Are transaction fees lower if I keep all my bitcoins in 1 address?

watgab9kin

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Quote from: Slark on October 08, 2016, 10:21:14 PM

If you are relly concerned about your t transaction fee you might want to use no-fee online wallet like Xapo - you will never pay anything when sending/receiving BTC.
They are baiting customers by their no fee policy. If you want to keep your Coins in Armory of any other wallet it doesn't mater if you keep them in 1 or 2 wallets.
All that matters is size of your transaction - paying 20 satoshis per byte of transferred data (0.0000002) will grant you smooth transaction experience.

What a good revelation ! I have never heard about xapo's existance but base on the explanation you gave I think I should give a trial using this platform,though the online wallet provide I used currently is blockio which I am very happy with because of the ease with which I found it.

odolvlobo

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Quote from: bitdumper on October 19, 2016, 01:01:36 PM

i think yes if transactions are done from one address you can pay few satoshis but if you use multiple bitcoin addresses for your transaction then oviously you have to pay transaction fees for each address and you can not just fraction your previous fees amount

Quote from: xht on October 19, 2016, 01:13:42 PM

you can get lower fee by using many address because the fee computed by how many transaction has been accepted on your address.

The size of the transaction data (which determines the fee) is not affected by the number of addresses. It is is affected by the number of inputs. The fees for sending from a single address with 1000 inputs and sending from 1000 addresses each with a single input are the same.

Simply stated, each time bitcoins are sent to an address, another input is associated with that address. When a wallet sends bitcoins, it finds a sufficient number of inputs associated with the addresses it controls, and uses them in the transaction. Whether or not the inputs are associated with a single address or with many addresses is unimportant.

Gibbar

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Some of the sites I send from set their own fees. Faucets, gaming and such.

xht

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hey you, yeah you, fuck you!!!

Quote from: Ptochos on October 08, 2016, 06:43:52 PM

I'm confused about transaction fees.

I recently sent a payment of .001 BTC from my Armory wallet that had 4 addresses totaling about .0025 BTC.
.001 went to its destination, .0001 was set for the transaction fee, the balance went to another address in a different wallet.
I was surprised when Armory suggested a transaction fee of something like .004! It said the block/data size was too big for the fee I was offering.
I sent it as it was, and it was accepted, but it took a really long time ( over 2 hours) to show up in the blockchain.

Many places I have read that we should use a new address for every transaction, but that leads to lots of addresses with small amounts.

Wouldn't it be faster and cheaper to have fewer inbound addressees?
Huh

you can get lower fee by using many address because the fee computed by how many transaction has been accepted on your address.

bitdumper

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One world One currency, Bitcoin.

i think yes if transactions are done from one address you can pay few satoshis but if you use multiple bitcoin addresses for your transaction then oviously you have to pay transaction fees for each address and you can not just fraction your previous fees amount

Hoor

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no transaction fees do not depend on the number of bitcoins address. i depend on the number of transaction you made, you have to pay fee for each transaction and it is fixed.

pratap11

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I dont really think it matters weather you keep bitcoins in one address or more.If you pay less fees,may be 0.0001btc then your transaction will take longer time for confirmation where as high fees means quick confirmation of transactions.It depends on the wallet,i use block.io where i pay minimum fee of 0.0002btc and it is fine for me.

Oilacris

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Quote from: ?? on ??

you could use Coinbase and Xapo wallete. there are no tranjecstion fee available.i am using coinbase.many people said that coinbase are not too much safe bt i think its safe and secure to me. hope you will open a coinbase wallet for better tranjection because its free and easy to use also

I agree with you, im using coinbase too which dont have transaction fee when you send bitcoin but expect the transfer times would be long . As i understand on OP queries transaction fees are just amount that is being charged for the transaction time. If you put a fee then expect faster confirmations.

lucki777

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i think the transaction fee do not depend on that how much you are going to put in one wallet.. but it depend on the number of transaction that how much transaction do yo made.

