Bitcoin Forum

Hey guys
How una dey
We sabi how e de say transaction fees dey high now. I fit ask una for suggestions now on somthing. Una go advice me make I dey use exchange address dey receive bitcoin for now to avoid the high transactions fee wey dey involved if you dey use electrum wallet? Or make I tell am say make e dey pay me everi 3 weeks? Client wey suppose pay for job wey I do say him don send am but e dey stuck for memepool since a week now. Me sef dey see am becos the mani pay 3 dollars for fees. And him nor dey ready to pay higher transaction fee. Abeg wetin young mani go do?

This one no supposed make topic here abi you wan cast yourself? You no dey signature campaign and you no explain how you take dey get the Bitcoin them, why are you making the post?

How people receive their payment depends on what their target is. Some people are saving their Bitcoin for the future and you don't expect them to use CEX wallet when you know that "not your keys, not your coins". Those that want to work and sell can use CEX and the decision should be entirely up to them.

Assuming you have staked your bitcoin address or you have anyone like the one you are using now and you will keep its seed phrase or private key in order to be able to sign a message with it at anytime.

Also be tracking the exchange address and make sure the exchange gas has not changed it to a new address which can be another disappointment.

Also that you know the risks of not your key not your coin.

So if you want to be converting your bitcoin to naira and spend it, there is nothing bad.

But if you want to hold, it is better you continue with your noncustodial wallet.

Relax bro, your signature campaign is not the only way to make receive bitcoins. Some of us actually render services for local and international clients and opt to to be paid in bitcoin. There's more bitcoin out the forum than in here. Okay?

This is a vital point that you have raised because if you run away from high transaction fee you may meet high gas fee. It is almost like being between the devil and the deep blue sea. I'll keep this point in mind.

Absolutely.

This is a good response.
If change to CEX addy and it is successful, what I plan to do is to use it for p2p services for the main time until the network becomes okay.

The typo there makes it confusing, I meant 'has' (not gas). I saw it immediately after I posted it in the morning but you locked the thread and moved it to archival not quite long after you created the topic and I was unable to edit it. I only meant that you should make sure that the exchange do not change the address unknowingly to you. Know if the address will not be used by the exchange again and also know what the exchange will say about maintenance.

If you are converting it to fiat immediately for spending, there is nothing bad about it as long as you do not hold your coins on the exchange.

Oh don't mind me, I was high on "colos" :'(.  I didn't know exchange could do that. I have never heard of it. It hasn't happened to me though. But I will keep this in mind.

I never really get you very well. You no dey campaign for now and you dey member rank, so how come you wan dey use CEX for payment, how? Well I will not say anything because I know the angle you coming. And yes you can use cex to receive your payment for now and when the fear has reduced then you can changed it back to electrum.

im fit bump the fee to make it more speed, if im no bump am na so di transaction go dey till weeks. so di only wey to do na to bump di fee make di trasaction waka fast.

Op, if you think say na to receive your Bitcoin for your CEX account to solve the issue of the high cost of transaction fees in Bitcoin and make your business dey fast. Go ahead and use it, but remember if you intend to hodl the Bitcoin in your Cex account for a long term, I will not advise you to do that because you can lose your Bitcoin if the CEX exchange you are hodling your Bitcoin gets hacked or your Bitcoin can be freeze since you are not the owner of the key. According to wey thing Charles Tim told you about the CEX Bitcoin wallet address changing without your notice, anytime you want to receive payment from people who want to pay Bitcoin for your work you must first confirm the CEX Bitcoin address if it is the same thing with the one you submitted to use and receive your Bitcoin before they can initiate the payment.

All these na long story whether op dey campaign or not. We know say if fees dey high like this and you still want use bitcoin then na make the person wey dey send am increase the fee if them want speedy processing otherwise na to wait when mempool clear up which fit take you days or weeks depending.

If you get alternative then use usdt.

You are better with noncustodial wallet, not your keys means not your coins.

Me seft I don dey reason that thing self, say how person wan dey do this thing now as transaction fee come high like this for bitcoin blockchain due to the ordinal wey Dem say e dey for bitcoin blockchain and e dey slow the network down. And I come dey reason self say if this go be like this make them comot am for bitcoin blockchain. better still make e shere with BNB or Etherium or make them kukuma creat another blockchain for am. So me self get this similar issue of high charges on bitcoin I come dey reason whether na Binance I go dey use dey received bitcoin or kucoin exchange because the procedure wey dey to use this electron wallet be like say e no easy. Even as people dey fear for CEX no mean say na just this one wey you go put am wey the exchange go shutdown.
Come to think of it nobody dey talk about metamask and roqque. About those ones no follow.

Look am this way, as you no wan spend more to bump the transaction and the sender too no wan pay more in fees, that means your transaction go dey stock for mempool. But e dey good say you dey use wallet address rather than CEX, because e fit choke you for throat, say you dey in dire need of money and you no go get any option, than to bump the transaction. But if na CEX address you submit, bumping no go dey possible and you just gats wait for as long as e go take for the fee to drop in other to receive the transaction

A lot of Bitcoin forks have approached me seeking this advice before,  but to be honest with you,  if you want to use an exchange wallet to receive your Bitcoin then it should be taken as a temporary option and not for long-term usage because exchange wallets aside from it many other disadvantages,  the wallet are changed at regular intervals.

So for that to be on the safer side,  if the payment is a one-time payment and forum then you can use the exchange wallet to receive the payments,  but if you are planning for long-term usage,  then be ready to lose your Bitcoin at some point when your wallet get expired by the exchange,  so this is what to consider before you accept to use exchange wallets.

It's your choice bro.
If you don't worry about your privacy, you can use exchange to receive payment since you will most likely convert it to fiat without any delay, it's better than wasting $5 on a fee now because that amount is worth ₦6k in Naira currency and you can use it for other things you want. But if you don't want to sell to fiat, why not live your thing in the wallet and consolidate everything until after it calm down.

Regarding your client, if you need the money fastly, you can do CPFP transaction since you said you use electrum wallet, you can do that but you will be the one to be paying the fee for the parent transaction( the client transaction) and your own transaction(child transaction) I.e if you don't mind the fees. However, if you are not ready to finance the fee, go ahead and use the exchange but not that you will have to do kyc which will harm your privacy.