How can I lower transaction fee?

[wsxdrfv]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

[Colorblind]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

In Bitcoin you are the one who decides what fee you want to pay. All fees are optional (i.e you can pay 0 fee), however fee is something that rises the chances of your transaction to get into block (higher the fee - faster you can expect it to confirm). If you fee is too low - your transaction may never be confirmed since miners usually pick transactions with higher fees to include in block first. Usually fee is calculated depending on the size of your transaction message (in bytes). You can uread more on fees here https://support.earn.com/digital-currency/bitcoin-transactions-and-fees/how-do-i-calculate-my-transaction-fee

[wsxdrfv]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

In Bitcoin you are the one who decides what fee you want to pay. All fees are optional (i.e you can pay 0 fee), however fee is something that rises the chances of your transaction to get into block (higher the fee - faster you can expect it to confirm). If you fee is too low - your transaction may never be confirmed since miners usually pick transactions with higher fees to include in block first. Usually fee is calculated depending on the size of your transaction message (in bytes). You can uread more on fees here https://support.earn.com/digital-currency/bitcoin-transactions-and-fees/how-do-i-calculate-my-transaction-fee

I mean, as programmer, need to know the source about fee and make control of fee's default value for normal user.

[ManaMan]

I mean, as programmer, need to know the source about fee and make control of fee's default value for normal user.

When transaction is being creating the transaction you grab available inputs or one input you want to use. By chosing an input you are left with exact amount you must spend so you can spent all that balance on one output or more of them, in most use cases you will have like 2 outputs one will be desired destination and other output is just the amount sent to your "change" address : https://bitcoin.org/en/glossary/change-address

Fee is all of the rest balance of inputs that are not included as outputs. At end you sign a transaction.

Anyway here is an example. I have input A1=20btc and input A2=3btc and I want to create one output B. So A1+A2 = 23 btc in total, I create that output to B address is 22.5btc, you can see that in this example I have left out 0.5BTC and thus these 0.5BTC will automatically be added as fee.

Of course fee is based upon how many outputs and inputs you have - more of them, higher fee you will pay due to limit in block size. Fee also vary based on the network load at particular moment.

Basically when they use automated fee they are most likely using some API or they are looking at recent blocks and transactions in them and unconfirmed transactions to create appealing fee. You can create your own fee of course.

[ninjagod]

You can use segwit 

[ruletheworld]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

In Bitcoin you are the one who decides what fee you want to pay. All fees are optional (i.e you can pay 0 fee), however fee is something that rises the chances of your transaction to get into block (higher the fee - faster you can expect it to confirm). If you fee is too low - your transaction may never be confirmed since miners usually pick transactions with higher fees to include in block first. Usually fee is calculated depending on the size of your transaction message (in bytes). You can uread more on fees here https://support.earn.com/digital-currency/bitcoin-transactions-and-fees/how-do-i-calculate-my-transaction-fee

I mean, as programmer, need to know the source about fee and make control of fee's default value for normal user.

Optimal fees are a function of the current state of the mempool, which means it is hard to code it into the static code as a pre-fixed value. This used to happen previously (e.g. 0.0001 BTC fee) but no more at least on advanced wallets. You need to know how urgent your transaction is, and set your fee accordingly.

[Thanasis]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

Actually you are going to set the fee for the transaction if you are using a bitcoin wallet,not an exchange they have their own fixed fee.

So you can set the fee by sat/byte,so if you want to set low fee you can set 1 sat/byte.But you need to be cautious while setting low fee because when the traffic is heavy in the memepool then your transaction will get stuck so you need to aware of the recommended fee before setting your lower fee.

[joymarker]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

How to Reduce Inventory Costs ... Reduce Sequence Transaction Costs: At the office, using a computer to generate purchase orders (PO), EDI for PO

[Stedsm]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

If you possess the private key of your address:
- Import it to a wallet like Electrum or Bitcoin Core
- You can then use the "Send" feature and add "Address" in the address field, "BTC Amount" that you wish to send and at last, you can use "Custom" in fee to choose what are you willing to pay for that transaction.

