Using altcoins to avoid bitcoin transaction fees?

[alani123]

Hello there. As many of you might know, bitcoin transaction fees are going through the roof and with them so do transaction confirmation times. This is especially inconvenient at times that the price is at all time high levels.

What would be a convenient way to "store"* bitcoin using the technology of an altcoin, especially in order to achieve lower fees and faster confirmations. Can Ripple/Bitshares offer such a thing? How? Other alternatives?

By store I mean being able to withdraw the amount of BTC held at any time, but not necessarily holding the coins under a private key of your own.

[zaemiel]

Hello there. As many of you might know, bitcoin transaction fees are going through the roof and with them so do transaction confirmation times. This is especially inconvenient at times that the price is at all time high levels.

What would be a convenient way to "store"* bitcoin using the technology of an altcoin, especially in order to achieve lower fees and faster confirmations. Can Ripple/Bitshares offer such a thing? How? Other alternatives?

By store I mean being able to withdraw the amount of BTC held at any time, but not necessarily holding the coins under a private key of your own.

I have tried to use Doge and ReddCoin (RDD) to decrease a fee of a transaction.
RDD was much faster but it's not always listed

Doge is listed almost anywhere

And It was quite convenient.
For instance
- To withdraw BTC from Yobit i have to pay 0.00100000 (~ $2.5)
- To withdraw RDD from Yobit i have to pay 0.00200000 (~ $0.000036).  (Am i wrong in calculations?)
- And to withraw Doge from Yobit i have to pay 2 Doge (~ $0.006)

I like to use RDD for transactions because it was design just for small payments. And it's faster.

[hosseinimr93]

I use altcoins whenever possible ( the person or wallet, etc. who I deal with accepts that coin). It's a good way to pay lower fees and reduce the transaction time.
Some hours ago I wanted to send 0.005 bitcoin form my yobit wallet to my livecoin wallet. First I exchanged that to dogecoin. Next I withdrew dogecoins to yobit and next I exchanged them to bitcoin. The final amount which I sent from livecoin to yobit was more than 0.00497 BTC.
Assume that I had withdrawn 0.005 bitcoin directly. In that way the final amount was 0.0035.
As a result I saved nearly 4 dollar. In addition my transaction was confirmed much faster.

[Ayers]

maybe you can lower the fee if you exchange your bitcoin for some altcoin with very low fee, but then you risk to lose on the value, because all the other alt are very unstable, perhaps this can work only with the best altcoin, like zcash and ETH, but i would not risk to do it with other unknown alt

[slaman29]

I wish I had a lot of alts so I could consider using this. Even with all the booming prices, my alt balances are still very low. Within sites, this is easier and almost instant if the person receiving also has an account there. But if anyone takes payment in alts, they'll ask for a small fee anyway to cover exchange fees. So you end up with the same cost.

[indika]

Hello there. As many of you might know, bitcoin transaction fees are going through the roof and with them so do transaction confirmation times. This is especially inconvenient at times that the price is at all time high levels.

What would be a convenient way to "store"* bitcoin using the technology of an altcoin, especially in order to achieve lower fees and faster confirmations. Can Ripple/Bitshares offer such a thing? How? Other alternatives?

By store I mean being able to withdraw the amount of BTC held at any time, but not necessarily holding the coins under a private key of your own.

im using doge to reduce the transaction fee but you must be carefully checked price before transfer and you have to monitor until transaction processed because doge  price very unstable at this time

[chickenado]

Hello there. As many of you might know, bitcoin transaction fees are going through the roof and with them so do transaction confirmation times. This is especially inconvenient at times that the price is at all time high levels.

What would be a convenient way to "store"* bitcoin using the technology of an altcoin, especially in order to achieve lower fees and faster confirmations. Can Ripple/Bitshares offer such a thing? How? Other alternatives?

By store I mean being able to withdraw the amount of BTC held at any time, but not necessarily holding the coins under a private key of your own.

This is a nice way to reduce the price or fee for transferring your bitcoin, but this is a risky too if you convert your bitcoin in altcoin because there's a chance that the altcoin will dump. So if you send it and the price will dump at half price your bitcoin will lose at 50% too. So goodluck choose a nice coin too so that your bitcoin will not reduce higher than the fee of transaction.

[rafajunior99]

Hello there. As many of you might know, bitcoin transaction fees are going through the roof and with them so do transaction confirmation times. This is especially inconvenient at times that the price is at all time high levels.

What would be a convenient way to "store"* bitcoin using the technology of an altcoin, especially in order to achieve lower fees and faster confirmations. Can Ripple/Bitshares offer such a thing? How? Other alternatives?

By store I mean being able to withdraw the amount of BTC held at any time, but not necessarily holding the coins under a private key of your own.

im using doge to reduce the transaction fee but you must be carefully checked price before transfer and you have to monitor until transaction processed because doge  price very unstable at this time

Are you sure using dogecoin can reduce transaction costs? For me personally I'm not so sure with using dogecoin in this case, I think it's better to switch with Altcoin to another to really make sure your Bitcoin is safe. Because the price of dogecoin is not really stable for now.