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Author Topic: Any way to have cheap transactions now?  (Read 1922 times)
stompix
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June 01, 2017, 11:32:27 AM
 #41

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.

And I'm asking the simple question..
Why?

Right now the fees should be indeed a bit lower because the miners receive rewards, there is also the block issue, so a bit lower might be possible but that doesn't mean you should be able to transfer 10 cents for 1 cent fee.
To be honest as I miner right now I would reject all tx under 0.010 at least until we have a solution in the segwit drama.

Think about the moment when the miners will depend on fees.
If the fees for a block will only be 2$ this will also affect the security of the chain.
You pay 2000$ a day to secure the network , you get security worth 2000$ ...

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June 01, 2017, 12:00:34 PM
 #42

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.

XAPO charges fees now for sending transactions on outgoing address but still XAPO to XAPO transfers are free of charge and covered by them. Last time, XAPO charges me for around 160,000 satoshis for median transaction and that is ridiculously high. It tooks 8 hours before it was confirmed, it's should just fine if it's confirmed for few hours. If you are satisfied with Hashnest withdrawal fees then just continue using it. As far as my web wallets knowledge concerned, there is no web wallets now that covered transaction fees to an outgoing address.

If Im wrong here, then anyone can enlightened me on this.

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June 01, 2017, 12:07:36 PM
 #43

There are still cheap transactions but they are very unsecure. You can't know whether this transactions will be ever confirmed or not. It's the best to use wallet where you can control the fee or where the acceptable fees are suggested. I guess this new fees are the price we have to pay for using Bitcoins.

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June 01, 2017, 08:36:45 PM
 #44

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.

And I'm asking the simple question..
Why?

Right now the fees should be indeed a bit lower because the miners receive rewards, there is also the block issue, so a bit lower might be possible but that doesn't mean you should be able to transfer 10 cents for 1 cent fee.
To be honest as I miner right now I would reject all tx under 0.010 at least until we have a solution in the segwit drama.

Think about the moment when the miners will depend on fees.
If the fees for a block will only be 2$ this will also affect the security of the chain.
You pay 2000$ a day to secure the network , you get security worth 2000$ ...

I agree with you. But this is not very good for publicity of cryptocurrencies... BTC is what everyone first hear about in most cases. And you have tons of videos, texts etc. which are promising us almost zero transaction fees. Now imagine someone who makes the first touch with cryptocurrenies, he sends 5 dolars worth of BTC to a friend, and he gets 3 dollars worth of BTC next day? For most people this will be enough to doubt about cryptocurrencies.
I know there are many other cryptocurrenies. But you need some knowledge to choose good altcoin for small tranastions.
I think this can be biggest problem about high fees, probably later there will be other currencies to make small payment and BTC will be more like digital gold. With this fees you can only use it for speculation.

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June 01, 2017, 09:00:07 PM
 #45

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.

If you wish to have low fees transaction wallet means you can use multibit wallet. It has 0.0002 btc as default fees for the transaction. You can use any payment processor like bitpay to blockchain to get the amount transacted. I hope multibit is best wallet among all the wallet providers. I have checked the low fees optional wallet in Google search. Most of the site says multibit and bitcoin core is on the top.
Thank you for suggesting me that wallet to use for lower transaction fees. Before that there was no any wallet in my mind which have 0/0002 BTC as fees for the miners for transactions. But now I will go to multibit and will adopt it for my transactions if I find it beneficial.

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June 01, 2017, 09:04:47 PM
 #46

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.

If you wish to have low fees transaction wallet means you can use multibit wallet. It has 0.0002 btc as default fees for the transaction. You can use any payment processor like bitpay to blockchain to get the amount transacted. I hope multibit is best wallet among all the wallet providers. I have checked the low fees optional wallet in Google search. Most of the site says multibit and bitcoin core is on the top.
Thank you for suggesting me that wallet to use for lower transaction fees. Before that there was no any wallet in my mind which have 0/0002 BTC as fees for the miners for transactions. But now I will go to multibit and will adopt it for my transactions if I find it beneficial.

Other desktop wallets can even have a lower transaction fee if you set it manually.  But the problem with setting your transaction fee to low is the chance of confirmation.  For example, electrum wallet can be set to have a dynamic fee, where the fee will auto adjust to the standard fee, but you can still adjust it through the slider if you want a longer confirmation time or to be confirmed on the next block.  You can also uncheck the dynamic fee and set it to manual where you can set how much you wanted to pay for tx fee.  You can even set it to 0 but it is not recommended.

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June 01, 2017, 09:30:34 PM
 #47

I dont know any,last time i sent 0.009 with 0.0006 fee i ve been waiting 12 houres for confirmation next i sent
0.01 with 0.001 fee waiting 3 houres for confirmations,choose some alts like doge ltc dash if you can


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June 01, 2017, 11:03:34 PM
 #48

I've just been using eth until this gets fixed..
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June 01, 2017, 11:19:50 PM
 #49

I dont know any,last time i sent 0.009 with 0.0006 fee i ve been waiting 12 houres for confirmation next i sent
0.01 with 0.001 fee waiting 3 houres for confirmations,choose some alts like doge ltc dash if you can
Exactly, the alternative should be dogecoin or litecoin. I personally used dogecoin for every single transaction, in bittrex the cost of withdraw is only 2 doges which is extreamly cheap so i can move my bitcoin from one exchanger to another easily without worried about higher fee and long confirmation time however they might charge you double fee, fee for converting your bitcoin to altcoin and withdrawal's fee but it's not higher than bitcoin's fee to be honest, so far i would recommend dogecoin.

