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Beerwizzard
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July 12, 2017, 04:02:37 AM
 #1

Sup guys! Can anyone please  explane me in details how to minimize commission? What affects it's amount? I know that it depends on the transaction size but how to minimize it?
Does the wallet somehow affects the fee? If yes then what is the "cheapest" one?

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July 12, 2017, 05:07:11 AM
 #2

the only "common" way is to receive fewer number of transactions. for example if you are receiving payments or buying bitcoin and transferring it to your wallet, do it in bigger batches when it accumulates not in small amounts.

wallets don't receive the fees, the miners do and the network determines how much fee you should pay. however the effect a wallet has is that some of them do a good job at giving you the best estimated fee and some of them don't.
i know two of them that do it well from personal experience: bitcoin core and electrum.

you can also take a look at these links for more information regarding fees and current number of unconfirmed transactions:
http://bitcoinfees.21.co/
https://jochen-hoenicke.de/queue/#2w
https://bitcoinfees.github.io/

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July 12, 2017, 05:18:57 AM
 #3

Sup guys! Can anyone please  explane me in details how to minimize commission? What affects it's amount? I know that it depends on the transaction size but how to minimize it?
Does the wallet somehow affects the fee? If yes then what is the "cheapest" one?
Fee is necessary to process transaction here, It is just like a tax on real life, Miners won't process your transaction if they don't have something to gain on it and jump to other transaction which has huge fee. The minimum possible fee for a transaction is the minimum fee that offers by your wallet, If you attempt to lower that, You will experience much problems on delay and it is very hassle.

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July 12, 2017, 05:41:09 AM
 #4

Wait for the times when the network is less congested, if you can.

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Beerwizzard
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July 12, 2017, 05:45:10 AM
 #5

the only "common" way is to receive fewer number of transactions. for example if you are receiving payments or buying bitcoin and transferring it to your wallet, do it in bigger batches when it accumulates not in small amounts.

wallets don't receive the fees, the miners do and the network determines how much fee you should pay. however the effect a wallet has is that some of them do a good job at giving you the best estimated fee and some of them don't.
i know two of them that do it well from personal experience: bitcoin core and electrum.

you can also take a look at these links for more information regarding fees and current number of unconfirmed transactions:
http://bitcoinfees.21.co/
https://jochen-hoenicke.de/queue/#2w
https://bitcoinfees.github.io/
Thanks! That is usefull Smiley

Fee is necessary to process transaction here, It is just like a tax on real life, Miners won't process your transaction if they don't have something to gain on it and jump to other transaction which has huge fee. The minimum possible fee for a transaction is the minimum fee that offers by your wallet, If you attempt to lower that, You will experience much problems on delay and it is very hassle.
Ya, i got it. Just wana be 100% sure that i know how it all works because BTC is getting stronger and todays 0.001 btc might be a good money in some years so ppl will have to somohow cut the fees. For example in some time to buy a 5$ cofee you will have to pay like 10$ fee. Also it can be pretty expansive to rotate money over different wallets (it's like paying for putting money from one pocket to another).
So as i understand the best way to cut the fees is to change wallet sometimes adding bigger amount of funds per transaction on it  + choosing the best time for perfoming a transactions.

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July 12, 2017, 07:42:05 AM
 #6

the only "common" way is to receive fewer number of transactions. for example if you are receiving payments or buying bitcoin and transferring it to your wallet, do it in bigger batches when it accumulates not in small amounts.


Is there any way to check how spammed is my wallet? What is the normal number of transactions per wallet before getting a significant transaction size change?
Just going to start using btc from smaller amounts (like 0.1 btc) and want to be sure that i won't waste it on fees.

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July 12, 2017, 10:04:10 AM
 #7

Go for 25 satoshis/byte. Or about 0.0001BTC per transaction.

You will need to wait a few hours max, one hour if you are lucky for the transaction to go through especially lately because the queue is not soo long.

Be the person you want to coin.
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July 14, 2017, 10:26:15 AM
 #8

when you put small transaction fee it will take longer to be confirmed and if it's too small it may be neglected so make sure to put a reasonable fee.

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July 15, 2017, 12:08:25 AM
 #9

Receive in different addresses, then, send it all to a single one could help?


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July 15, 2017, 07:55:54 PM
 #10

It depends on how backed up mempool is.

Check it out here for average transactions.

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html

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