Bitcoin Forum

Many of you will say blockchain wallet. I use blockchain wallet.
But if we talk about transaction fees,
Its most of the times we have seen goes too high,if we have to send on high priority.

If we talk about Binance, it has minimum withdrawal fee of approx. 0.0005 BTC, approx. $3.00-$5.00

A wallet gives you access to your own keys, and most wallets let you set custom fees. I use the lowest possible fee most is the time, just know that means it can take longer to confirm.

Binance is an exchange, not a wallet.

Easy answer: use Electrum. Just be careful, there are many fake websites that give you a compromised version.

I don't think that Blockchain.com wallet transaction is high because i can adjust it for each transactions. It is better than fixed fee. You have to accpet the high fee if you want your transaction to be confirmed fastly.
https://i.imgur.com/i5rLeZm.png

GreenAddress with custom fee option. Btw, bitcoin.com wallet is that safe? and you have link to playstore for that?

If you think blockchain fee is high, why don't you use electrum, mycelium,coinomi etc wallet.If you use these wallet you can increase or reduce transaction fee.Binance is an exchanger.If you make low amount your trx fee will be less,for big amount fee will be high (in blockchain,as far I know).           

No wallet is inherently cheaper than any other wallet. Any good wallet should let you set your own fees, and you pay a fee depending on how full the mempool is and how fast you need your transaction to confirm. Take a look at this thread to learn how to work out an appropriate fee for your needs: https://bitcointalk.org/index.php?topic=5182906.0

Withdrawal fees and transaction fees are two different things. Binance (and most exchanges) use a tiny portion of your withdrawal fee to cover the transaction fee, and then they pocket the rest. These services are not wallets. Don't store your coins on them.

Bitcoin.com is a known scam site designed to trick newbies in to buying trash altcoins. I would stay well away from their wallet.

I'm confused here, you says lowest transaction fee? If you are talking about exchanges. Yes, Binance has 0.0005 BTC withdrawal fee and so as Kucoin and Kraken.

But if you used a wallet that you have control of your privatekeys like Electrum, you can customized the transaction fees. You can used this ( https://jochen-hoenicke.de/queue/#0,24h) to get an estimate on how much fees you need to pay.

P.S. I don't used blockchain wallet. There are a lot of options out there, like Electrum.

Yeah, I highly recommend using this wallet, btw its Blockstream Green wallet now. It has segwit enabled which is really helpful to make the fee lower as even 1 sat.

No, I won't recommend using it. It gives bad interpretation of bitcoin as bitcoin core which is the software itself.

SegWit doesn't change the fee you need to pay in terms of sats per vbyte. You can make a 1 sat/vbyte transaction equally as well from a legacy address or a SegWit address, and both would have an equal chance of confirming in the next block. A SegWit and a legacy transaction with the same fee in terms of sats per vbyte will confirm at the same time (excluding the scenario of a backed up mempool with several megabytes of transactions at the same fee rate). Neither is given priority.

What SegWit does do is decrease the effective size of your transaction in terms of vbytes, so the same fee rate (in sats/vbyte) is cheaper overall. For example:

Let's say we have a legacy transaction which is 1000 vbytes, so 1 sat/vbytes costs 1000 sats.
The same transaction from a SegWit address might be only 500 vbytes. We can either pay 1 sat/vbyte, costing 500 sats and saving us 500 sats, or we can pay the same 1000 sats and end up confirming faster as we have paid 2 sats/vbyte. Or we can pay somewhere in between, and be both a little faster and a little cheaper.

The cost of using the Blockchain I think is not too large, depending on our needs. If you want a quick confirmation of course choose the most expensive. The Electrum Wallet is indeed cheaper, because we can manage the costs ourselves, but I think it's safer to use the Blockchain.

Neither Blockchain nor Electrum are any cheaper than each other. Both allow you to set your own fees, and so both can be as cheap or as expensive as you choose.

Blockchain is absolutely not safer than Electrum. Being a web wallet, the security of your blockchain wallet is reduced to a simple password. Since most people don't use password managers and random password generators, your password is probably something easily remembered and therefore easily cracked. You are also subject to phishing attacks, fake sites, password resets, account hacks, server hacks, etc., and you also have to take blockchain.com at their word and completely trust that they don't have access to your seed or keys.

Binance is an exchange, so never use an exchange as a wallet, it's not safe. Try to use a hardware wallet to be always safe. For the lowest transaction fees you may use the Coinbase app as a wallet, though it's from an exchange but yet I have been using it since 2015, never faced a single problem although the transaction fee is cheaper. Electrum is another Legendary Bitcoin wallet, there is no better wallet for bitcoin than Electrum, where you can set custom transaction fee like Myetherwallet or Metamask! so, you may try it too.

I prefer the register local wallet in my area, I use blockchain and electrum before but since I ofternconvert into fiat. The price for me is now efficient. If we want a much secured prices we may opt to decide to use the higher fee if it's safer as long as it did it's job accordingly.