If you want to know specifically about how to set custom transaction fee in Ledger Nano S, check this - https://coinsutra.com/bitcoin-wallets-custom-transaction-fees/

[Razo123]

Choose a segwit enabled wallet. With these kind of wallet, you can expect a lower transacfion fees.It can reduce transaction size, lowering the amount of fees neccessary to stay competitive compared to the other transaction fees of the same size.

[btchump]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

Run your own full node and set the fee to ZERO, most exchanges and pools, and day-trading platforms are middle men, and are collecting the 'fees' because most of the mining pools are held in just a few hands, who get these fee's back, and they own the wallet 'software' out there, ... all these fee's just roll btc back to mother mining pools in china, that control +90% of all, ...

But if your run a classic node yourself, you don't have a middle man, and if you set your fee to zero, it will eventually get accepted into the system.

It really all just depends on how cheap you want to be, but if you want to experiment and do lots of 0.00001 btc transactions, you definitely don't want to be paying a 0.001 fee

Just run your own full node

...

Remember FEES go to the GUY that found the block where your transaction is recorded, the problem is that GUY who finds the block is +90% most of the time a GUY in china that sells ANTMINER's who controls almost all the BTC mined on earth, so feeding fee's to these people just helps them monopolize btc

Fee's are BIG MONEY these days, fee's used to be nada

[BrittneyHarkins]

the best way is to use the segwit

[glowing10]

the best way is to use the segwit

It seems this could be future considering the hue transaction fees we had paid during the high number of unconfirmed transaction it used to be their. Though currently the fees are very low as unconfirmed transaction are also hardly their, still going forward things might change considering the fees to be a main issue during the bitcoin price rise when it crosses 15k and above.

[carlisle1]

the best way is to use the segwit

right on this one,segwit is more cheaper i mean a lot cheaper for transactions of bitcoin..and i guess this must be use by everyone for faster and cheaper transactions and may help the investors attracted again to put capital in crypto

[itsmesanti]

You can use segwit 

What are the pro and cons regarding segwit ?

[hugeblack]

From bitcoin newest source, how can I set transaction fee as more lower?
Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

fees are optional.
in the past "eg. last Dec and Jan" fee was so high and maybe you need to pay more than the transaction. but Mempool now is empty "you can send using 1 sat/b".
you can use this sites to know a suitable fee https://jochen-hoenicke.de/queue and https://bitcoinfees.earn.com/#delay
generally, segwit  reduce fees and native segwit (Bech32) give you lower fee than P2SH (38% less)
so using wallets support Bech32 segwit will give you the lowest fee (Bitcoin Core, Electrum and ledger nano hardware wallet)

[Virtual miner]

From bitcoin newest source, how can I set transaction fee as more lower?

Some wallet(ledger nano hardware wallet) even provide now custom transaction fee, how is possible?

It depends on wallet to wallet. Like in wallets like mycelium and electrum you have an easy option of setting transaction fees the moment you are trying to make the transaction. Fees is set up according to sats/byte. Each transaction has a set weight unit in bytes and the fees is set accordingly try to get the estimate fees which is going on using some fees explorer. And you are done. But make sure if the wallet of your follow the segwit protocol or not and set fees accordingly.

[bob123]

You can use segwit 

What are the pro and cons regarding segwit ?

SegWit has a lot of pros. The lower size (and the associated tx fee) of segwit transactions is probably the most incentive for most users.
But SegWit softfork was the first step towards hashed timelock contracts [1]. The lightning network is one implementation of HTLC's.
Additionally, thanks to the 'block size' getting increased efficiently, this will open doors for better scaling during mass adoption.
Those are a few huge pros IMO.

I dont think there are noteworthy contra arguments to segwit at this time. SegWit is a crucial part of the evolving technology bitcoin delivers.


[1] https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts