How can I avoid paying these crazy transaction fees?

[hosseinimr93]

Does Ethereum have the same transaction fees? Is there a mempool.space type of site to check the current trend on Ethereum ?

According to etherscan, the required gas price for getting confirmation is now 45 Gwei.
As for a normal ethereum transaction 21,000 units of gas is required, the required fee is now around 0.0009 ETH which is worth around 2.2 dollars.

The required fee would be higher if you want to send tokens and note that you would have to pay much higher fees for withdrawal from exchanges.

[summonerrk]

I have btc on Electrum mobile wallet.
I want to buy a hat using crypto from an online vendor.
Vendor accepts several crypto currencies.
It's a one time purchase.
I don't want to spent more than 20 cents in transaction fees.
I want the transaction confirmed within a couple of hours.

What are my options?

I thought of Lightning but that is still going to cost me a lot in transaction fees when opening a channel. And since this is a one time purchase, it defeats its purpose because, well, might as well just directly purchase using btc.

So...what can I do?

I myself am shocked by such commissions, and I don’t see any solutions to reduce commissions. The rate of commissions was declining, but yesterday they increased by 270 percent.
All my earnings come to Trust Wallet, and once upon a time it was possible to make a swap on it for other tokens, but now this cannot be done - and there is only Bitcoin.
Reducing the commission is a bad option, because in the past my transaction with a reduced commission was stuck for five days, after which I still didn’t understand whether it went further or returned.
Someone may suggest Transaction accelerators do not provide any guarantees, but my friends told me that they could not get any effect from these services.

[ZAINmalik75]

I have btc on Electrum mobile wallet.
I want to buy a hat using crypto from an online vendor.
Vendor accepts several crypto currencies.
It's a one time purchase.
I don't want to spent more than 20 cents in transaction fees.
I want the transaction confirmed within a couple of hours.

What are my options?

I thought of Lightning but that is still going to cost me a lot in transaction fees when opening a channel. And since this is a one time purchase, it defeats its purpose because, well, might as well just directly purchase using btc.

So...what can I do?

I was going to suggest you to use the Lightning network but you can't use that because the first time you still have to pay the fee which will exceed the 20 cents limit. If your vendor accepts several cryptocurrencies then simply don't use BTC to pay the amount. Use another token like BNB or Matic they have the lowest transaction fee. I mostly prefer them whenever I have to avoid transaction fees.

See if your vendor accepts Matic, or BNB for payment method, if yes then check if the transaction fee is lower than your limit of 20 cents or not. Because the fees might exceed in rare cases so make sure to check that before making any transaction. And if you already have your funds in BTC and to get Matic or BNB you have to swap them into any of these two coins.
And this will cost you too So it might be possible that if we combined all the fees made, it would cross your 20-cent limit. So, I don't think there is any other way for you to make this happen but to wait for the transaction fee to drop, but in any case, the fees are not going to drop below 2$ maximum so expecting it to drop below 20 cents will be idiotic.

[Smartvirus]

Nothing i'm afraid... If you don't have an already open lightning channel and you don't have any altcoins you can use, the only "real" sollution is to pay the large fee.

This is just about the most you could do. Apparently, these fees are the one means to sustenance for the bitcoin blockchain, it’s one means in which miners get the little or most they do and in times like this, we just have to bare with the trend. It’s a trend and it does goes out.
You might just pay the fees or perhaps, sort other means outside cryptos or Bitcoin payment. Perhaps you could even buy some altcoins (Stablecoins) preferably and use that to make your transactions. You would still arrive at the same means of paying without having high fees levied on your transaction. Only cause for worry would be the rate at which you would be offered the stablecoin or altcoins for sale. Nothing is real free my friend.
Bitcoin accelerators might be able to help as well.

[btc_angela]

Nothing i'm afraid... If you don't have an already open lightning channel and you don't have any altcoins you can use, the only "real" sollution is to pay the large fee.

