When you send bitcoin, you pay a fee depending on the amount of data such a transaction needs. There are several ways to make your payments cheaper, and you usually get better privacy at the same time.
1. Use more modern addresses
Transactions are gradually being improved to be more compact. For the lowest fee, your addresses today should start with the characters bc1. The Trezor Suite uses such addresses automatically. If you're still using a legacy account, upgrade to a newest one called Taproot.
| https://raw.githubusercontent.com/hynek-jina/test/main/images/stacker.news/How%20to%20save%20on%20mining%20fees/Accounts.png |
To add a new account, first click on the green plus sign in the top left next to the My accounts description. |
2. Send to multiple recipients at once
Sending to two people separately is simply more expensive than sending to them at the same time. So if you're not in a hurry to pay, you could spend a month collecting recipients and then pay them all at once.
| https://raw.githubusercontent.com/hynek-jina/test/main/images/stacker.news/How%20to%20save%20on%20mining%20fees/Add%20recipient.png |
| In Trezor Suite, add more and more recipients by clicking Add Recipient |
3. Offer low fees
Don't be afraid to offer the lowest fee, i.e. 1 sat/vB. You can easily increase the fee, on the other hand, you can't decrease it.
| https://raw.githubusercontent.com/hynek-jina/test/main/images/stacker.news/How%20to%20save%20on%20mining%20fees/Bump%20fee.png |
You can increase the fee in the Suite by clicking on Bump fee next to the pending transaction and then confirm with Replace transaction |
4. Do not create change
When you send a bitcoin, you will probably be left with change. The wallet will automatically send this change to your next available address. However, you can specify that destination too.. Any leftover can be deposited into the aforementioned newer account or used to charge your Lightning wallet.
| https://raw.githubusercontent.com/hynek-jina/test/main/images/stacker.news/How%20to%20save%20on%20mining%20fees/Coin%20control.png |
Select the Coin control option when sending the transaction and manually select which coins you want to use. Click on Send max at the recipient that should receive the rest of selected coins. |
5. Try not to have too many coins
Personally, I try to keep about as big coins as I might want to use in the future. Again, so I don't end up with unnecessarily small coins. You can even send coins to yourself so that you have the best distribution. Again, you give a very small fee, ideally bundling it with other transactions.
| https://raw.githubusercontent.com/hynek-jina/test/main/images/stacker.news/How%20to%20save%20on%20mining%20fees/Mempool.png |
| I like to use mempool.space for an overview of current fees |
6. Paying with coinjoin
You can combine your transaction with other people's transactions and save money together. Currently I don't know of a project that has this functionality nicely set up for the average user. However, it is changing fast.. let me know if you are interested.
| https://raw.githubusercontent.com/hynek-jina/test/main/images/stacker.news/How%20to%20save%20on%20mining%20fees/Coinjoin.png |
| Hundreds of inputs and hundreds of outputs aggregated in one coinjoin transaction |
7. Payment by lightning
Sure thing... With the Lightning network you can often bring the fees down to zero... However, nowadays it is still useful to be able to use the so-called on-chain... You usually need to get the funds to the LN somehow...
i find it funny that everyone assumes this is the result of brainwashing by social media algorithms, and not that conservative policy is increasingly unpopular with women. at least in my country, conservatives are trying to ban abortions, restrict access to contraceptives, and their frontrunner is currently on trial for defaming a women he sexually assaulted. the mental gymnastics it takes to ignore all this, and assume it's an algorithmic conspiracy is frankly staggering
What's your thought on SN and territories cooperative marketing.
For example. If I wanted the sports territory to advertise on a football podcast. I could have the copy read in such a way that promotes both SN and the sports territory.
Obviously any sort of marketing/ads promoting SN would need your approval first but maybe there is a way for territories to get out to their niche corners of the world and promote the site and the territory. SN could share in the cost by crediting back x amount of the territory fee per year to each territory for advertising and base the amount allocated on the territory rankings. So maybe the top 5 non SN territories get up to 20% of fee back for advertising/promotion.
I was talking with Undisciplined about how territory growth and SN growth, in my opinion need to be symbiotic, or else we could have one territory dominating most of the main page and the user experience for stackers who aren't interested in that territory would degrade. I think it is important to maintain a nice variety of types of posts on the main pages.
Anyways, this doesn't necessarily need to be a now thing. I think we all have a long way to go to exhaust the free advertising/referral marketing options we have available to us but it is something I would like to do in the future. Maybe it is something other territory owners would be interested in too.
It's very unusual and a terrible practice. There's plenty of good nostr clients out there. Don't give up your identity to a custodial / kyc service.
You're very wrong. I don't even mention the price a single time in my text...
Awesome. Love the kick yourself but ending in I am going to work my ass off to not have a reason to kick myself.
Nice work.
You are not sending euro over LN, you are sending sats.
Yes, you are missing that Muun is the worst wallet ever. And is NOT a LN wallet, is just an onchain wallet faking LN txs with submarine swaps.
That's why you are paying insane fees.
See more details in this article about comparing LN wallets. Pay attention to details about Muun.
https://darthcoin.substack.com/p/lightning-wallets-comparison
https://i.postimg.cc/65cSsGZr/Muun-others.jpg