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.
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.
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:
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.
