How to Save Money and Speed Up Transactions on Bitcoin

[GreatArkansas]

I remember the days when I started to use Bitcoin and send or receive Bitcoins from my wallet, sometimes I wonder why the transaction fees are high and sometimes why the transaction takes a very long time to confirm.

Later on, along the road of learning Bitcoin, I realized how these transactions work.

Why do transaction fees matter?
Speed of transaction and cost efficiency, of course, who doesn't want an almost instant and almost free transaction fee in all of our transactions online?


Tips for how to manage Bitcoin transaction fees:

1. Using a fee estimator:
Most of the time before I make my transaction, even low or high, I always check the current fee estimator in some platform, (there is already built-in fee estimators on your wallet).
Most of the time I used bitcoinfees.net

Here are the others that I got from another topic:

(...)
1. https://mempool.space/docs/api/rest
2. https://bitcoinjobs.com/fee-calculator
3. https://whatthefee.io/
4. https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
5. https://bitcoinfees.net/

2. Using Bech32 address:
This is the new format of Bitcoin address that is advanced and will make the transaction fees lower when you send Bitcoin from Bech32 BTC address.

3. Batch your transactions:
This is only applicable if you want to send to multiple addresses, instead of creating multiple transactions on multiple addresses, you will just have to create 1 transaction, which will save a lot of fees.

4. Use lightning network:
This is new and for some people, it's difficult to setup a lightning network, to send or receive, but for smaller and more frequent transactions, using the lightning network is the savior, you can get almost instant and almost free transactions.

5. Check transaction details before confirming to send:
This will help you to confirm how much time you will wait or expect that the transaction will confirmed, some wallets have this feature before you confirm the transaction from your wallet, you can check the fee, the estimate of confirmation time, and some fee adjustments.


I hope this will help us, especially for those who are learning Bitcoin.

Have other tips on managing Bitcoin fees? Feel free to share and add more below and let's help each other!

[Adbitco]

Nowadays people don't really care about the transaction fee what care about is let them be the first to join block to confirm their transaction as quick as possible, lot of people don't know that there is need to monitor their fees before sending out their bitcoin to the next person and most importantly it's good to enable RBF that is if they aren't sending from a close source wallet like trustwallet then when I tried using it I couldn't find RBF. But if using wallet like Electrum and some other open source wallet it would be good, I know those that talk more on the technical sections can put more light on this.

[Dave1]

If you can add this one if you have a telegram account:

@BitcoinFeesAlert_bot

So instead of checking it on a website, a simple command of /fees will do it for you.

@Adbitco - but people need to check the fees first right? they need to know what are the current fees and maybe + few sats above it to get confirmation on the next block.

[BlackBoss_]

Know what wallets to use, address types to use and know sites, bots to get information of Bitcoin mempools are all good practices but sometimes people will need to use Bitcoin transaction accelerators, free or paid to boost their unconfirmed transactions.

They need to pay attention and always use Replace By Fee RBF opt-in for their transactions, to be able to Bump the fee by themselves and don't have to depend on any free or paid tx accelerator.

Bitcoin acceleration services - Fee comparison
https://www.viabtc.com/tools/txaccelerator
https://www.antpool.com/txAccelerate
https://www.f2pool.com/user/tx-acc
https://pool.binance.com/en/acceleration
https://mempool.space/accelerator

[Luzin]

Know what wallets to use, address types to use and know sites, bots to get information of Bitcoin mempools are all good practices but sometimes people will need to use Bitcoin transaction accelerators, free or paid to boost their unconfirmed transactions.

They need to pay attention and always use Replace By Fee RBF opt-in for their transactions, to be able to Bump the fee by themselves and don't have to depend on any free or paid tx accelerator.

Bitcoin acceleration services - Fee comparison
https://www.viabtc.com/tools/txaccelerator
https://www.antpool.com/txAccelerate
https://www.f2pool.com/user/tx-acc
https://pool.binance.com/en/acceleration
https://mempool.space/accelerator

Of course, the condition of transfer fees is very important to pay attention to. Especially like me with small assets. Nowadays scalability weaknesses are a major issue. Increasing scalability will make the network more vulnerable to security.

My experience of some of the sites above is very helpful when the transaction process time. This means that we can adjust fees as needed. Another way I usually do it is to transact when I see people's activities. I tend to make transactions where many people are busy working offline. This makes the network fewer users and leads to cheaper costs.

Regarding Lihtgning, yes it's a solution but he's only suitable for small transfers. They also do not have a definitive solution for large volume transactions.