I see that sending Bitcoin costs a huge network fee sometimes, is there a way to lower it? (I'm a huge noob in Bitcoin plz don't hate if this question looks dumb to you).
pull down to refresh
33 sats \ 5 replies \ @kristapsk 14 Nov
Whenever possible, use Lightning Network.
reply
0 sats \ 4 replies \ @Noobboy OP 14 Nov
I am learning about lightning networks and also found Zeus wallet. The problem is where I live Bitcoin is a very new thing that's why people only demand in Bitcoin address.
reply
31 sats \ 3 replies \ @DarthCoin 14 Nov
Zeus wallet is great but I would not recommend it for total noobs like you.
It will be useful later when you already learned more about how LN works.
Please read here:
- https://darth-coin.github.io/beginner/getting-started-stack-sats-en.html
- https://darth-coin.github.io/beginner/getting-started-lightning-en.html
- https://darth-coin.github.io/beginner/be-your-own-bank-en.html
reply
0 sats \ 2 replies \ @Noobboy OP 14 Nov
I will go through them. Thanks again 👍people here pay sats when they get help but i am paying you 'thanks' for now only.
reply
0 sats \ 1 reply \ @DarthCoin 14 Nov
You do not have to zap me sats for my answers. Is more than enough if you really read all the material I sent you.
Once you read them all you will understand why I say what I say here on SN.
reply
21 sats \ 0 replies \ @Noobboy OP 14 Nov
I am going through them. Really appreciate your help.
reply
10 sats \ 1 reply \ @Jon_Hodl 14 Nov
There's no such thing as a dumb question in bitcoin. Yes, you can use a wallet that enables you to manually set your own fee (known as the fee rate).
The lowest fee rate that you can set is 1 sat/vByte but that is too low to be added to the blockchain right now.
MemPool Space has a simple fee estimator tool right on their home page that you might find helpful. https://mempool.space/
Also, you can lean more about the fee rate here: https://www.whatisbitcoin.com/learn/what-is-the-fee-rate
Personally, I would recommend that you use Sparrow Wallet because it does just about everything that you could possibly want but Electrum is also a very powerful wallet.
Let me know if you need any more help.
reply
0 sats \ 0 replies \ @Noobboy OP 14 Nov
Thanks for the information. It is really very helpful for me.
reply
2 sats \ 2 replies \ @DarthCoin 14 Nov
Yes.
- use batch transactions (putting together multiple txs into single one)
- use Lightning Network
Remember:
- Bitcoin onchain is the final settlement, holding, vault, long term stacking. At this level you only have transactions for opening / closing LN channels.
- Bitcoin Lightning Network is The Payment Network for Bitcoin, at this level you have the payments, not the transactions.
reply
0 sats \ 1 reply \ @Noobboy OP 14 Nov
I have to know a lot to understand what you are saying those are very fancy words 😅but I am trying my best to learn
reply
4 sats \ 0 replies \ @DarthCoin 14 Nov
Read here:
- https://darth-coin.github.io/beginner/ln-airport-analogy-en.html
- Explain Lightning Network in a simple analogy: #552822
reply