When you send bitcoin, you pay a fee depending on the amount of data such a transaction needs. There are several ways to make your payments cheaper, and you usually get better privacy at the same time.
1. Use more modern addresses
Transactions are gradually being improved to be more compact. For the lowest fee, your addresses today should start with the characters
bc1
. The Trezor Suite uses such addresses automatically. If you're still using a legacy account, upgrade to a newest one called Taproot.To add a new account, first click on the green plus sign in the top left next to the My accounts description. |
2. Send to multiple recipients at once
Sending to two people separately is simply more expensive than sending to them at the same time. So if you're not in a hurry to pay, you could spend a month collecting recipients and then pay them all at once.
In Trezor Suite, add more and more recipients by clicking Add Recipient |
3. Offer low fees
Don't be afraid to offer the lowest fee, i.e.
1 sat/vB
. You can easily increase the fee, on the other hand, you can't decrease it.You can increase the fee in the Suite by clicking on Bump fee next to the pending transaction and then confirm with Replace transaction |
4. Do not create change
When you send a bitcoin, you will probably be left with change. The wallet will automatically send this change to your next available address. However, you can specify that destination too.. Any leftover can be deposited into the aforementioned newer account or used to charge your Lightning wallet.
Select the Coin control option when sending the transaction and manually select which coins you want to use. Click on Send max at the recipient that should receive the rest of selected coins. |
5. Try not to have too many coins
Personally, I try to keep about as big coins as I might want to use in the future. Again, so I don't end up with unnecessarily small coins. You can even send coins to yourself so that you have the best distribution. Again, you give a very small fee, ideally bundling it with other transactions.
I like to use mempool.space for an overview of current fees |
6. Paying with coinjoin
You can combine your transaction with other people's transactions and save money together. Currently I don't know of a project that has this functionality nicely set up for the average user. However, it is changing fast.. let me know if you are interested.
Hundreds of inputs and hundreds of outputs aggregated in one coinjoin transaction |
7. Payment by lightning
Sure thing... With the Lightning network you can often bring the fees down to zero... However, nowadays it is still useful to be able to use the so-called on-chain... You usually need to get the funds to the LN somehow...
8. Batch Opening Lightning Channels
9. Collaboratively Opening Lightning Channels
multifundchannel
command; every modern CLN has this command.