Want to Save Up on Fees While Sending BTC? Try this guide.
BTC is not like STEEM - there are fees and confirmations needed to send coins.
The BTC scallability issue is that blocks get full and there is more transactions than network can roll fast, then people sometimes wait 2 days for their coins to come.
So then we have fees. The bigger fee you put, the higher priority transaction gets. If you put too small fee or none, your coins will get stuck in mempool and never reach their destiny.
So now we know - if you want to reach target in time, you need to use fees. The higher - the faster it goes.
But how to not overpay or try to make them as little as possible ?
I will explain in this guide.
Get Electrum Wallet
https://electrum.org/#home
It needs a little hard drive [doesnt download whole blockchain] and has loads of great functions.
Allow RBF
Tools->Preferences->Fees
Enable Replace by Fee and disavble the other setup (it will make u always pay more than 0.001 BTC per transaction).
Send BTC with Low Fee
Now choose whreee to send, tick RBF and use slider for lowest fee possible. Send.
Fix Fee
Now if transaction is stuck for long time with others like now we have 30k waiting:
All you do is resend it with bigger fee and allow it to get into queque again.
This way when you are not in rush yet dont wanna wait 3 days for money to come back, use this trick to lower the fees.
Now with a few transactions you can save few USDs and get free beer or coffee.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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great introduction to whole article :D :)
yes i made it on purpose ;)
:)
Congratulations @kingscrown!
Your post was mentioned in my hit parade in the following categories:
Thanks a bunch for the tips, and knowledge! Namaste :)
Thanx for the article...good read
You can also send all your coins to yourself with low fee so they merge, making the following transactions shorter so they cost less.
Especially useful for people getting cash from faucets
Be careful! In some blockexplorers may appear the second transaction as "double-spend". Don't worry, it's ok!
I have used the electrum wallet, and while I found it to be very secure, I thought that even on the slowest/cheapest selection, the transaction fees were still rather large.
I thought that perhaps the wallet-developers were getting a cut from every transaction sent from their wallets. Is that a possibility? Or is it simply due to the rising BTC transaction fees?
thank you for your tips.
"Now with a few transactions you can save few USDs and get free beer or coffee." lol - when you can wait so long for a beer or coffee then it is definately something wrong in your life :-)
"disable the other setup (it will make u always pay more than 0.001 BTC per transaction)"
thats 1 USD, you can buy lager for 1 USD in some countries. so literally 1 transaction with this gives a beer ;)