This is just about the most you could do. Apparently, these fees are the one means to sustenance for the bitcoin blockchain, it’s one means in which miners get the little or most they do and in times like this, we just have to bare with the trend. It’s a trend and it does goes out.
You might just pay the fees or perhaps, sort other means outside cryptos or Bitcoin payment. Perhaps you could even buy some altcoins (Stablecoins) preferably and use that to make your transactions. You would still arrive at the same means of paying without having high fees levied on your transaction. Only cause for worry would be the rate at which you would be offered the stablecoin or altcoins for sale. Nothing is real free my friend.
Bitcoin accelerators might be able to help as well.

Yes, unfortunately, our hands are tied are far as transactions goes, you can manually set the fees though depends on the user. Or just monitor the mempool when the fees is down or at least not 100 sat/vB++.

In my case though, transaction accelerators are very effective.

https://www.viabtc.com/tools/txaccelerator

You just really have to check it if there is a available open free slots as they usually filled in very fast.

By the order of submission, ViaBTC supports acceleration of 100 FREE transactions per hour.

[taufik123]

According to etherscan, the required gas price for getting confirmation is now 45 Gwei.
As for a normal ethereum transaction 21,000 units of gas is required, the required fee is now around 0.0009 ETH which is worth around 2.2 dollars.

The required fee would be higher if you want to send tokens and note that you would have to pay much higher fees for withdrawal from exchanges.

Ethereum's gas fees are still quite high at the moment, to swap tokens on a DEX around $31 and of course still very expensive.


For Gas Fees, withdrawals of Exchanges such as Binance are charged 0.0032 ETH with a minimum withdrawal of 0.01ETH.


For Bitcoin, Gas Fee has now dropped by 105.66 sat/vB around $6.68 with a confirmation of about 20 minutes.


All those gas fees are updated as I write this comment.
Ethereum is still high but for other networks such as zksync, Optimism, BSC, Polygon, TRX is still quite cheap and the best choice besides ERC20 networks.

For Bitcoin, it is quite normal after yesterday experienced a surge in transactions and a significant increase in the price of Bitcoin so that gas fees will be more expensive.

[Suzume]

Worst experience of reducing transaction fee. Few day age I transfer $68 in someone's wallet by reducing the transaction fee. The fee showing for transfer $68 is $13 it's a lot of amount for me. That's why I reduced my fee to $13 to $2. Something. I know it will take a lot of time how much time it will take 4 hours, 5 hours, maximum one day. But  what tye luck I have 3 days spend but it still pending.

[CryptoHeadlineNews]

Worst experience of reducing transaction fee. Few day age I transfer $68 in someone's wallet by reducing the transaction fee. The fee showing for transfer $68 is $13 it's a lot of amount for me. That's why I reduced my fee to $13 to $2. Something. I know it will take a lot of time how much time it will take 4 hours, 5 hours, maximum one day. But  what tye luck I have 3 days spend but it still pending.

Lolz.. I thought I was the only one waiting for unconfirmed Bitcoin transaction, but not knowing we were many, because I also initiated a transaction on the 5th December of 0.002 BTC worth $84 at the time the transaction was made, whose initial fee was $17, but had reduce it to $2.5, and could you imagine it took it good 4days before it got confirmed, because I just woke up this morning and found out transaction done since on the 5th December just go confirmed today on the 9th December with an extra $4 due to the recent increase in the price of BTC. (i.e value of 0.002 BTC instead of $84 now $88)



So, I'm sure yours is likely to get confirmed by tomorrow.

[Peanutswar]

Nothing and wait until the market congested getting into a normal wave, previously people kept making a lot of transactions with the BTC somehow on its pair and also newly released coins, if you don't hurry too much with the transaction just couple of hours or days it could be lead back to normal state. If you encounter the same scenratio as that with your transaction better to tell to them with the transaction fee is too much high or use the P2p by the binance if you have some so you don't need to pay higher tx fees. Always check too the

Code:

mempool.space/

[MusaMohamed]

Nothing and wait until the market congested getting into a normal wave, previously people kept making a lot of transactions with the BTC somehow on its pair and also newly released coins, if you don't hurry too much with the transaction just couple of hours or days it could be lead back to normal state. If you encounter the same scenratio as that with your transaction better to tell to them with the transaction fee is too much high or use the P2p by the binance if you have some so you don't need to pay higher tx fees.

