How to avoid high bitcoin transaction fees?

[rapidleech]

hey guys
i need a clear & technical answer:

How to avoid high bitcoin transaction fees?
i receive 10-20 payment per week , so how to avoid increase of transaction size?

How "transaction size"  & Transaction Fees in blockchain work?

[bL4nkcode]

So many aspects that can affect bitcoin transaction fees;

First is the numbers of inputs/and or outputs of your transaction, so
Avoid having too many dust/microtransactions   
And even wallet you used might be one of the reasons for having huge fees without your notice when you make a transaction, so avoid this kind of wallets sometimes blockchain.info wallet users experienced since this

[lite]

hey guys
i need a clear & technical answer:

How to avoid high bitcoin transaction fees?
i receive 10-20 payment per week , so how to avoid increase of transaction size?

How "transaction size"  & Transaction Fees in blockchain work?

Who sends you the payment? it would be best if both party(receiver and sender) used segwit address(fees are cheaper) and decrease the number of inputs(especially this)/outputs. to calculate, how much effect inputs/outputs have on the fees, use this tool(estimatefee.com).

[richardsNY]

hey guys
i need a clear & technical answer:

How to avoid high bitcoin transaction fees?
i receive 10-20 payment per week , so how to avoid increase of transaction size?

How "transaction size"  & Transaction Fees in blockchain work?

In case of you receiving that number of transactions per week, and especially if they are low value transactions, you're better off using an online wallet service as temporary hot spot. All your payments will then be sent to the online wallet that you use, from where you can let them pile up and eventually send them to your own wallet by paying just one fee, which in most cases is just the network fee. If you let them pile up in a normal wallet client, and you try to send all these funds at once, you'll need to pay a fee according to the total byte size, which in most cases is 226 bytes per transaction. So 20 transactions x 226 bytes = 4.5KB, which means that your recommended fee will be at least 0.03 BTC.

[shield132]

lite correctly mentioned, use segwit adresses. But what are you looking for isn't some magic because as you see currently there are more than 200K transactions which is a lot. If something similar trick would exit, previous number must be 100x low.
Ok, there is one way too, send transaction with 0.0001btc fee and then accelerate with viabtc if you are quick enough to include transaction in their free 100 tx list. Another way is to broascast them by blockchain, antpool and etc, there is a thread about it.
Can't say anything more but consider, it would be better if you ask similar questions in Technical Discusion.

[xYakult]

AFAIK this formula is used to determine the transaction size

180 bytes per input + 34 bytes per output + 10 bytes

So to save money on fees, try to avoid recieving dust transaction (maybe transactions less than 50k satoshi for now) so you will not pay higher fees because of small inputs.

[Murloc]

You can also wait some time collect all those transactions and merge them on your own wallet jusr by sending it to your own address. If you won't be in a hurry then you can also use accelerator. Calculate what is needed foe ViaBTC acceleration and set this fee. That won't be expensive.

[katinko]

The only way is to limit your transaction because even you send small amount of satoshi the fee still high that is why if you received 10 to 20 transaction weekly tell to the sender that make it twice a mo th to lessen the fees imposed in every transactions. Also if you alway avail the smaller fee the delay of transaction is too long.

[Drixy]

hey guys
i need a clear & technical answer:

How to avoid high bitcoin transaction fees?
i receive 10-20 payment per week , so how to avoid increase of transaction size?

How "transaction size"  & Transaction Fees in blockchain work?

To avoid such high fees you need to have a different wallet everytime to lessen the fees by the input of your address and the queues of it. Every transactions in input and outputs has an impact to the fees. Better stay away from so many transactions in the same wallet.

[greeklogos]

As I understood you receive 10-payments per week, so you actually need no worries, cause those who send you those coins pay transaction fee, but not you. And if you are in the situation where you need to send coins to multiply accounts you simply can do it on Blockchain.info, they have such function which helps to escape high fees. Good luck!

[Potato Chips]

Maybe you can use a wallet that allows you to control which inputs/s to spend. For example you have an outputs of: .03, .001, .01, .01 and you wanted to send .02+fees, you can just manually select .03 if for some reason your wallet made .01,01 and .001 as an inputs which would definitely increase the transaction size.

This is just a case by case basis but it will help most of the time. From what I know bitcoin core and electrum has this feature. Here's a tutorial for electrum: https://bitcoinspakistan.com/blog/coin-control-in-electrum

You can also disable the use of change addresses in electrum although it's a huge down in terms of privacy. Further info here: https://bitzuma.com/posts/who-needs-bitcoin-change-addresses-anyway

[howtobuy]

transactions fees depend on number of people who are sending coins at the same time. If there is high volatility in the market - the transaction fee goes up

[AngelSky]

transactions fees depend on number of people who are sending coins at the same time. If there is high volatility in the market - the transaction fee goes up

It depends on the network delay only not depends on the number people ttansct itm you may find the many people own ths mining farm and doing that work as a main job.
In the time hard fork you will find the bitcoin transaction seems slower and you will get the transaction fees also higher due to block increasing with the segwit2x activation.

