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Pedro's BTMusic: News

Len

By Len
in Private Tracker News

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Len Newbie

Len

Posted
Posted

Ethereum and Litecoin donations

Due to high Bitcoin network congestion (and hence high transaction fees imposed on users; see "Problem" below) we are introducing Ethereum and Litecoin donations as a temporary alternative for smaller donations. You can buy Ethereum or Litecoin the same way you buy Bitcoin, e.g. at Coinbase. Please review the donations page. Please be advised we still strongly prefer Bitcoin. If you have choice, choose Bitcoin.

Problem: The main problem is how "automated" wallets calculate necessary Bitcoin transaction fees. Most calculate very high fees looking for a fastest possible confirmation, completely uncessarily. Review: https://bitcoinfees.earn.com/ and note that e.g. anything marked at most with "Delay 3-25" confirms within hours just fine. Automated wallets (most chiefly Coinbase) are programmed to choose high TX fees to warrant fastest possible confirmations. This way e.g. Coinbase transactions end up with 15-20 EUR of fees at around 800-1000 Satoshi/Byte confirming within minutes instead of choosing slower but frugal 2-5 EUR of fees (e.g. at around 100-200 Satoshi/Byte) confirming within 2-6 hours.

Solution: If you can manually define transaction fees, do so setting by setting a fee of at least 100-200 Satoshi/Byte and/or refer to https://bitcoinfees.earn.com/ for an option optimal at the time. If you can't manually define TX fees and you are faced with ridiculously high fees imposed by automated wallets (e.g. at Coinbase), use Ethereum or Litecoin.

If in doubt in any regard, consult D***M****.

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