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June 01, 2017, 11:22:36 PM
 #50

I guess as long as the bitcoin price is increasing in the maket the bitcoin transaction or fee will also increasing in a high fees we know that and that was really normal for controling and having a good profit in such a wallet i guess that was fair enough but its really cost a lot for someone.
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June 01, 2017, 11:46:27 PM
 #51

There are still cheap transactions but they are very unsecure. You can't know whether this transactions will be ever confirmed or not. It's the best to use wallet where you can control the fee or where the acceptable fees are suggested. I guess this new fees are the price we have to pay for using Bitcoins.
So it is not a legit way to actually have cheap transactions, having a cheap transaction means sending it with a small fee and getting it confirmed at blockchain fast. To be honest there is no way to do that right now unfortunately and you need to pay something like at least 1 dollar per transaction which is ridiculous. We need the uasf asap, then with segwit we can send money easily and cheaply.

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June 02, 2017, 12:16:49 AM
 #52

I dont know any,last time i sent 0.009 with 0.0006 fee i ve been waiting 12 houres for confirmation next i sent
0.01 with 0.001 fee waiting 3 houres for confirmations,choose some alts like doge ltc dash if you can

Using alts is good for inter exchange transaction or some multi web wallet that have built in exchange.  But if the BTC is coming from your desktop, it will just double your expenses.  Like in my case.  I have my Bitcoin in my desktop so it cost me more if I switch to altcoin.  And when I cash out, the exchange service in my county is only Bitcoin, so there is no way I can use altcoin to encash my bitcoin to fiat currency.

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June 02, 2017, 12:33:45 AM
 #53

I dont know any,last time i sent 0.009 with 0.0006 fee i ve been waiting 12 houres for confirmation next i sent
0.01 with 0.001 fee waiting 3 houres for confirmations,choose some alts like doge ltc dash if you can

Using alts is good for inter exchange transaction or some multi web wallet that have built in exchange.  But if the BTC is coming from your desktop, it will just double your expenses.  Like in my case.  I have my Bitcoin in my desktop so it cost me more if I switch to altcoin.  And when I cash out, the exchange service in my county is only Bitcoin, so there is no way I can use altcoin to encash my bitcoin to fiat currency.
Do people really use altcoins for moving value between exchanges? I've heard of some people talking about the concept but I never thought many (if any) actually took the time to do something like that. It makes sense thinking about it, though. Not a bad idea.

Aside from paying the normal transaction fee, there are maybe some services you can use that transfer Bitcoin a bit faster for a fee, not sure how they work explicitly but it that might be able to help out a bit.














 

 

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SingAlong
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June 02, 2017, 02:23:59 AM
 #54

There are still cheap transactions but they are very unsecure. You can't know whether this transactions will be ever confirmed or not. It's the best to use wallet where you can control the fee or where the acceptable fees are suggested. I guess this new fees are the price we have to pay for using Bitcoins.
I would rather choose the way which is more secure than not. As for me, I transfer Bitcoin in large quantity than small ones so that the fee you will pay is worth it. Also you better find a wallet which you can adjust the fee you desire though I don't have any wallets that I can suggest since I've used the local ones which gives us an option to choose what fee we like. Also it depends on how you badly needed the money--can it wait or not.
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June 02, 2017, 03:14:08 AM
 #55

I have never seen far beyond the problem, much to do in some things to do. What you want and you can change some of your bitcoin and start using altcoin like litecoin.
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June 02, 2017, 03:45:51 AM
 #56

the longer the fee of bitcoin transaction is very expensive and as far as I know wallet exchanges that use cheap cost only poloniex. convert to altcoin is a good idea now many multi wallet like coinbase which also provides wallet eth.

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June 02, 2017, 06:43:10 AM
 #57

There are still cheap transactions but they are very unsecure. You can't know whether this transactions will be ever confirmed or not. It's the best to use wallet where you can control the fee or where the acceptable fees are suggested. I guess this new fees are the price we have to pay for using Bitcoins.

Correct, and also expect that if you are only going to pay small transaction fees, means your transaction speed won't be that fast compare to the transactions which do have higher transaction fees. But if you do really need to transfer some bitcoin right away, then I suggest you to pay high transaction fee, and just like what @bitbunny said, to also have secure transaction. Smiley

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June 03, 2017, 02:26:37 PM
 #58

I've just been using eth until this gets fixed..

Well but converting from BTC to eth and vice versa actually makes you loose more than you'd have paid for a decent transaction confirmation. It's just that people will have to improvise and use Bitcoin for only large transactions in order not to pay huge fees on small transactions.

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June 03, 2017, 02:31:57 PM
 #59

I've just been using eth until this gets fixed..

Well but converting from BTC to eth and vice versa actually makes you loose more than you'd have paid for a decent transaction confirmation. It's just that people will have to improvise and use Bitcoin for only large transactions in order not to pay huge fees on small transactions.
Not at all. You will only convert one time and not every time you transact. ETH is much better now on bitcoin. The minimum transaction fee is very expensive compared to ETH. It's time now to leave bitcoin and change for the better one.

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dragonusa9
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June 03, 2017, 08:51:04 PM
 #60

i think that using altcoin for transaction fee is good. but if you are lazy enough, then set the manual fee and use the speed up service to boost your tx
search for the free one, or else you tip the miner for decent payment
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