Idea to avoid high fee

[btvGainer]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

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[davis196]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

Some other altcoin?Which altcoin do you suggest?
This will pump the price of that altcoin and the altcoin`s transaction fees might also increase.
Anyway,the bitcoin price might go down soon and this will decrease the transaction fees for btc payments.

[btvGainer]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

Some other altcoin?Which altcoin do you suggest?
This will pump the price of that altcoin and the altcoin`s transaction fees might also increase.
Anyway,the bitcoin price might go down soon and this will decrease the transaction fees for btc payments.

Not any particular Altcoin.Leave it to sender and receipient.Let them decide which Alt they prefer.
This will avoid any quick pump.
Bitcoin price can not always remain low so high transaction fee is inevitable.

[Xester]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

Well that is convenient but there is another trouble that will come along. If you convert your bitcoin into altcoins then you send it to a recipient then the receiver will actually complain. The reason is when he will convert the altcoins back to bitcoins he or she will pay the transaction fee and lets add to that the withdrawal fee of 50k satoshi. Thats rude and it just eats more of your bitcoin rather than saving it. Hence I do not see your suggestion feasible due to this flaws.

[sportis]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

I agree with your opinion and I would go with litecoin for several reasons; it's a cheap coin, very good confirmation time, it's be around from 2011 and so on. Moreover, people are willing to accept an altcoin there is no rush to convert it back to btc because they can use it for micropayments too. But if the blocksize debate ends maybe some kind of side-chains could be used for these small transactions. Till then we can use an altcoin like I said.

[Winner]

What your discussing been around since Peercoin was built. People were trying to get more Bitcoin exposure while having another digital currency get some promotion as well. Digital Payments are the main thing in this niche, that is why most of the Altcoins are getting known from news websites and the such.

Bitcoin transactions could have a highspeed if there was a third-party payment processor to sort of loan money for Bitcoins so the sender could immediately recieve the money.

[SONG GEET]

What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?

To convert bitcoin to any other altcoin you have two ways;

1. Send bitcoin to shapeshift like service and get altcoin to your desired address.
2. Deposit your bitcoin in exchange, buy alt from market and send those alt out in the form of withdraw.

in both scenario you have to send bitcoin to exchanges address which will cost you some fee so how this gonna save fees   The only exception for this is that you have to use your exchange wallet or gambling site wallet (which supports other alts and have inbuilt exchange service) as a normal bitcoin wallet, which is not a good practice.

[bitcampaign]

all wallets working to arrange a transaction fee or even someone ever tried to use without Fee
256301465d77affb6bc7087432a9130db48dd64efa28b0460fb674eda704f382

so the problem is how to get a quick one or more of the transaction confirmation

[franky1]

addressing the FUD that spam is related to pools wanting income:
pools do not care about fee's as a NEEDED INCOME. to them its just a bonus. and will continue to be a bonus for a couple decades.
the block reward will be sufficient enough to cover real costs.

those pushing the fee war are not actually the pools. but blockstream devs that have
1. tweaked the code to make the old priority formulae near useless (infact 0.14 is removing priority formula completely)
2. removed reactive fee's and replaced it with AVERAGE fee's
3. added fee filters and relay filters

all of which are biasedly making tx fee's rise, even in times of low demand.

what is needed is to reintroduce a REAL and NEW 'priority formulae' mechanism that makes the infrequent LEAN tx users get cheap tx and those that want to spam by respending every block pay more. and those that want to bloat a block pay more.

that way it becomes fairer for everyone, rather than just 'everyone pay more' banker economics
here is one example
imagine that we decided its acceptable that people should have a way to get priority if they have a lean tx and signal that they only want to spend funds once a day. where if they want to spend more often costs rise, if they want bloated tx, costs rise.. which then allows those that just pay their rent once a month or buys groceries every couple days to be ok using onchain bitcoin.. and where the costs of trying to spam the network (every block) becomes expensive where by they would be better off using LN. (for things like faucet raiding every 5-10 minutes)

so lets think about a priority fee thats not about rich vs poor but about respend spam and bloat.

lets imagine we actually use the tx age combined with CLTV to signal the network that a user is willing to add some maturity time if their tx age is under a day, to signal they want it confirmed but allowing themselves to be locked out of spending for an average of 24 hours.

and where the bloat of the tx vs the blocksize has some impact too... rather than the old formulae with was more about the value of the tx


as you can see its not about tx value. its about bloat and age.
this way
those not wanting to spend more than once a day and dont bloat the blocks get preferential treatment onchain.
if you are willing to wait a day but your taking up 1% of the blockspace. you pay more
if you want to be a spammer spending every block. you pay the price
and if you want to be a total ass-hat and be both bloated and respending often you pay the ultimate price

[Tigggger]

What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?

