Bitcoin’s average transaction fee has increased dramatically in the last couple of weeks. It’s now nearly the same as a bank’s wire transfer fee and it’s a big problem for most of us. According to bitinfocharts.com, it’s now more than $40. You can check out the bitcoin transaction fee chart below.
A Twitter user, named Ryan Walker gave it some thought and decided to create a decision tree. Adam Back, founder, and CEO of Blockstream.com, brought this tweet to my attention and I wanted to quickly share with you.
Been helping people learn how #bitcoin transactions can be relatively cheap as long as they aren’t URGENT. Made a decision tree to help. Until scaling solutions (lightning, schnorr) arrive you should still rarely ever pay more then $1 to transfer non-urgent transactions.
The decision tree to reduce bitcoin transaction fee starts with a simple question: “Is the transaction URGENT?“. Then you have to find your way out…
Some users have already tried it, and their replies to Ryan’s tweet show that their transaction fees were around $20, and the transactions were confirmed in less than an hour.
So, as I mentioned, I just wanted to quickly share this useful information with you. If you get a lower transaction fee, you can thank Ryan for his work!