How You can Save up on Bitcoin Transaction Fees
Dear my steemit freinds, It is true every one is worry about high bitcoion transaction Fees.But also is happy because Bitcoin going high high high,, there i post some imformation how you can save up on bitcoin Transactions fees
Learn about why bitcoin transaction fees are high and how to get the best fees for your transactions!
In this post i would like to write complete information bout what’s going on and how you can take the best decisions for yourself.
First look at the most common issues or Questions.
Why Bitcoin transaction fees is increasing?
When I , any one from us click “send button ” in wallet, we submit our transaction to the bitcoin network. after your clicking on send in wallet the recipient now has to wait until a “miner” verifies and bundles the transaction together with other transactions into a block.
Now stop here and think and imagine if there is only a certain amount of transactions that only fit into one block. If you and i want to sure that your or I transaction is in the next block, For this you and me have to pay a high high fee to bid out some of the other senders because miners are incentivized to pick transactions with higher fees.Every miners prefer high fee transactions ,because bitcoin going high high every one know In the recent months, due to the growing popularity of bitcoin, a lot of people want to send transactions. every one wana get transactions fast so people are paying high fee .Therefore there is more competition for transactions to get picked up by miners. here clear this picture that Wallets never receive fees, only miners get, again i repeat this point Remember, wallets never receive transaction fees, only the miners do.
look at this image here you can see how high fee transactions get prefer
Now there rise question What can we do if our transaction is stuck and not getting confirmation ?
First of all we need to check on the block explr the status of our transaction to get information and understand if it’s unconfirmed, or simply hasn’t reached the necessary amount of confirmations to be valid by your recipient. there exmaple is that few services may require you to wait for 6 or more confirmations before considering the transaction settled. there are two things to do If you are certain that your transaction remains unconfirmed, you can do these two things:
1)first we should wait wait longer if we can and miners begin picking up transactions with lower fees.
In 2nd option , in this case our wallet should supports RBF replace by fee and we’ve opted in before sending the transaction, we may be able to increase the fee there. However, if it’s not an option for us , we can still push our transaction with an accelerator service . now i clear here picture of accelerator story in option three
here we will Use for transaction accelerator service like for example as pushtx.btc.com. Here we can top up our transaction fee to be competitive. This step thing can speed up our transaction substantially, with a probability of getting it confirmed within 60 mints or - 200 mints or less .
my dear steemit friends i did my try best to clear picture of how we can save up on bitcoin transactions fees hope you all will like my post and my post will be help for you,, thanks for reading me,, i love you all
your freind @yousafharoonkhan