Good evening hustlers,
I have been preparing for another bottom here due to the increased selling pressure on the Bitcoin and major market cap coins.
USDt is a unique currency, it has 3 types of node/tx/algorithm. We will be discussing specifically a OMNI transaction, on the bitcoin blockchain.
Bitcoin has occasionally high fees, a solution to this, is to use wallets that give you control over the sats/byte feature, which will determine the overall cost of the transaction.
2 hours ago, I sent USDt to another USDt OMNI protocol address with a tx fee rate of 2 Satoshi's per Byte. The fee is paid in bitcoin, not USDt, to the miners. This requires a BTC balance in the same address to pay this fee.
Instead of the reccommended $12 fee at the rate of 92 sats/byte that would get my transaction to the destination within 30 minutes (3 confirmations), it is now over 2 hours and I hace yet to recieve thr first confimation.
This is perfectly normal for a low transaction fee, and seeing as anytime in the next 24-48 hours is okay with me, I did not feel the need to send a higher fee than western union would charge, just to participate in the venture capitalism going on, on chain.
The 2sat/byte fee was $0.48, compared to the $12.5 recommended fee. When websites advertise a recommended fee, anything over 0 sats/byte will be processed within a week in reality.
This is still faster than some banks can wire transfer money if you send the transfer on a friday, it would be there a week later for 3-4 business days, for the cost of 50 cents, regardless of what maximalist mindset is pursuing the blockchain, you can always get your tx process for a low fee if you have the control over that on the wallet you're using.