scene my first purchase of bitcoin and a few alt coins took me hours and was quite traumatizing. The fees where high and I wasn't sure how to purchase in the UK which is pretty tricky with bank transfers. I'm over my initial fears now and open to learning. I can't wait for the avoid fees trick love n light to you.
Thanks for the tip to use LTC inbound to exchanges. I look forward to your Coinbase article.
Take a look at my Bitcoin Price Forecast to get a feel for market sentiments and price action daily :)
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-9-11-2017
@hotsauceislethal I like your submit. I have followed you.
Great submit. Hardwork pays a lot more so preserve Functioning tough! Resteemed.