Want Faster Bitcoin Transactions and Lower Fees? Try These Workarounds

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Anyone who regularly uses Bitcoin will have noticed the Bitcoin transaction fees have recently exploded. Every transaction on the Bitcoin network includes a fee, paid to reward the Bitcoin miner that processes the transaction.

My preferred Bitcoin supplier has been UK based Bitbargain for many years. For smaller transactions, this can mean the fee paid exceeds the value of the transaction. Not too long ago, this fee would have been a matter of pence. Unfortunately at present, this is not the case, and my advice would be to use alternative coins such as Litecoin or Bitcoin Cash in lieu of Bitcoin where possible.

These altcoins offer much faster confirmations with negligible fees of a few pence. Fortunately, the workaround below will allow you to purchase Bitcoin and pay no fees whilst making a withdrawal to a BTC wallet.

If you do not yet have a Coinbase account, register one now. From here, you can purchase How to avoid bitcoin network transaction fees when using coinbase with your debit or credit card.

Alternative payment methods may allow you to avoid even this fee, but these may be less convenient. Normally, Coinbase would charge you a large fee to withdraw this Bitcoin to another wallet. However, this workaround will allow you to withdraw the entire BTC amount purchased from your Coinbase wallet to any BTC address without any deductions or fees.

GDAX is a cryptocurrency trading platform owned and operated by Coinbase. This is free and instant. This is how we will avoid Bitcoin transaction fees on our purchased coin. From this tab, simply enter the BTC address you wish to send your purchased Bitcoin to, and enter the amount.

Your coin will then be sent to the given BTC address on the next payment run. The withdrawal may how to avoid bitcoin network transaction fees when using coinbase some time to be processed by GDAXso whilst this is normally within 30 minutes, it can sometimes take a few hours. Once processed, the transaction should be confirmed by the Bitcoin network within an hour or so.

Whilst this is a slower, more convoluted process than we are used to, it allows you to avoid extremely high Bitcoin transaction fees whilst still getting your Bitcoin confirmed within a few hours. Without using this method, not paying transaction fees could mean waiting many weeks for a transaction to be confirmed. This step is only required if you want to obtain the BTC withdrawal transaction hash, allowing you to view how to avoid bitcoin network transaction fees when using coinbase transaction on the blockchain as it becomes confirmed.

Click on your withdrawal to see the details. This will initially just be an internal transaction reference and an estimated payout time. You can use this to monitor the status of your transaction on websites such as Blockchain.

Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed. Purchase Bitcoin and withdraw to wallet without Bitcoin transaction fees Step 1 Buying BTC with a debit card on Coinbase, showing debit card fee If you do not yet have a Coinbase account, register one now.

Close the BTC deposit box, and move on to the next step. Step 4 optional This step is only required if you how to avoid bitcoin network transaction fees when using coinbase to obtain the BTC withdrawal transaction hash, allowing you to view the transaction on the blockchain as it becomes confirmed.

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If you're like me, you've bought your very first bitcoin on Coinbase. And why wouldn't you? It's arguably the easiest option for taking your hard earned USD greenbacks you have and converting it to magical internet money. You can even do it on your phone! It really is a fantastic service considering how simple the process is.

Well everything comes at a cost and Coinbase has quite a few. Sold bitcoin after a spike and want to cashout? Even the cheapest option being the Bank Account Transfer will run you 1. Now that may not seem like a lot, but if you are planning on making a sizable investment, this adds up. The solution to getting around this fee is simple enough; use GDAX. Transferring anything from your Coinbase account is also instant and fee. Now here's the good part; buying some coinage with your USD.

What are the fees like? Compare this to the 1. Transferring your bitcoin to your Coinbase wallet or any wallet is also free if you don't count the network fees. Yeah gdax is awesome.

Only one problem, during a bull run is hard to buy bitcoin without a fee. You need to place a buy order but price keeps going up. Within minutes price will be higher than that 0. It happened to me many times. You have completed some achievement on Steemit and have been rewarded with new badge s:. Award for the number of comments received. Click on any badge to view your own Board of Honnor on SteemitBoard.

For more information about SteemitBoard, click here. If you no longer want to receive notifications, reply to this comment with the word STOP. I quickly found that the Coinbase site would often go down in periods of high market volatility; it's not a service that I feel I can rely on. It's nice to know that there are viable alternatives out there. Award for the number of upvotes.

By upvoting this notification, you can help all Steemit users. Also, note that coinbase to coinbase peer to peer transfer is free. So, if in your friend circle everyone one has coinbase account, you can also trade among yourselves for free. Thank you for this Seems a little too good to be true in way? Why would coinbase have a free service to do a very similar thing? Also, gdax is a currency trading website.

That's why price is lower on gdax, because people theoretically will be using it and paying fees more often. This would be gdax way of giving day traders more incentive to use them rather than other day trading sites. Not too good to be true just intended originally for a different purpose but still usable for other purposes Not original purpose but it works! How do you minimize the initial fee to purchase without waiting a week for your money to hit coinbase account? Thanks for the tip.

Another thing to note is that it takes business days for funds from a bank account to deposit into GDAX. If you're trying to hit a specific high or low, fund your account before that moment!

I hope you see this comment! I just opened a acct with coinbase and gdax and I am about to put the coin on gdax but when I enter the gdax wallet and go to send the money it's telling me I need to pay 30 dollars. Can help me out brother? Could you help me understand That is a 0. Can anyone explain this? The best way to avoid fees is to abandon coinbase and use the Robinhood app.

It currently offers commission-free stock trades, but will soon offer no-fee crypto trading. Register via the link for a free randomized stock: Authors get paid when people like you upvote their post.

Happened to me multiple times as well.. Any smart solution to get around this obstacle? Don't buy during a bull run? Glad I found this post!

I was looking for this. You have completed some achievement on Steemit and have been rewarded with new badge s: Award for the number of comments received Click on any badge to view your own Board of Honnor on SteemitBoard. For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP If you want to support the SteemitBoard project, your upvote for this notification is welcome!

For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP By upvoting this notification, you can help all Steemit users.

What about the costs of moving BTC off of Coinbase? Is there a cheaper way? Which will also in-time increase the website value of Gdax. I did not know this. Thanks for reminding us of this! Thank you this is awesome! Thank you this is exactly the information I needed. Thank you for breaking this process down. And thank you all for further helpful comments! Or use Gemini instead. They'll even cover the mining fees when you transfer you BTC out.

Don't they have lots of other fees though?