[ASK] High fees because sending too many small transaction to one address.

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Quote from: fuadiansyah on August 30, 2018, 09:00:20 AM

One of my friend tell me that I need to send my coin into myself. If so, do I still need to pay the fee?
What is the best way to solve this issue?

yes, anytime you send coin you will need to pay transaction (network) fee
the best way is consolidating your fund (utxo) with lowest fee possible when network is not so busy
what wallet do you use? figure out how to set custom fee on it and set 1 sat/byte
with current network traffic your transaction should be confirmed in less than a day or two

Jaycee99

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Quote from: fuadiansyah on August 30, 2018, 09:00:20 AM

Hi,

I just realize my mistake of sending too many small transaction into same address.
I ended up that I need to pay high fees to send my coin as it takes much more storage.

One of my friend tell me that I need to send my coin into myself. If so, do I still need to pay the fee?
What is the best way to solve this issue?
Thank you.

Agreed each transactions are in need of payment or rather fee's just to work on the traffic and sending and stuffs. Also sending it to your self? Why not but a big amount to send it to your self and to see if the fee prices changed go ahead but be ready to make it sure that the fee you are hoing to lose is high.

Solving this issue is make a move about it and make a research like this link from an early poster.

Quote from: LoyceV on August 30, 2018, 09:09:33 AM

You're going to want to read this: Fees are low, use this opportunity to Consolidate your small inputs!
Bitcoin transactions don't care who you send funds to, you always have to pay fees. But 1 sat/byte is enough, and if your wallet doesn't allow it, you should export your private key(s) to a wallet that allows you to set your own fee.

An interesting output of knowledge that I have ever read this information can be much handy rather than mine.

bob123

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Quote from: fuadiansyah on August 30, 2018, 09:00:20 AM

One of my friend tell me that I need to send my coin into myself. If so, do I still need to pay the fee?

Each transaction needs a fee to be propagated through the network and to be finally included into a block.

The answer is yes, you need to pay a fee when sending to your own address.

You need to occasionally (when the fees are low) consolidate your inputs (see LoyceV's link). You will need to pay a fee for this transactions, but it will be the minimum fee (1 sat/B).
And once the transaction fee rises, you'll benefit from a smaller transaction size since you only have 1 UTXO instead of X.

LoyceV

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You're going to want to read this: Fees are low, use this opportunity to Consolidate your small inputs!
Bitcoin transactions don't care who you send funds to, you always have to pay fees. But 1 sat/byte is enough, and if your wallet doesn't allow it, you should export your private key(s) to a wallet that allows you to set your own fee.

fuadiansyah

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Hi,

I just realize my mistake of sending too many small transaction into same address.
I ended up that I need to pay high fees to send my coin as it takes much more storage.

One of my friend tell me that I need to send my coin into myself. If so, do I still need to pay the fee?
What is the best way to solve this issue?
Thank you.

Topic: [ASK] High fees because sending too many small transaction to one address. (Read 211 times)