5 Ways to Send Bitcoin For the Lowest Gas Fees
Even in traditional banking, people typically consider the expense of transactions before proceeding. Similarly, crypto users will factor in the cost of sending and receiving blockchain tokens before proceeding. Considering the importance of charges, this article will enlighten you on ways to transfer Bitcoin for the lowest gas fees.
Before going into the details, let’s examine why Bitcoin gas fees are a serious issue. This will give us insight into why cheap cryptocurrency transfers benefit users.
How High Transfer Fees Are Impeding Crypto Adoption
On the 18th of September, a tweet shows Donald Trump purchasing burgers from a NYC bar and paying $998.70 for the order. Why is this story important? Well, he paid for the food with Bitcoin.
It costs no less than $20 to send Bitcoin on the native BTC network under normal circumstances. Should there be network congestion, gas fees could rise to between $50 and $100. A good example is back in 2017 when Bitcoin experienced a peak period. With more people transferring the world’s first cryptocurrency, users had to pay more for the network to process their transactions faster.
Contrary to what you may think, these fees are not lower when users send minute amounts of Bitcoin. In fact, the traditional method of BTC transfer is terrible for spending small quantities of BTC. Instead of the amount sent, the size of the transaction (usually calculated in bytes) determines the Bitcoin transaction fees. This means that people will pay relatively fixed fees, regardless of the size of the tokens they are sending.
Considering these factors, it is evident that BTC is not favorable for retail payments. It is mundane for people to pay $20-$50 in gas fees after purchasing a coffee that is less than $10. With such a value proposition, convincing people to swap fiat currencies for cryptocurrencies when transacting will be impossible.
Top 5 Ways to Send Bitcoin For the Lowest Gas Fees
For Bitcoin to become usable for retail payments, it must be transferable at the lowest gas fees. More so, sending crypto must be cheaper than making traditional transactions.
Here are the top 5 ways to send Bitcoin for the lowest gas fees:
- Send Bitcoin Outside Peak Hours: while there are no assurances, 10 am to 6 PM UTC tends to have lower activity on the network. Therefore, the fees tend to be lower and users need not pay extra for faster transaction processing.
- Transfer Bitcoin With SoftNote: Instead of waiting for specific periods to send your Bitcoin, simply use Tectum SoftNote. SoftNote is a fintech solution that scales Bitcoin by connecting the T12 network to the native BTC network via a sidechain, making transactions instant and cheap.
- Use Tectum SoftNote Bills: If you are not crypto-savvy, SoftNote Bills is a simpler alternative to the regular SoftNote Wallet. It is a walletless cryptocurrency payment solution that enables people to send and receive cryptocurrency without owning blockchain wallets. Think of SoftNote Bills as crypto cash that enables people to split their digital assets into smaller units and exchange ownership during transactions.
- Transfer Bitcoin With a Sidechain: Several sidechains run parallel to the Bitcoin network. These platforms process transactions off the main network and then peg them back to the BTC network. This ensures cheaper transactions, faster finality times, and enhanced privacy.
- Use Fee-Optimized Wallet: Finally, people can use fee-optimized wallets for Bitcoin transfers. These wallets suggest cheaper alternatives for sending BTC. They even permit people to set the fees they want to pay when sending Bitcoin.
There are several Bitcoin transfer methods people can use to get the lowest gas fees when making payments. Their choice should boil down to the most suitable option for them.