Transaction fees is something which you need to send an amount to a receiver. It should be an optimum price depending on the size of the transaction.
You can get any wallet which will show you the optimum transaction fees for bitcoin. If you want to set a custom fees then there are some wallets which have the ability to set the custom fees for the transaction.
Wallets such as Mycelium, Electrum etc.. have the ability to set custom fees.

With electrum you can set this as low as 0.00000255 btc. It take few hours to confirm the transaction if you choose this minimum fee. Better choose that if you are not in rush and dont wanna pay high fee.

Electrum like others are saying is the right choice. But first, please try and learn the difference between using your own wallet client and using a 3rd party service.

Fees you pay to 3rd parties are to the service/the company/the exhange. This fee doesn't go to bitcoin miners, it goes to the service that hosts your wallet. Fees you use on your own client go directly to miners. So of course, this is cheaper.

I agree I depend on where I am and what is available. Since im in philippines I used blockchain as well. But most of the time I transfer it to coins.ph so I can easily convert it into fiat currency.  

the fee asking by binance is not for transaction fee. Its for widrawal fees deducted to all who want to widraw btc from that exchange.
If you are looking for low transaction fees  wallet here  is the list of  what i see https://www.geckoandfly.com/23532/bitcoin-wallet-low-transaction-fees/ .

If there is a local financial service, that is the best solution to have the lowest transaction fee. But as far as I know, only a few countries have that service. If there is no such service like coins.ph, the best option is electrum.

The fees are self declared. You can set whatever price you want. on the other hand, miners pick what transactions they will actually mine. They usually pick whoever is paying the most fees. the fees are paid in Satoshi per Byte of blockchain space. You can use the Blockchain.info, Electrum, Jaxx and MultiBit wallets, and you can set the fee to 1 sat/byte if you choose in some of them.

Decent wallets allow you to manual force it to 1sat/B. This means the usual transaction takes somewhere between 100 to 400 satoshis, this is a couple of USD ¢ at most. Online wallets, such as those from Binance, stupidly, won't allow people to set their transaction fee, which is added in addition to their own fees.

Here is my personal opinion: All those exchanges and online wallets that don't let you use 1 sat/B are idiots. Not everyone is in a hurry, most transactions can take some hours or even a day at the smallest setting. It is those idiots that inflate the myth that Bitcoin transactions are expensive, no they are not, they are very cheap, especially if you don't need the transaction confirmed within the hour, and MOST people don't really need it.

Want Proof? A traditional wire transfer can take days or even weeks. People can wait.

It is particularly insulting when mining pools do the same, maybe there are hidden reasons when they are pps, but typical min withdraw amount in those is 0.01 BTC which is horrible for a small home 10THs miner that needs to wait A MONTH before seeing a payout.

And most of it has to do with idiots not using 1 sat/B transactions. I can't wait for the time they will let us use 0.1 sat/B, which is apparently pending in Bitcoin core. I wish wallets dropped their "network traffic guessing" nonsense. Of course miners love it, at least those in pools that pay tx fees. Since those wallets can feedback loop themselves and cause their own (silly) peaks, which is even more reason to go manual.

The answer is: 1 satoshi per byte. Depending on the number of sources, but smaller amounts tend to use less sources. Some wallets intentionally spread the coins for anonymity reasons (or have options to do so) and that of course makes the transaction cost higher (more inputs). But if you don't care about that, you can have very cheap transaction fees even with "big" amounts.

You are using blockchain.com's wallet and yes it allows you to set fees but I wouldn't recommend you to keep using it. Find a better wallet now where you can be at peace while using it.

It is known that blockchain.com's wallet sometimes turns with different bugs and mind get you delayed in opening your wallet. A lot of good wallets has been suggested where you can the adjust the fee so it's your choice.

I remebered the old days when every exchange out there setting the withdrawal fee based on the miner fee and doesn't add some kind of exchange fee into it until the network become overly crowded and the exchange starting to up their withdrawal fee and when the fee has become so low today, they unfortunately forget to down their fee I guess it's because they got additional revenue from it.exactly, some 3rd party wallet company are making living out of this so that's why the fee will always be astronomically high.

I would rather give it to Trust wallet or Coinomi wallet as the blockchain wallet with very low transaction fee. Blockchain wallet charges very high prices and also what really annoys me with their wallet is that they don't allow you to spend all your bitcoins in there :(

With regards to Binance, i think they charge very high fees and they need to cut it down. Upon taking all this high fee they rather pay minimal blockchain fee for our transactions to be completed.

I use a blockchain wallet, I think there is also no problem with a blockchain wallet, in fact all wallet whatever bitcoin has a manual setting to manage shipping costs, including the blockchain even if you understand it, whatever wallet you use you can do manual settings for fees, there is no the cheaper all depends on the users, the matter of binance is the exchange so they are not a wallet site, it's only natural that they ask for more money from their users for transaction fees

For me the lowest sending fee I have experience is with my country local bitcoin wallet called coinsph, it gives us an option on how much fee we will set. The higher the fee the faster the transaction gets processed.
First of all, why are you mentioning binance when you are trying to ask for the lowest transaction fee bitcoin wallet? Binance is an exchange and never intended to be a personal wallet at all.

