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+--- Thread: How to avoid high fee? (/showthread.php?tid=6238056)
How to avoid high fee? - Sempene - Apr 3, 2023
I remember 2 years ago when the fee for at least eth was crazy high.
I think it was like 50 usd or something for each time you sent it.
Maybee some other coins also.
We are closing in on the next bullrun and i wonder, how to avoid the high fee?
I have my coins on a trazor wallet, so i would need to send them to an exchange and then also withdraw them, so the fee is x 2 for me.
Maybee convert everything to Litecoin wich have very low fee and then send to exchange?
But then i was thinking, how could i exchange for Litecoin without sending the coins from my trezor at first?
Any suggestions?
RE: How to avoid high fee? - Omniscient - Apr 3, 2023
1. Get rid of ETH and ERC-20 tokens.
2. Use LN compatible Bitcoin wallets.
3. Use Litecoin.
4. Use swap sites with low fee (.5% or lower).
Bitcoin sometimes has high fees but with LN you can minimize them. Even better if you use Litecoin. But basically avoid Ethereum imho.
RE: How to avoid high fee? - shreder - Apr 3, 2023
Use Ethereum layer 2. L1 security with instant tx for pennies.
https://hackforums.net/showthread.php?tid=6163358
RE: How to avoid high fee? - SUI-3183372 - Apr 3, 2023
(Apr 3, 2023 11:49 AM)Omniscient Wrote: 1. Get rid of ETH and ERC-20 tokens.
2. Use LN compatible Bitcoin wallets.
3. Use Litecoin.
4. Use swap sites with low fee (.5% or lower).
Bitcoin sometimes has high fees but with LN you can minimize them. Even better if you use Litecoin. But basically avoid Ethereum imho.
Only thing I'd add is encouraging to use LN in a non-custodial manner. Seems like it's very easy to begin using LN in a custodial manner, but takes a bit of effort to go non-custodial.
Numbers got posted on Twitter last week and I was surprised by how many lightning addresses belong to custodial wallets, it was the vast majority. It makes sense, the majority of the wallets that I initially see when searching for LN are custodial, and I know going non-custodial in many cases isn't the most simple process for beginners or the most enticing process for the lazy (guilty) (Does Muun make this easy?).
RE: How to avoid high fee? - Omniscient - Apr 3, 2023
(Apr 3, 2023 12:20 PM)BV1 Wrote: Only thing I'd add is encouraging to use LN in a non-custodial manner. Seems like it's very easy to begin using LN in a custodial manner, but takes a bit of effort to go non-custodial.
Numbers got posted on Twitter last week and I was surprised by how many lightning addresses belong to custodial wallets, it was the vast majority. It makes sense, the majority of the wallets that I initially see when searching for LN are custodial, and I know going non-custodial in many cases isn't the most simple process for beginners or the most enticing process for the lazy (guilty) (Does Muun make this easy?).
Electrum is LN compatible and self-custody for anyone wondering.