Why Bitcoin Fees Rise and How to Reduce Them ‎

[Queen uloma]

If you don use Bitcoin for long, you go notice say the transaction fees no dey stay the same, sometimes e go dey low and before you go know e go suddenly dey expensive again, see simple explanation why this thing dey happen and how you go take avoid to dey pay high fees when you won trade your Bitcoin.

‎Why Bitcoin fees dey rise:
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‎1. Network congestion:
‎Bitcoin dey only confirm limited number of transaction for per block. When plenty people send Bitcoin the same time, the network go come dey congested.
‎Nah this thing dey make miners dey pick transactions way get higher fees first, way go con result to pushing fees up.
‎2. High Demand periods:
‎Fees dey also rise during, market pumps or crash, exchange withdrawal and large price movement, when people go come rush to move trade Bitcoin the fees go come increase naturally.
‎3. Transaction size:
‎Them no dey charge Transaction base on the amount of Bitcoin you send but na base on how much data you use for example
‎Plenty inputs + outputs = larger
‎Transaction = higher fee.
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‎How you fit reduce Bitcoin fees:
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‎1. Use any wallet way dey support SegWit: dis segWit dey reduce the data size of any transaction way u dey do, e go help you pay less fee during Bitcoin transaction
‎2. Send Bitcoin when the network dey less busy: the fees dey drop for early morning and for weekend too,  you fit still visit mempool website to know when their fees dey low.
‎3. Combine Small Inputs: ‎When your wallet get plenty small deposit put them together for one place when the fees they low, e dey make your future transaction dey cheaper for you.
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[Moreno233]

I know say this one no really be big issue but I wan share my experience for this matter wey be say transaction fees dey small well well for mornings. Na this time I dey do most of my transactions them and I don see am say I dey pay shikili moni untop fees unlike when I do the same transaction for day time. I know say fee no plenty this time sha so that one no be serious issue.

[Mia Chloe]

~snip

Op first and foremost I suggest you rephrase your sentence properly. Because you can't generally drop the bitcoin fee plus what you even see on the mempool is just an average estimate of what a majority of pools are experiencing. For fees to go down generally on the network, over 80% have to broadcast with low fees plus there need to be fewer transactions.

To make you transactions cheaper broadcast  outside business Working hours plus having a smaller UTXO set also helps.

[Curious T]

‎2. Send Bitcoin when the network dey less busy: the fees dey drop for early morning and for weekend too,  you fit still visit mempool website to know when their fees dey low.

I no believe this one because Bitcoin na global thing. Morning for Nigeria, fit be afternoon, or evening or night for another country.E fit be say e dun work for you, but e fit be just chance and for a while now I dun dey pay less than a dollar for all my transactions at any time.

[promise444c5]

Consolidation is very important to avoid higher fees during a congestion period and the need to spend is urgent.
You’re not just putting them in a place though, you’re moving the inputs either from same address(multiple UTXOs) or from multiple address in the same wallet into a new address. You would still make use of a moderate fee though because of the high number of inputs but the nice part is you’re doing it with a low fee , for example usage of  <1sat/vbyte fee  in the recent transactions.

[Obim34]

‎~snip

Let me give little input to your post here, using of wallets that allow adjustable fees will help you reduce transaction fee, this will work best only when the network isn't busy. Assuming a transaction with a standard fee based on all consolidation from your UTXOs, the fees can be customized to what you want to pay, hence it will take longer time to confirm because miners will first include transactions with moderate or higher fees before picking up your own.

In period of congestion, it is not recommendable to adjust fees, your transaction may stay unconfirmed for days without being added to block, miners are used to picking transactions based on priority from higher fees down to moderate before those who paid less.