All good bitcoin wallets have already listed above. From myself, I want to add that if you send cryptocurrency from an exchange, and not from a bitcoin wallet and want to save on the transaction fee, it is better to withdraw in some altcoins. Many exchanges offer low withdrawal fees for DODGE, ETC, etc.

This is normal behaviour for web wallets, their fees is higher and likely that's their business. However, there is an option for advance user on blockchain wallet. Who are well experienced they could adjust transaction fee accordingly (most likely up to 1 sat per byte minimum).

You should use bitcoin client instead of use web wallets (like bitcoin core or electrum). I am using electrum and setting transaction fees as I want. But lower fees would delay your transaction. If you can use SegWit wallet then you might reduce more fees then Legacy wallet. For easy and simple use I will recommend electrum wallet if you can't afford to buy hardware wallet.

Hey OP, be careful if you are using Binance as a wallet. This is a centralized crypto exchange, not a wallet to hold your funds. If you are trading there then fine, but don't hold big amount of fund there. Lots of risk involved there.

Binance and other exchanges are not called blockchain wallets, so you cannot make comparisons like that. And for Binance's withdrawal fee, I think it is the most reasonable and lowest of all exchanges.
If you want to find a bitcoin wallet with a low transaction fee then I think you should use Trust wallet or coinbase

OP is having a big mistake, Binance is an exchange, you should read here (https://www.investopedia.com/terms/b/bitcoin-wallet.asp) to understand more. Bitcoin wallet has many forms, desktop, mobile, web, and hardware. But you have to remember that you must own the private key, a must when talking about bitcoin wallets.

To get lowest transaction fee bitcoin wallet I use altcoin for withdrawing from one exchange wallet to other exchange, I always use doge coin because my local exchange support and listed doge coin, just get 5 doge coin for payment fee and  I think is most lowest transaction fee than using bitcoin as withdrawing where each withdrawing get fee about 0.005 btc.

Depends on how fast you want the transaction to be processed. Most of the wallets give you options to choose low, medium or high transaction fees according to the speed of completing a transaction. Electrum is what I use and its good with everything.

I also do this where I am converting btc to altcoins like xrp or eth, since in our country we have our own local wallet that we can convert directly to fiat or btc anytime we want.
But this is only applicable if your local country have this kind of wallet, so the best option is to use wallets like electrum and just choose the lowest transaction fee even if it is very slow to send, at least you have a low transaction fee.

Blockchain wallet is not a  segwit supported wallet and hence can't be class as one of the lowest bitcoin fee wallet. When we speak of low bitcoin fee wallets, we should talk of segwit activated wallet like Mycellium, Eletrum, etc. These give you access to your keys and allow you to adjust your fee. Binance does not belong to these categories, never use binance as a storage wallet, you are just sitting on a keg of gun powder by doing so.

Binance is a centralized exchange and has a fixed withdrawal fee which can't be adjusted. So if binance gets hacked or in downtime, your bitcoin will be stuck until all issues are resolved by the team. What you need is a non-custodian crypto wallet, preferrable a Segwit supported wallet.

Binance you have just mentioned is mere an online trading platform and that withdrawal fee you quoted is fixed just like much other exchange platform and by the way, it is not safe to keep your coin on such platform for a long time. for me, I make use of bitpay and depending on the transaction priority I am able to select and pay for withdrawal a fee as low as $17 depending on the transaction speed selected. Electrum also is very good in term of low transaction fee but I am not recommending them because of the fervent problem with the hacking of the wallet

Coinomi is a good one and have a low transaction that is why i used it and there a lot of coins that you can hold it into that wallet. Blockchain have high fee transaction so expensive compare to other wallet. So be smart choose a good Wallet and comfortable you use so that you don't regret if there are any problem you experience.

Are you the same person or you both have a problem with the basics of the basics when it comes to BTC transaction fees? The blockchain wallet may sometimes calculate a fee that is not adequate at a given time, same as any other wallet - but there are 3 options that can be used. In my opinion the best option is a manual fee setting, but for that users need to know how to check current number of transactions in mempool and fees based on that. If you pick Regular or Priority option you are completely reliant on the algorithm that blockchain is using.

joinfree, you can't spend everything you have in your wallet if you do not have enough to pay the fee, and in your case, it is probably about many dust transactions that result in a very large number of inputs which results in a very large fee. Try to set minimum fee 1 satoshi per byte, or send more coins to wallet.

In my own opinion, the fee of blockchain is really not that expensive because i sometimes use blockchain upon sending transactions to my friends and it is fair to me. But  you are really finding a wallet that has low fee coinomi is one of them but it takes a little longer to complete your transactions.

I suggest for you to find some coin that has a low fee then you can convert it into bitcoin. Just research or find some tricks that can help for you. Don't just input bitcoin to another wallet because the fee was too expensive but there are some coin that can lessen your fee so just find a way.