Hellacopter

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If you would like to avoid the transaction's fees you need to use the exchangers like Coinbase and Xapo which pay the fee for you usually. Otherwise you need to pay enough amount as fee regardless how much address you use

traderethereum

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Quote from: Slark on October 08, 2016, 10:21:14 PM

If you are relly concerned about your t transaction fee you might want to use no-fee online wallet like Xapo - you will never pay anything when sending/receiving BTC.
They are baiting customers by their no fee policy. If you want to keep your Coins in Armory of any other wallet it doesn't mater if you keep them in 1 or 2 wallets.
All that matters is size of your transaction - paying 20 satoshis per byte of transferred data (0.0000002) will grant you smooth transaction experience.

yes Xapo is free of charge when we want to sending bitcoin into other wallet. but if you want, you can try to use mycelium, because i am not have bad experienc and i hope i don't have to. i am not use Armory and i think the fee is about how much the amount you want to sending. correct me if i am wrong.

numismatist

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Fees are related to size, that's right, aaaand: Patience!
If your transaction does not require to arrive in between next ten minutes, maybe even allows "usual bankwire delays" like two days you can sent it almost for free.

Current network situation can be seen right here https://bitcoinfees.21.co/

NorrisK

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One thing that may help you is to reduce the amount of small incoming transactions you get. If you for instance are doing faucets, wait longer before you withdraw it. If you withdraw at say 10k satoshi 10 times, you have 10 inputs for 100k satoshi. If you wait until you have 100k satoshi you only have 1 input for 100k satoshi. this is regardless of which address you sent it too.

If you want to send the coins afterwards, the one with 10 inputs will require a higher fee due to the bigger size of the transaction.

odolvlobo

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Quote from: Ptochos on October 08, 2016, 06:43:52 PM

I'm confused about transaction fees.
...
Many places I have read that we should use a new address for every transaction, but that leads to lots of addresses with small amounts.

Wouldn't it be faster and cheaper to have fewer inbound addressees?

In short, no. The number of addresses is not important. The key factor is the number of inputs, which is generally the same as the number of incoming transactions. If you receive a total of 1 BTC over 1000 transactions (regardless of how many addresses), then sending that 1 BTC will cost much more than if you received the 1 BTC in one transaction.

pooya87

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Quote from: Slark on October 08, 2016, 10:21:14 PM

If you are relly concerned about your t transaction fee you might want to use no-fee online wallet like Xapo - you will never pay anything when sending/receiving BTC.
~~

i just want to add that you will be sacrificing your control over your money when using wallets like this because you do not have the private keys which means if XAPO decides you are breaking their TOS they will ban your account and block your money.

although i don't think it matter that much with amounts like 0.0025BTC ~1.5$

Slark

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If you are relly concerned about your t transaction fee you might want to use no-fee online wallet like Xapo - you will never pay anything when sending/receiving BTC.
They are baiting customers by their no fee policy. If you want to keep your Coins in Armory of any other wallet it doesn't mater if you keep them in 1 or 2 wallets.
All that matters is size of your transaction - paying 20 satoshis per byte of transferred data (0.0000002) will grant you smooth transaction experience.

Winner

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Quote from: steven0021 on October 08, 2016, 07:00:28 PM

The fees required to get a fast confirmation changes depending on the size of the transaction which increases for each inputs and outputs it have.

Sending your bitcoins from 1 address with 10 inputs and 1 output won't make the transaction size (and its recommended fee) any smaller than using 10 addresses with one input each and 1 output.

Edited to make it easier to understand.

I agree with you.

It really doesn't matter, the transaction gets confirmed faster if you increase the transaction fee though.

steven0021

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Experientia docet

The fees required to get a fast confirmation changes depending on the size of the transaction which increases for each inputs and outputs it have.

Sending your bitcoins from 1 address with 10 inputs and 1 output won't make the transaction size (and its recommended fee) any smaller than using 10 addresses with one input each and 1 output.

Edited to make it easier to understand.

Ptochos

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I'm confused about transaction fees.

I recently sent a payment of .001 BTC from my Armory wallet that had 4 addresses totaling about .0025 BTC.
.001 went to its destination, .0001 was set for the transaction fee, the balance went to another address in a different wallet.
I was surprised when Armory suggested a transaction fee of something like .004! It said the block/data size was too big for the fee I was offering.
I sent it as it was, and it was accepted, but it took a really long time ( over 2 hours) to show up in the blockchain.

Many places I have read that we should use a new address for every transaction, but that leads to lots of addresses with small amounts.

Wouldn't it be faster and cheaper to have fewer inbound addressees?
Huh

Topic: Are transaction fees lower if I keep all my bitcoins in 1 address? (Read 1261 times)