An investor will wait for a bull run in 2024 after Bitcoin halving to find chance to take profit. Take profit now, in 2023 is not a smart investment idea. I don't see need to pay expensive transaction fee now and in return I might lose my bitcoin by selling cheap, cheaper than 2024 and 2025.

I believe from December to April 2024, I will have opportunity to move my bitcoin with cheaper transaction fee. At this time, I agree with you that waiting is the best choice.

Some people want to move their bitcoin, are ready to pay expensive fee because they have different needs like have to sell coins to have cash to use, sell coins to buy shit coins.

For the first reason, it is serious and an experienced investor will always have some amount of cash to use, without need to sell bitcoin at not good price.

[nelson4lov]

~Snipped
What are my options?

I thought of Lightning but that is still going to cost me a lot in transaction fees when opening a channel. And since this is a one time purchase, it defeats its purpose because, well, might as well just directly purchase using btc.

So...what can I do?

With Bitcoin, you've very limited options when it comes to transaction fees. At least on ethereum, you can just bolt away to the cheapest EVM chain whether it's L2 or side chain as long as it gets the job done. My current workaround to evade high fees on Bitcoin to simply to set a transaction fee that meets the minimum requirement for ViaBTC's tx accelerator and hit send. Then I try to time the hourly tx submission to their free transaction accelerator. As long as your tx hit the minimum criteria, you should be good to go even if your tx fee is 50% less than the recommended fee based on the mempool.

https://www.viabtc.com/tools/txaccelerator

[TelolettOm]

What are my options?

I thought of Lightning but that is still going to cost me a lot in transaction fees when opening a channel. And since this is a one time purchase, it defeats its purpose because, well, might as well just directly purchase using btc.

So...what can I do?

Can't deny that transaction fees have really increased quite significantly recently. Maybe because the network is busy and also because the price of Bitcoin has risen quite significantly recently. However, when you want to make a transaction like that and what's more it is a one-time purchase, of course this might be a little difficult to carry out according to expectations. Usually the fees will change. but not necessarily significantly in a fairly close time span. The Lightning network, which is usually the solution, is currently still quite ineffective. So, yes, that's the fee that has to be paid now. So, if you don't choose altcoins, that means you might need to rest the purchase time again to get a lower fee. but this may be difficult to do.

[adaseb]

Sadly Bitcoin and Ethereum are horrible when it comes to making small purchases during bull markets. I think ETH is not as bad and you can get away with $1-2 transactions but lately BTC due it Ordinals clogging the chain are resulting in fees closer to $10 for a single transaction, that is with a 100 sat/byte. So paying less than $0.20 is just not possible.

Maybe wait until Christmas day when we have no activity and maybe the fee will be cheaper then but who knows. There might be a Santa rally and the fees might still be high. Just need to bite the bullet and the first time accept that you fee will be high. Use lightning or some other Layer 2 chain such as Arbitrium which is very low in fees.

[wallet4bitcoin]

I have btc on Electrum mobile wallet.
I want to buy a hat using crypto from an online vendor.
Vendor accepts several crypto currencies.
It's a one time purchase.
I don't want to spent more than 20 cents in transaction fees.
I want the transaction confirmed within a couple of hours.

What are my options?

I thought of Lightning but that is still going to cost me a lot in transaction fees when opening a channel. And since this is a one time purchase, it defeats its purpose because, well, might as well just directly purchase using btc.

So...what can I do?

currently the gas fees on the Bitcoin network is gradualy beoming anoying. I don't see why a transaction will cost anything more than cents but ofcourse we understand the TPS is very low and this has birthed the high cost of fees based on priority.

If you however must pay your vendor with fees in cents, you must consider paying via other altcoins that charges way lesser.

[larry_vw_1955]

I have btc on Electrum mobile wallet.
I want to buy a hat using crypto from an online vendor.
Vendor accepts several crypto currencies.
It's a one time purchase.
I don't want to spent more than 20 cents in transaction fees.
I want the transaction confirmed within a couple of hours.

What are my options?

I thought of Lightning but that is still going to cost me a lot in transaction fees when opening a channel. And since this is a one time purchase, it defeats its purpose because, well, might as well just directly purchase using btc.

So...what can I do?

Contact the vendor and complain to them. Maybe they will give you a discount.