[coolcoinz]

As I understood you receive 10-payments per week, so you actually need no worries, cause those who send you those coins pay transaction fee, but not you. And if you are in the situation where you need to send coins to multiply accounts you simply can do it on Blockchain.info, they have such function which helps to escape high fees. Good luck!

he might be worried because the fees are affecting his business or people are subtracting the fee from the transaction amount. It happens when you're exchanging the money and planning to send the other party the agreed amount through an exchange - trading fees. You send some more to be sure and in the end have to pay $5 in exchange fees and another 20 to send it to somebody's wallet.

I think there are only 2 options. One is to use a free accelerator, but it's difficult. They are usually full.
The other one is to use another coin to transfer the money, but this is risky as the prices can change so much within an hour that the result will be the same as if you had paid a normal Bitcoin fee. You have to do the math yourself.

[sunsilk]

10-20 payments per week then you want to avoid high fees? I think it's only a very small amount to you as you've been receiving a lot of transactions per week.

Transaction fees can be known the estimation here https://bitcoinfees.earn.com/ and when it comes to transaction size it's also written on that site at the very bottom that answers this question, "Which fee should I use?"

[MiningSensei]

The best thing that i can suggest to this guy is just try to avoid using wallets who are going to charge him for sending unique payments, just use one like electrum who allows you to send multiple payments at the same time.

10-20 payments per week then you want to avoid high fees? I think it's only a very small amount to you as you've been receiving a lot of transactions per week.

We all know the exact rate for the fees, and they are insanely high right now.

Transaction fees can be known the estimation here https://bitcoinfees.earn.com/ and when it comes to transaction size it's also written on that site at the very bottom that answers this question, "Which fee should I use?"

You should know that the recommended fee are 0,0023 bitcoins, but if you send 400 satoshis per byte it will get the first confirmation in less than one hour maximum.

[figmentofmyass]

In case of you receiving that number of transactions per week, and especially if they are low value transactions, you're better off using an online wallet service as temporary hot spot. All your payments will then be sent to the online wallet that you use, from where you can let them pile up and eventually send them to your own wallet by paying just one fee, which in most cases is just the network fee. If you let them pile up in a normal wallet client, and you try to send all these funds at once, you'll need to pay a fee according to the total byte size, which in most cases is 226 bytes per transaction. So 20 transactions x 226 bytes = 4.5KB, which means that your recommended fee will be at least 0.03 BTC.

this calculation is incorrect. 226 bytes is the median transaction size on the network. the actual size calculation is as follows:

148 bytes per input
34 bytes per output
10 bytes required for transaction framework

typical users send one input and two outputs (the second output being a change address). 148 + (34 x 2) + 10 = 226 bytes.

but your idea is correct here. as much as i hate web wallets like xapo and coinbase, you can accumulate lots of UTXOs (payments) there and simply pay their algorithmic network fee per withdrawal. it'll be a lot cheaper than trying to send 20 inputs in a transaction (unless you are willing to send very low-fee transactions and wait for unreliable confirmation or pool acceleration).

but it should be noted that keeping funds on xapo or coinbase means you don't control your funds; you are trusting a third party to keep your funds safe.

[1Referee]

The other one is to use another coin to transfer the money, but this is risky as the prices can change so much within an hour that the result will be the same as if you had paid a normal Bitcoin fee.

This has never been much of a decent alternative, and especially not in current times where markets bounce up and down big time. I honestly haven't even seen anyone that I know who follows that route to avoid paying high fees. In most cases people who struggle with the higher fees just accept the fact of having to wait longer for confirmations to come through with a lower overall fee. In situations where you need relatively quick confirmations, you'll go for a relatively higher fee, but if there is no need to rush things, then cut the fee in half and accept waiting a few hours, and in the meanwhile try to accelarate it. I am not at all a fan of viabtc as business, but I do appreciate their effort to offer people at least a potential chance to get their stuck transactions confirmed for free.

[figmentofmyass]

The other one is to use another coin to transfer the money, but this is risky as the prices can change so much within an hour that the result will be the same as if you had paid a normal Bitcoin fee.

This has never been much of a decent alternative, and especially not in current times where markets bounce up and down big time. I honestly haven't even seen anyone that I know who follows that route to avoid paying high fees.

i'm actually looking forward to bitpay adding other cryptocurrencies. it doesn't make sense for me to pay high-priority transactions fees with BTC for quick purchases (e.g. an uber gift card to cover several meals or an amazon gift card for an urgent order). but i would be happy to park a few hundred bucks in ETH at any given time if i could widely use it for purchases. but you're right, i wouldn't convert to another currency at the time of purchase. that totally uneconomical.

I am not at all a fan of viabtc as business, but I do appreciate their effort to offer people at least a potential chance to get their stuck transactions confirmed for free.

same. but it feels shitty, knowing that viabtc is basically a front for bitmain, and that they are pushing the bcash agenda.

[akram143]

I think the wallet we are using plays a big part in transaction fee,so you have to choose a wallet with customisable fee structure to avoid high fees.If you are sending multiple transactions at once then you can use electrum wallet because it cost you single fee for all the transactions.

But the blocksize is also a part of fee,but still im new here I just want to know about these more.