Struggling with Bitcoin transaction fees? How to: purchase Bitcoin and send without fees!

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. With Bitcoin’s recent explosion in popularity, the fee to process at Bitcoin transaction within a reasonable time can be £10-£30. Many Bitcoin wallets will allow you to set a lower fee, should you wish, but this often leads to a transaction becoming stranded for weeks before it is confirmed.

Bitcoin Transaction Fees on Bitbargain in December

Bitcoin transaction fees on Bitbargain, 30th December 2017

My preferred Bitcoin supplier has been UK based Bitbargain for many years. However, as you can see above, at present the Bitcoin transaction fee can be over £15. This fluctuates throughout the day based on demand, and in recent weeks the lowest available fee has often been over £20. 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. Paying an additional fee of £2-£3 would result in an expedited transaction and confirmations within minutes. 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.

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A variety of altcoin logos

How to: Change Awesome Miner payout coin from Bitcoin to Litecoin or other Altcoins

Awesome Miner now supports changing the payout cryptocurrency when ‘managed profit switching’ on Zpool, AHashPool, and Hash Refinery. This guide sets out how to set the Awesome Miner payout cryptocurrency in short, simple steps.

MiningPoolHub is slightly different, as you can simply register for an account on their website and change the payout currency by modifying your auto-exchange settings. This avoids the need to peform any of the configuration described here, but also tends to offer lower returns than other pools. As I understand it, recently hacked Nicehash only support BTC payouts at present.

Typically, these mining pools will default to paying out in Bitcoin, however, many now wish to use an alternative coin to spread their investments, or simply avoid the massive Bitcoin fees and transaction processing times.

It’s always been possible to set the Awesome Miner payout currency by appending the command sent to the mining software with a short code such as ‘c=LTC’, but this wasn’t easy to implement when managing your operation though Awesome Miner.

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