Showing posts with label how to save on bitcoin fees. bitcoin fess. Show all posts
Showing posts with label how to save on bitcoin fees. bitcoin fess. Show all posts

How To Save On Bitcoin Transaction Fees

     Many things can cause Bitcoin network fees to skyrocket but today I am going to help mitigate that. Let's say you bought bitcoin from an exchange and now you want to withdraw it to hold your own keys to your money, so basically you want to take the bitcoin to your own wallet but you worry that transaction fees may be too high to move them again today or in the future so here are few things to consider:

   1. Transaction consolidation, this process is as simple as the name says it, you are sending all your bitcoins all at once to one address so that you already pay for all the individual data input for all your previous chonks of transactions. You can do that by waiting for fees to come down or you can try this second option

   2. Liquid, liquid is a Bitcoin sidechain(cheaper) you can use to store those small individual chonks of transactions staight from your exchange for a lower fee. You can use something called "sideswap" on the app to automatically receive and swap your BTC to L-BTC for about 0.1% conversion fee, ofcourse you may want to first calculate if this better to use this service that requires some trust instead of using the Bitcoin timechain, it's a tradeoff you are making, but can also send L-BTC to a more trusted bitcoin wallet like Green. Now when you feel like your liquid stack is big enough and you want to peg-out to base L1 BTC you can simply sideswap it out on the sideswap app. You can also move those liquide bitcoin faster and cheaper using the following technology as well.

   3. The Boltz exchance(, this exchange will help you move your bitcoin from liquid to your lightning wallet visversa and from lightning to base layer BTC

  I really hope this helps you in some ways, if you found some value feel free to show some value back, thank you! Pie


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