Crypto How to avoid paying gas fee for coins with high transaction fee .

Status
Not open for further replies.

Josemendez

Verified member
Bitcoin and Ethereum are the first and second cryptocurrency respectively in terms of market Capitalization ,and they have been facing challenges due to the fact that their transaction comes with high gas fee demand.

There is then concern on how to trade these coins that have potentials to give high return. Many people have not been able to invest in them because of the high fee associated with them.

To be able to invest in this coins without being faced with high gas fee especially when you want to withdraw them, you need to buy and holdl these coins in exchanges like Binance . There you do not have to pay gas fee when you want to sell your bitcoin or ethereum . You only pay for gas fee if you are to send it outside the exchange .

The only challenge with this is the fact that these exchanges are centralized and one can lose his funds there if the exchange site is hacked.
 

Sherman198

VIP Contributor
Seriously, I think most crypto enthusiasts knows this already....Unless you are referring to those that are new in the crypto space. If anyone is sending either Bitcoin or Ethereum out from an exchange definitely it's going to warrant higher gas fee, but I propose they change their Eth or Btc into other crypto like Bch or Xrp, I think those don't charge high gas fee. I do this regularly in my Luno account.
 

Chibson

VIP Contributor
I remember the day I received some bitcoins from a platform and when I wanted to send it to my binance account from my trust wallet, I was almost losing half of the money to gas fee. That was actually the first time I was sending Bitcoin and I was surprised that this kind of amount could be paid in order to send cryptocurrency from one wallet to another. I now use lite coin whenever I want to send crypto from one wallet to another.
 

Sherman198

VIP Contributor
I remember the day I received some bitcoins from a platform and when I wanted to send it to my binance account from my trust wallet, I was almost losing half of the money to gas fee. That was actually the first time I was sending Bitcoin and I was surprised that this kind of amount could be paid in order to send cryptocurrency from one wallet to another. I now use lite coin whenever I want to send crypto from one wallet to another.
You are right! I think this is one of the reasons why some people are against Bitcoin. The transfer or transactions fees are always too much and that's discouraging.
I once wanted to send Bitcoin from my Binance account, to my external wallet and the fee was scary, I left the Bitcoin there till now, still there.
 

Mika

VIP Contributor
Normally, you pay higher transaction fees when you are trying to send to other exchanges or wallets. You also pay high fees when you are trying to send currencies during network congestion. Instead of sending to other exchanges, trading on the same platform will save you a lot of money in tranaction fees. Also avoid sending small amount.
 

btaliat

VIP Contributor
Seriously, the issue of high gas fee has made some people to be fed up in dealing and transacting with some some coins even when they are don't want to. What I do most time is to trade withing the same platform or I do go with some coins that dont have much gas fee. Coins like litecoins and even ripple are good for transactions.
 

Alexandoy

VIP Contributor
I have been reading the gas fees in the posts even in some other forums. It looks like the crypto payments is one way of eluding the high transaction fees of Paypal. Now that makes me think if I can also do that even if I am not into crypto yet. An online friend said that I need to get my own crypto wallet for that purpose.
 
Status
Not open for further replies.
Top