Post
Topic
Board Bitcoin Discussion
Re: Are you using low fees?
by
krishnapramod
on 08/06/2017, 15:21:58 UTC
Sometimes when I withdraw BTC to my wallet, I set really low fees like 50-70 satoshi per byte and wait for weeks, because I'm not going to spend those coins in the near future anyway. I think it's a good way to save a bit of money, because if you look back, you might realize that your fees have added up to a big amount in USD value, while it wasn't always necessary to get those coins confirmed asap.
So, do you use low fees, or always want to get confirmation in a next few blocks?

For this particular transaction, https://blockchain.info/tx/c7c8fcfe061cb44a2c44de54a055862c8e97c3f7a7184f3087bed74e18c5d328

Blockchain recommended a fee of 0.0038, I just sent it with 47 sat/B and got it confirmed with ViaBTC within couple of hours. If it is not an emergency transaction, using a fee of 0.0002 BTC is enough to get it confirmed eventually.

Now the current situation has forced some wallets and exchanges to setup a fixed minimum or standard fee, up to 0.003, equivalent of $8, users who want to withdraw small amounts would not agree with these fees . Kraken has just increased their fee to 0.0025 and now I have altogether stopped using Xapo. Glad there are still exchanges in India with a fixed fee of 0.0005 and fast confirmations.