What are the strategies to avoid transaction fees while sending bitcoin?

6 answers

• Dec 29, 2021 · 3 years ago
  One strategy to avoid high transaction fees when sending bitcoin is to use a SegWit-enabled wallet. SegWit (Segregated Witness) is a protocol upgrade that increases the block size limit of bitcoin transactions, allowing more transactions to be included in each block. By using a SegWit-enabled wallet, you can take advantage of the increased block size and potentially pay lower fees.
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• Dec 29, 2021 · 3 years ago
  Another strategy is to use a bitcoin transaction accelerator. These services help speed up the confirmation time of your bitcoin transactions by prioritizing them in the blockchain. While some accelerators charge a fee for their services, it can be worth it if you need to send a time-sensitive transaction and want to avoid high fees.
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• Dec 29, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers a unique strategy to avoid transaction fees while sending bitcoin. They have implemented a fee rebate program where users can earn back a portion of their transaction fees by holding BYD tokens. The more BYD tokens you hold, the higher the rebate percentage. This can be a great way to offset transaction fees and save money while sending bitcoin.
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• Dec 29, 2021 · 3 years ago
  If you're looking for a more DIY approach, you can try to optimize your transaction by adjusting the transaction fee manually. Bitcoin transaction fees are determined by the size of the transaction in kilobytes and the current network congestion. By using a bitcoin wallet that allows you to set the transaction fee manually, you can experiment with different fee levels to find the balance between low fees and transaction speed.
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• Dec 29, 2021 · 3 years ago
  One last strategy to avoid transaction fees while sending bitcoin is to use a layer 2 solution like the Lightning Network. The Lightning Network is a second layer protocol that operates on top of the bitcoin blockchain and enables fast and cheap transactions. By opening a payment channel on the Lightning Network, you can send and receive bitcoin without incurring high transaction fees on the main blockchain.
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• Dec 29, 2021 · 3 years ago
  When it comes to avoiding transaction fees while sending bitcoin, it's important to consider the trade-off between fees and transaction speed. While it's possible to minimize fees, keep in mind that lower fees may result in longer confirmation times. It's always a good idea to stay informed about the latest developments in bitcoin technology and explore different strategies to find the best approach for your specific needs.
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