One of the biggest issues emerging in the Bitcoin space over the last few months is the monstrous transaction fees that users have to pay in order to transfer funds from one address to another. This week we’ll show you how to send a Bitcoin transaction for less than ten cents.
As Bitcoin rises up above $5000 for the second time, Bitcoin fees for a single transaction have gone up as high as $10. Therefore, new cryptocurrencies like Litecoin and Dash have taken over as the standard for micropayments – transactions can be sent for as little as a few cents. While it is true that Bitcoin fees will always be higher than that of altcoins owing to higher demand and smaller block sizes, with a small bit of research you can cut that down tremendously – possibly to similar levels as that of other cryptocurrencies.
FINDING IDEAL TRANSACTION FEES
The best way to strike a compromise between low transaction fees and decent confirmation times is to use an online tool you can find here. The page shows different Bitcoin fees with the approximate confirmation time of the transaction. Please note that by default, the fees are shown in Satoshis/byte, where 1 Satoshi is 0.00000001 BTC.