Want to Save Up on Fees While Sending BTC? Try this guide.

in bitcoin •  2 years ago

BTC is not like STEEM - there are fees and confirmations needed to send coins.

The BTC scallability issue is that blocks get full and there is more transactions than network can roll fast, then people sometimes wait 2 days for their coins to come.

So then we have fees. The bigger fee you put, the higher priority transaction gets. If you put too small fee or none, your coins will get stuck in mempool and never reach their destiny.

So now we know - if you want to reach target in time, you need to use fees. The higher - the faster it goes.

But how to not overpay or try to make them as little as possible ?

I will explain in this guide.

Get Electrum Wallet


https://electrum.org/#home
It needs a little hard drive [doesnt download whole blockchain] and has loads of great functions.

Allow RBF


Tools->Preferences->Fees
Enable Replace by Fee and disavble the other setup (it will make u always pay more than 0.001 BTC per transaction).

Send BTC with Low Fee


Now choose whreee to send, tick RBF and use slider for lowest fee possible. Send.

Fix Fee

Now if transaction is stuck for long time with others like now we have 30k waiting:

All you do is resend it with bigger fee and allow it to get into queque again.

This way when you are not in rush yet dont wanna wait 3 days for money to come back, use this trick to lower the fees.

Now with a few transactions you can save few USDs and get free beer or coffee.

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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BTC is not like STEEM - there are fees and confirmations needed to send coins.

great introduction to whole article :D :)

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yes i made it on purpose ;)

:)

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I have used the electrum wallet, and while I found it to be very secure, I thought that even on the slowest/cheapest selection, the transaction fees were still rather large.

I thought that perhaps the wallet-developers were getting a cut from every transaction sent from their wallets. Is that a possibility? Or is it simply due to the rising BTC transaction fees?

How about you buy steem with btc and send steem instead? Will only work if the recipient is on steemit though.

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You will have to send the btc to an exchange anyway, paying both the btc fee plus the exchange fee

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Oops. Yeah you're right. Sorry.

"Now with a few transactions you can save few USDs and get free beer or coffee." lol - when you can wait so long for a beer or coffee then it is definately something wrong in your life :-)

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"disable the other setup (it will make u always pay more than 0.001 BTC per transaction)"
thats 1 USD, you can buy lager for 1 USD in some countries. so literally 1 transaction with this gives a beer ;)

You can also send all your coins to yourself with low fee so they merge, making the following transactions shorter so they cost less.

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Especially useful for people getting cash from faucets

Thanks a bunch for the tips, and knowledge! Namaste :)

thank you for your tips.

Be careful! In some blockexplorers may appear the second transaction as "double-spend". Don't worry, it's ok!

Great tip!

I am thinking about switching the wallet as indeed my last transaction was in there for 1 week....
Thanks for the suggestion!

Its always good to save on fees , thank you for post this :)

Thanks so much!

You'll be very likely to need to add additional fees as rates of transactions are rapidly increasingly. Found this out from experience this week. Great article.

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technically the TXfees are always the same. But FIAT money is going down the river and the continous rise of BTC value will make BTC transaction fees look very very expensive from the stand point of FIAT money systems. But If you think in BTC the fee is always the same. I guess in 2050 BTC transactions will be rare due to the enormous costs in relation to many faster, better micropayment-friendly systems on the market similar to Bitshares/STEEM->EOS->??? . Interesting times coming . I look forward to see and feel this fast evolution of blockchain. VIVA LA BLOCKCHAIN

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I totally agree, and I think advances like SegWit may help in speed terms, and the pricing can be scaled in a variety of ways should the community come together to make it so. VIVA BLOCKCHAIN

Why are there fees to be paid while sending BTC?.......Like The Godfather of Cryptocurrency or what?

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The payment fee will be given to the bitcoin miner who process your payment. The smaller the payment the long it would take your bitcoin payment to be confirmed.

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Oh wow!.....i imagined where all the fees are going to.

Great tip, thanks for the easy instructions

Easily layout.

Thanks for sharing the tips @kingscrown

Nice Article indeed

Thanks for the hot-tip!

Thanks for the article @kingscrown! Much appreciated, as I already have electrum downloaded but I haven't figured out many of the features.

thank you for sharing that information with us

Great article! I learned about something really important here when it comes to reducing FEES and the wait time on bitcoin. This is the one area with investments that a lot of people tend to overlook. Very interesting stuff.

Thanx for the article...good read

Good explanation thank you!