Bitcoin Forum
April 18, 2024, 11:32:07 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 3 [4]  All
  Print  
Author Topic: How do if the Bitcoin Sending Fee will be super high or super low?  (Read 657 times)
o_e_l_e_o
In memoriam
Legendary
*
Offline Offline

Activity: 2268
Merit: 18504


View Profile
June 12, 2019, 09:47:25 AM
 #61

You can just use your Bitcoin for transactions over $100 and for less then $100 you use doge or eth or ltc or something. Many more places have now accepted altcoins and have a drop down menu to select them.
This doesn't help unless you have pre-bought various alt-coins in advance. Changing them on the fly with something like Changelly would cost more in conversion fees than just making the bitcoin transaction and paying a higher transaction fee. You also run in to the problem of different vendors accepting different alt-coins. What if you aren't holding the right one at the right time?

On the whole, the much simpler and easier option is to start using Lightning Network. More and more vendors are now accepting LN, you can open a channel when fees are low and then spend whenever you need to, instantly and cheaply, regardless of what the current mempool status is.
1713439927
Hero Member
*
Offline Offline

Posts: 1713439927

View Profile Personal Message (Offline)

Ignore
1713439927
Reply with quote  #2

1713439927
Report to moderator
1713439927
Hero Member
*
Offline Offline

Posts: 1713439927

View Profile Personal Message (Offline)

Ignore
1713439927
Reply with quote  #2

1713439927
Report to moderator
1713439927
Hero Member
*
Offline Offline

Posts: 1713439927

View Profile Personal Message (Offline)

Ignore
1713439927
Reply with quote  #2

1713439927
Report to moderator
Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1713439927
Hero Member
*
Offline Offline

Posts: 1713439927

View Profile Personal Message (Offline)

Ignore
1713439927
Reply with quote  #2

1713439927
Report to moderator
1713439927
Hero Member
*
Offline Offline

Posts: 1713439927

View Profile Personal Message (Offline)

Ignore
1713439927
Reply with quote  #2

1713439927
Report to moderator
1713439927
Hero Member
*
Offline Offline

Posts: 1713439927

View Profile Personal Message (Offline)

Ignore
1713439927
Reply with quote  #2

1713439927
Report to moderator
Vinalians
Sr. Member
****
Offline Offline

Activity: 819
Merit: 251


View Profile
June 12, 2019, 06:14:34 PM
 #62

This is also one of the biggest problems of bitcoin right now, the fee. Using bitcoin when the value is cheap is a big advantage because the fee is also cheap. When the value of bitcoin increases the fee increase also. I just hope that in the near future the developer would solve this.
I suggest that you would do the transaction whenever the value of bitcoin is not that high or expensive.
squatter
Legendary
*
Offline Offline

Activity: 1666
Merit: 1196


STOP SNITCHIN'


View Profile
June 12, 2019, 06:32:50 PM
 #63

On the whole, the much simpler and easier option is to start using Lightning Network. More and more vendors are now accepting LN, you can open a channel when fees are low and then spend whenever you need to, instantly and cheaply, regardless of what the current mempool status is.

How many people are using custodial wallets like Bluewallet because they don't want to manage an online node and channel liquidity 24/7, though? This seems really common, but I don't know that there are any statistics about this. Hopefully Watchtowers and better UI in non-custodial wallets will turn the tide towards better (trustless) practices.

If the choice is between holding/using an altcoin and using a custodial LN wallet, the latter doesn't seem any better.

Mike Mayor
Hero Member
*****
Offline Offline

Activity: 966
Merit: 535


View Profile
June 13, 2019, 10:04:50 PM
 #64

You can just use your Bitcoin for transactions over $100 and for less then $100 you use doge or eth or ltc or something. Many more places have now accepted altcoins and have a drop down menu to select them.
This doesn't help unless you have pre-bought various alt-coins in advance. Changing them on the fly with something like Changelly would cost more in conversion fees than just making the bitcoin transaction and paying a higher transaction fee. You also run in to the problem of different vendors accepting different alt-coins. What if you aren't holding the right one at the right time?

On the whole, the much simpler and easier option is to start using Lightning Network. More and more vendors are now accepting LN, you can open a channel when fees are low and then spend whenever you need to, instantly and cheaply, regardless of what the current mempool status is.

If you planning and making purchase in other altcoins you just plan ahead and buy some and use them as you need. Most people should have various coins if they serious about cryptocurrency.
LN has been spoken about for months and it's still not an option. If people don't hold eth then I don't even know what to say since you need it for token transactions.

Ideally you should be able to use any currency with similar fees. So like you say you don't have to hold the other coins.

Pages: « 1 2 3 [4]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!