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Author Topic: Any way to have cheap transactions now?  (Read 1812 times)
lionheart78
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May 31, 2017, 09:18:30 AM
 #21

I think there is no way to cheap transaction.  Remember if you are transferring bitcoin, and wanted to change it for altcoin you have to go to an exchange and switch it to altcoin and vice versa.  This will only double your fee.  If your bitcoin is sitting at your desktop wallet, there is no way to have cheap transaction but to adjust the transaction fee at your own convinience since it will affect the confirmation time.

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May 31, 2017, 09:36:29 AM
 #22

Due to the increased on-chain tx fees, typical fees has become 0.001-0.002 BTC.

However, poloniex is still able to provide 0.0001 fee withdrawals (which merge a lot of payments together, while having overall 400-500 sat/byte fee, resulting in 0-1 block delay confirmation)

My question is, are they any other (centralized) how wallets where I can keep small amount for daily usage (payments in the range of a few mBTCs)?

I know until recently xapo had free on-chain tx..but now their fees is also in the 0.0005-0.0009 BTC range, which is impractical for $2-5 payments.

The only option that I can think of right now is indeed poloniex. I remember thinking that they charged quite high withdrawal fees as you know coinbase, and other bitcoin exchanges processed withdrawals free of charge at the time.

However they are the only service still providing the original 0.0001 btc withdrawal fees, but you do have to be very careful as they might run on a fractional reserve and some day have liquidity issues.

Don't forget Mt Gox....


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May 31, 2017, 09:45:52 AM
 #23

I don't have much idea that how to merge multiple transactions but yes it works well in that sense. In last few weeks I am experiencing the faster confirmation time with the same fees (I am using exchanges) and they might be using this multiple transaction clubbing. Even though current transaction fees are still lower than that of fiat, I think we should find a solution to this issue as soon as possible so that many more people would love to enter in bitcoin.

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May 31, 2017, 09:47:23 AM
 #24

However, poloniex is still able to provide 0.0001 fee withdrawals (which merge a lot of payments together, while having overall 400-500 sat/byte fee, resulting in 0-1 block delay confirmation)

My question is, are they any other (centralized) how wallets where I can keep small amount for daily usage (payments in the range of a few mBTCs)?


The moment people in search of cheap payments forget what bitcoin is about...

You will save a few bucks and one day you will wake up and realize that poloniex is gone what all your coins due to a "hack".
Until the tx problem is fixed just stop doing micropayments if you can't afford to.
There is no magical solution or we would all be doing it



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nativehasher
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May 31, 2017, 10:57:57 AM
 #25

However, poloniex is still able to provide 0.0001 fee withdrawals (which merge a lot of payments together, while having overall 400-500 sat/byte fee, resulting in 0-1 block delay confirmation)

My question is, are they any other (centralized) how wallets where I can keep small amount for daily usage (payments in the range of a few mBTCs)?


The moment people in search of cheap payments forget what bitcoin is about...

You will save a few bucks and one day you will wake up and realize that poloniex is gone what all your coins due to a "hack".
Until the tx problem is fixed just stop doing micropayments if you can't afford to.
There is no magical solution or we would all be doing it




You are correct, this is against what bitcoin stands for (decentralization). I'm hoping a mainnet sidechain/lightning solution soon gets into action.

Some others pointed out I can set a low fees in my own wallet. That doesn't work because I still want to have the transaction confirmed at some point! Electrum very well allows me to set a manual fee, but sitting in mempool for a week is not exactly helpful.

nativehasher, you're not looking way beyond the problem. You can do one of some things. You can set up a node and call for UASF or BU, which ever you want and you can convert some of your bitcoins and start using an altcoin like litecoin.

I have academic background and have studied bitcoin/segwit/lightning a bit, and really want segwit ASAP, but I don't think inflating node count for UASF is going to help. We need to ensure more than 50% hash power is non-malicious and at least  >10% that is mining segwit blocks for this to work out.

Alts can and will certainly be an option if this present situation doesn't improve in next ~6 months. Holding a few just in case  Roll Eyes

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May 31, 2017, 11:35:40 AM
 #26

I think there is no way to cheap transaction.  Remember if you are transferring bitcoin, and wanted to change it for altcoin you have to go to an exchange and switch it to altcoin and vice versa.  This will only double your fee.  If your bitcoin is sitting at your desktop wallet, there is no way to have cheap transaction but to adjust the transaction fee at your own convinience since it will affect the confirmation time.

I agree, almost all wallets now have transaction fees and that's just the way it is. And most especially when bitcoins price went up a couple of days ago, those wallets you had before which had no fee are charging transactions fees now. As they say, business is business.

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May 31, 2017, 11:58:18 AM
 #27

I am really sure that non all transactions need to be confirmed into the next 1-3 blocks. For many of them if people pay about the half of the proposed fee their transactions will be confirmed in a decent time. On the other side if some need quick confirmations for everyday micropayments then the most appropriate payment, like some before me post above, is to use any altcoin, say litecoin.
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May 31, 2017, 12:09:20 PM
 #28

The moment people in search of cheap payments forget what bitcoin is about...

You will save a few bucks and one day you will wake up and realize that poloniex is gone what all your coins due to a "hack".
Until the tx problem is fixed just stop doing micropayments if you can't afford to.
There is no magical solution or we would all be doing it


Maybe that's because OP is looking for a way to do transactions of low value? Do you think anyone moving +0.5BTC would be worried about paying fees? There is a huge difference between storing 0.005 BTC and 1 BTC on a exchange.

People should be allowed to do transactions of any amoumt without worrying about paying 50% of this value. in fees.

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May 31, 2017, 12:19:32 PM
 #29

I think there is no way to cheap transaction.  Remember if you are transferring bitcoin, and wanted to change it for altcoin you have to go to an exchange and switch it to altcoin and vice versa.  This will only double your fee.  If your bitcoin is sitting at your desktop wallet, there is no way to have cheap transaction but to adjust the transaction fee at your own convinience since it will affect the confirmation time.

I agree, almost all wallets now have transaction fees and that's just the way it is. And most especially when bitcoins price went up a couple of days ago, those wallets you had before which had no fee are charging transactions fees now. As they say, business is business.

Its really up to the individual on how he wants to speed up his transaction. If you are in a hurry to get paid or paid someone, then you have to dynamically adjust it your self. But if you are a cheapo guy, then adjust it to your convenience but bear in mind that it may take days to reach bitcoin into your wallet.


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May 31, 2017, 12:25:57 PM
 #30

Due to the increased on-chain tx fees, typical fees has become 0.001-0.002 BTC.

However, poloniex is still able to provide 0.0001 fee withdrawals (which merge a lot of payments together, while having overall 400-500 sat/byte fee, resulting in 0-1 block delay confirmation)

My question is, are they any other (centralized) how wallets where I can keep small amount for daily usage (payments in the range of a few mBTCs)?

I know until recently xapo had free on-chain tx..but now their fees is also in the 0.0005-0.0009 BTC range, which is impractical for $2-5 payments.
Poloniex compilation of various withdrawals is a clever idea and it does helps to reduce the number of inputs needed which is more cost efficient. As you can tell, by grouping various withdrawals together, they would probably need to wait for awhile before they can send that transaction. It is fine if the exchange processes hundreds of transactions per hour.

By using offchain solutions, you can also save on fees. But just like any other online wallets, there is a high chance of your coins being lost due to various incidents. If you don't want to take the risk, use your own desktop wallet and the risk is effectively zeroed out.














 

 

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LeGaulois
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May 31, 2017, 12:32:08 PM
 #31

There is a web based wallet wich is not charging fees for sending transaction. I am using it since long time but never noticed it as i didn't care. I discovered it 2 weeks ago about, when i wanted to know their fees to compare
I don't advice to use freebtco.in as a wallet like someone mentionned above. Seriously it is one of the latest place to use as a wallet to put yout bitcoin.

Why don't you tell us which wallet this is?

Both Coinbase and Xapo were used to be free, but this changed not long ago. Only when you send coins within Coinbase or Xapo it's free, when you send it outside their own network you pay the fee.

Yes, I know coinbase and xapo used to be free. As i said here sometime ago: it is only a matter of time before xapo and coinbase both stop to pay the minners fees for us. Both stopped just fews days after. Both are so big now to take care of the fees.
Imagine 100k transactions *0.0008= 80BTC ~174 000$ that companies are giving away. Money they could spend to hire staff support, specially for coinbase where it's much needed  Cheesy

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May 31, 2017, 12:40:53 PM
 #32

there is one way to send cheaper transaction fee but you wokd need to move to another token. you may not prefer this but i did do it because after all the person on the other side accepts the token. waves transaction fee is cheaper.

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May 31, 2017, 12:55:27 PM
 #33

There's no way to get your fee low and fast at the same time. This is the serious problem for bitcoin. The fee is killing us. I usually send just a small amount of btc. Just .01 btc. Then the fee will cut it to .009 because of the miner fee and that's is just a normal fee. What more if you put the fee on priority? Its bad.


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May 31, 2017, 01:22:56 PM
 #34

I think you can create an account on some popular exchange such as bittrex or poloniex. The withdraw seems very fast and great

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May 31, 2017, 01:25:19 PM
 #35

Poloniex and others exchanges are able to get a good tax because they send the payments at once, i dont believe you can do this with others services besides exchanges, blockchain allow to send multipayments but they does process each transaction alone.

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May 31, 2017, 01:29:00 PM
 #36

Poloniex and others exchanges are able to get a good tax because they send the payments at once, i dont believe you can do this with others services besides exchanges, blockchain allow to send multipayments but they does process each transaction alone.

There are several wallets who let you combine your payments too, blockchain.info is one of them. So if you have several payments to do, you can create 1 single transaction with all payments included.


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May 31, 2017, 07:40:51 PM
 #37

I think you can create an account on some popular exchange such as bittrex or poloniex. The withdraw seems very fast and great
Storing all your coins in an exchange wont solve the issue,but it is a small amount then you really do not need to worry about storing the coins because it wont hurt you bad,there is no solid solution to bypass the higher transaction fees but only thing you can do is use a light weight wallet and use the minimum transaction fees to get the transaction done,other than that nothing can be done.
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May 31, 2017, 08:22:56 PM
 #38

Poloniex and others exchanges are able to get a good tax because they send the payments at once, i dont believe you can do this with others services besides exchanges, blockchain allow to send multipayments but they does process each transaction alone.

There are several wallets who let you combine your payments too, blockchain.info is one of them. So if you have several payments to do, you can create 1 single transaction with all payments included.

If you are moving money between exchanges, you would probably do well to convert to a cheaper, faster confirming coin and convert back after it arrives. Always use the above posted method; it's good hygiene and keeps the network the least congested. It's hard to predict future transactions enough to organize them, so this has limited effectiveness.

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May 31, 2017, 09:10:46 PM
 #39

Try to sell BTC for alts, ie. Ripple is good because of fast transactions.

first of all the price volatility is terrible in alts, specially Ripple. it can be one thing now and half that amount the other minute.

secondly you will have to pay a lot of fees in the process of exchanging bitcoin to alts anyways so in the end it is not really worth it (a transaction fee to deposit to exchange address and 1 trade fee to trade to alt, 1 alt transaction fee to withdraw) bitcoin fee is not that high

and finally there is nowhere to spend any alts, specially Ripple.
Yea I think ripple is not really good choice. Maybe some other altcoin in which you have good trust and knowledge. So you basically invest in it in same way as bitcoin. And off course if you are paying for something the reciever must accept it.

Taki
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May 31, 2017, 09:25:54 PM
 #40

I use Hashnest and the fee there is 0,0002 BTC This is the minimum that I have already met among all that wallets that I know. I heard that Xapo was free from fees at all. Unfortunately I couldn't use this possibility. But today I am satisfied with that fee value that I pay nowadays.

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