Bitcoin Transaction Fees for the Meek Strategist

in #hustler2 years ago

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.

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For sure fees have been a big issue. I have had to stop using USDC for a bit until the fees calm down. I have actually never used Tether Omni, so not to sure how that works, all my tether addresses are ETH addresses, but that sounds like a much lower fee, even if you have use BTC as the ‘gas’ fees... I have been moving things lately I’ve Hive and Litecoin or Bitcoin Cash... and yes, even the occasional XRP to my BitPay wallet because that has the cheapest fees for that particular usage...

Its a Bitcoin transaction, the USDt to ethereum is the same as USDt to BTC. You use the local node, be it ETC, BTC, or TRX to process the transaction that holds a USD tethered value. It has the same address too, my BTC and USDt address is the same. I could send you either Currency (btc or USDt in the same transaction, but I don't know how to send both at the same time yet.

It would be cool to pay 50/50 for certain types of services on the blockchain so the funds are already split up and don't require exchanging.

DASH has low fees but it's too volatile for me. Zcash or Litecoin are good at 3 cents per tx.

Hive is free though, something I wish exchanges would honor, but Bittrex charged me 0.25 Hive for a withdraw which I was very unimpressed with

Yeah I used Dash for a while and liked it, but I get better use out of LTC BCH and XRP for cheap transactions.

XRP is the biggest influence the big banks have on crypto. I typically do not support networks that aid or abet financial terrorism.

I don’t like it either, but in a pinch it’s the quickest and cheapest way from Hive to my BitPay wallet so I can use my card. I try to use BCH more if I can. I don’t date it, I don’t hate it, I just trade it, lol. Really no worse than using tether in my opinion, they are just as dirty. It's what it is and if the fees are cheap, I'll use it. I wish BitPay would add Litecoin support, that would be the end of it, lol.

Litecoin is really underappreciated.

I should take a closer look at the OMNI wallet.
Litecoin has had a good year, and when buying HIVE from
@blocktrades I will use LTC instead of BTC for lower fees.
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Its too bad monero and zcash don't get more support. They have increased privacy and could add privacy functions the engine that ate not possible with transparent currencies.

Still waiting for the first confirmation, but the Bitcoin tx mempool is now 50% of what it used to be, so hoping to see it soon.

Omni transactions are a little larger than bitcoin transactions, so they usually cost more to achieve the same speed as a bitcoin transaction even though it's on the same network.

Yeah my 2 SAT/byte tx has taken a while, still waiting and its been 4 days