To convert bitcoin to any other altcoin you have two ways;

1. Send bitcoin to shapeshift like service and get altcoin to your desired address.
2. Deposit your bitcoin in exchange, buy alt from market and send those alt out in the form of withdraw.

in both scenario you have to send bitcoin to exchanges address which will cost you some fee so how this gonna save fees   The only exception for this is that you have to use your exchange wallet or gambling site wallet (which supports other alts and have inbuilt exchange service) as a normal bitcoin wallet, which is not a good practice.

But then on top of that even without exchange fees there is always a difference between what you can sell at and what you can buy at, that may cost more that the original bitcoin transaction fee.

[talkbitcoin]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

first of all spam attack has been over and fees aren't high anymore. good ol' bitcoin is back.
secondly if block size debate finally comes to an end and we no longer see spam attacks there is no need.

finally your idea would cost even more.
1. bitcoin transaction fee to send to exchange site or shapeshift for example.
2. exchange fee based on your volume to exchange bitcoin to that altcoin.
3. altcoin transaction fee. or did you think sending altcoin is free?
4. exchanging that altcoin back to bitcoin and paying another percentage exchange fee.
5. another bitcoin transaction fee to withdraw the exchanged bitcoin to your wallet.

[audaciousbeing]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

From the way it seems, high fees will only compound the problem because it might erode the spread on profit but the issue is that it cannot be avioided but rather minimise and to do that, first thing is to avoid send small amount of btc and then instead of making withdrawal every now and then, it could be aggregated to move at once then wait for a while to do same.

[calkob]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

So how would you get your bitcoin to an exchange to convert to the altcoin ?  im not sure that would make sense and you would have t pay a fee to the exchange also?  i think you need to rethink this.  unless i am missing your point.

[Barbut]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

So how would you get your bitcoin to an exchange to convert to the altcoin ?  im not sure that would make sense and you would have t pay a fee to the exchange also?  i think you need to rethink this.  unless i am missing your point.

You are not missing the point, I have same conclusion from OPs post. This can not work like he imagined, especially for the people who wish to transfer low amounts of bitcoins. Xapo still doesn't have fees, low transaction fees are also available with many wallet's, and maybe we will wait a bit more, get annoyed by that but it's only way for many of us. Have patience like I have, I don't complain on that, I find something to do until confirmation.

[ubercool]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

So how would you get your bitcoin to an exchange to convert to the altcoin ?  im not sure that would make sense and you would have t pay a fee to the exchange also?  i think you need to rethink this.  unless i am missing your point.

Yes, I think the OP is missing out the factor of fees of altcoins. It may sound an alternative way, but it also will take fees from us, may be less but it will be there.

[AngelSky]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

Yes you can rid out from this issue by changing the minimum fee level in your wallet. Please check your web wallet or desktop wallet according to change it. If you change to minimum fees for transaction, we need to wait for long time to transaction to complete.
If you okay with transaction time change to low fees else let it be as default.

[teilwalL05]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

My concern is if an altcoin really is not a scam coin or whatsoever I am feeling a little doubt over some altcoin gaining something because the fee's on bitcoin transaction is to much but I think the value is dropping right now and the high fee's are getting lower we are having a problem just like these because of the value of bitcoin skyrocket I think we don't need another coins anymore instead wait for it to accept the transaction or let bitcoin drop it's value.

[dearbesz1219]

I remembered when I do transaction using electrum wallet, for thinking that I want to avoid high fee transaction I adjusted the fee to the minimal fee which is 0.00003BTC I was so happy but the disadvantage of what I do was worst and disaster to me it tooks 2 in half days before I received the confirmation it has been stocked for a couple days my friend told me within 36 hours it will go back where it belongs. then He advised me  that next I must set the fee adjustment at the middle not in minimum/lowest fee.

[aso118]

A lot of people complain about increasing transaction fee of bitcoin and some even consider to postpone their transaction to avoid these fees.
What about we always convert btc to some other Altcoin before sending and recipient can convert it back to btc as per is convenience?
We can do it for smaller amount of transactions as paying high fee for them is not feasible.
This will also reduce the network congestion to some large extent as most of these transactions are usually of smaller amount.
What is your opinion?

I agree with your opinion and I would go with litecoin for several reasons; it's a cheap coin, very good confirmation time, it's be around from 2011 and so on. Moreover, people are willing to accept an altcoin there is no rush to convert it back to btc because they can use it for micropayments too. But if the blocksize debate ends maybe some kind of side-chains could be used for these small transactions. Till then we can use an altcoin like I said.

People might not be comfortable holding on to an alt, because its price could drop drastically. That is where the conversion back to BTC and the associated fees comes into play.

[Labumi]

Hmm, it's probably one of the solutions that fairly well. But I think, that all of them will not necessarily accept it. Because the Fee they would get will also be getting bigger, because the prices of most of the altcoin have a high level of risk (automatic price can be high and low). So this probably could be the solution for those who are indeed doing great deals, for if they do big deals it needed is speed