The day I sacrificed a ram because of Bitcoin

Posted In: Forex Trading    Posted on: 2024-04-24 05:23:01    Posted By: ituglobal   

How to avoid high Bitcoin transaction fees and network delays


 Sometimes Bitcoin (BTC) transaction fees can be very high. 

 Imagine having to pay 104 USD just to send 5 USD BTC, or paying 1400 USD just to send 2000 USD BTC!

This often happens during network congestion periods – fees are extremely high.

 Also, there is always a considerable amount of delay when sending Bitcoin from one wallet to another. The delay can range from several hours to days or even weeks.

Almost 10 years ago when I first got my feet wet as a bitcoiner, a company sent me BTC as a form of payment for the services I rendered then

The payment didn’t arrive and I contacted the company, who in turn, showed me the proof of the transaction. 

I was frustrated, and after waiting for days, I had to contact the spiritual adviser I had then. 

The spiritual adviser said some spiritual forces were standing in the way of the payment and that we had to make a sacrifice so that they could release the payment. 

I had to send money for the sacrifice. The sacrifice was reported to have been made and lo and behold, the money arrived in my wallet within the next 3 days. 

I was happy, thinking the solution was from the sacrifice I made.

I was totally ignorant then. My idiocy stemmed out of my ignorance. 

The reality was that: The spiritual adviser did nothing. He just collected money for nothing, having seen that the payment would arrive anyway.

The delay wasn’t due to some village witches or wizards or spiritual powers holding the money. It was due to the BTC network congestion that was happening then.

Despite the congestion and delays, no matter how long, transactions will be confirmed at last. 

Because of the fear of BTC, I had to stay away from it… Only to come back later when I witnessed the wonders of the bull market of 2017. 

Staying away in the early days of BTC is the biggest reason why I missed the huge gains made by early investors in Bitcoin.

How to avoid high Bitcoin transaction fees and network delay

 Do you want to buy Bitcoin and hold it?

Do you want to invest in Bitcoin, but need to avoid the high fees and delays caused by network congestions, which may come unexpectedly without notice?

One way is to use the Bitcoin Lightning Network option on your exchange so that your transaction is completed very quickly. 

Another way (and my preferred method) is to buy Tether or Ethereum
or Solana or Cardano or TRON instead of Bitcoin.

Once you get either USDT or ETH or SOL or ADA or TRX, you would simply convert it to Bitcoin on your exchange platform. 

Getting any of the altcoins in the preceding paragraph will ensure that you pay low fees for the transaction and that the transaction gets completed very fast.

And on most exchanges’ platforms, conversion from one coin to another is free or it comes with extremely low fees. 

This is the best way to avoid high Bitcoin transaction fees and network delays.

High fees and network congestion are the biggest disadvantages of BTC. And that is why other major altcoins were created as a solution to this.

It is as simple as that.

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