Bitcoin

Studying Bitcoin: How do we avoid high fees with Bitcoin transactions?

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There are easy ways to avoid high commissions.

For connoisseurs and not so connoisseurs it has always been a rant to understand the commissions in transactions between BTC, and it has been something that has always kept users in suspense and this time we will reveal how to reduce those high fees or commissions in an easy and simple way.

For starters, each time the price of Bitcoin rises tends by law to raise commissions; including May 16 of this year when the BTC came to USD 8,000 the amount for each transaction was around USD 5. Therefore, it is best to follow the instructions below.

The main thing in order not to have such high commissions, is to review the volumes of operations in the BTC network, this is because when the network becomes congested, the price is increased due to the levels of difficulty that the network has at that time. In short, it is important to emphasize the verification of the volumes before making any exchange in BTC so you would be aware of the high or low of the commissions and for that you can count on the following tools buybitcoinworldwide.comjochen-hoenicke.debitcoinfees.earn.com.

The other way is to use wallets with SegWit (segregated witness), which facilitates transactions as it compacts them by reducing their size. Since the calculation of the commissions of the BTC are made by the size of the Bytes, that is to say, that by the median measure a transaction has 226 Bytes which would mean 45,200 satoshis, which in $ would be around USD 3.1.

And finally perhaps the one that very few know but is super good, Child Pays For Parent (CPFP), which consists of creating high payments to incentivize miners to make transactions with low commissions. It works in the following way, the user sends a new transaction with a high fee, which includes the old address, since this way the miners to confirm that new transaction will have to do it with the main one.

Us since The Token Times, we recommend these steps so that you avoid paying such high commissions in the network of Bitcoin, With these instructional steps you will be able to learn in a much more didactic way about commission levels.

Luis Troconis

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2 Comments

  1. […] Huge number of custodians, therefore, they are quite systematic in what they do: Custody Bitcoin, they know how to do it, or custody Ethereum, they have the knowledge to do it. Alex adds: […]

  2. […] Of cryptocurrencies is abysmal, the system continues to function correctly and has charged a commission on transactions, for only 1.84 USD in […]

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