[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 56.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: UnitedNot on June 17, 2019, 03:16:57 PM

All my bitcoins are currently on my Ledger hardware wallet. I have many different amounts ranging from 0.01 - 0.3 per address. Probably about 50 different transactions. Is it advisable and necessary to consolidate these amounts?

Advisable indeed. You never know what fees will get to but you might wind up with an outrageous bill further down the line that's relative peanuts now and you have a lot of stuff to gather up. I've done it in the past and I do it periodically if coins need consolidating.

I haven't used my Ledger in absolutely ages but I'm pretty sure there's a custom fee you can set so no need to use Electrum. I could be totally wrong.

Dunno about 1-2 satoshis but I did an 8 sat/byte transaction yesterday and it took about 7-8 hours to be fully confirmed.

UnitedNot

jr. member

Activity: 48

Merit: 13

All my bitcoins are currently on my Ledger hardware wallet. I have many different amounts ranging from 0.01 - 0.3 per address. Probably about 50 different transactions. Is it advisable and necessary to consolidate these amounts?
All addresses are segwit - starting with 3.

I have used some desktop wallets in the past and from there I have moved my bitcoins to Ledger. Other transactions came straight to my Ledger from exchanges.
I have never used Electrum or Bitcoin Core so I have no experience with those.
From reading the topic it was suggested that I use Electrum for the consolidation.

From what I can see the Fees now are pretty high so using 1-2 Byte/Sat would not work right now?

Do I need to move my bitcoins from Ledger to a new address on Electrum or can I sync those two together and do the consolidation on Electrum?
I have no experience calculating size, inputs, outputs, can someone please tell me how to do this properly as I have never done that before?

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: LoyceV on June 17, 2019, 05:14:21 AM

Quote from: naska21 on June 17, 2019, 04:21:10 AM

Well. Right now I have bunch of inputs on legacy addresses. Can they be consolidated on one or two "bc1" addresses? Or I have to use the "1"-type- addresses as the destination to consolidate them?

As long as your wallet supports it, you can send funds to bc1 addresses.

If it doesn't support it, you'll get a message saying it doesn't so you may as well try it.

If it doesn't, consolidating onto one legacy address is still a good idea (or nested segwit is accepted by all - the "3" type).

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: naska21 on June 17, 2019, 04:21:10 AM

Well. Right now I have bunch of inputs on legacy addresses. Can they be consolidated on one or two "bc1" addresses? Or I have to use the "1"-type- addresses as the destination to consolidate them?

As long as your wallet supports it, you can send funds to bc1 addresses.

naska21

hero member

Activity: 1358

Merit: 635

Well. Right now I have bunch of inputs on legacy addresses. Can they be consolidated on one or two "bc1" addresses? Or I have to use the "1"-type- addresses as the destination to consolidate them?

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

I got myself a wonderful confirmation within the second block with 9 satoshis per byte yesterday. Even when fees were much higher in recent days my lowballing has gone through within 24 hours or so.

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

Might be useful, I did a non-critical spend on June 3rd, it needed to be confirmed before 15th so, an excellent time to test out 1 sat/byte fees. And consolidate at the same time.

I remember 22k in the mempool as I broadcast, it even reached as high as 40k in the next few hours, but it still got confirmed in just 56 hours. So this was done on Monday peak and still cleared up by Wednesday.

Don't know about you guys but I'm loving it =p

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: jackg on June 11, 2019, 10:06:19 AM

I sent from my phone yesterday and had to send at 40sat/byte.

It was quick to confirm being the 25 blocks option so wallets seem to be suggesting higher fees than they should. Blocks don't seem full on block explorers, blockchain is quoting blocks of 1.1 to 1.5 mb and 1.1 certainly seems low. Maybe there's a chance some pools are getting greedy while they can...

you can't say blocks are not full just because they are smaller than 1.5 MB. anything north of 990 kbyte can be considered full block depending on what percentage of it is SegWit transactions. so a 1.1 MB block can be full if it had little SegWit transactions in it.
and it doesn't have anything to do with pools, it is just users sending more legacy transactions.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

I sent from my phone yesterday and had to send at 40sat/byte.

It was quick to confirm being the 25 blocks option so wallets seem to be suggesting higher fees than they should. Blocks don't seem full on block explorers, blockchain is quoting blocks of 1.1 to 1.5 mb and 1.1 certainly seems low. Maybe there's a chance some pools are getting greedy while they can...

AB de Royse777

legendary

Activity: 2464

Merit: 3878

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: ?? on ??

~snip~

A few sat/byte is still possible!

I have few 1 sat/byte tx are waiting to confirm from yesterday. Some of them got confirmed few days ago and it was not taking more than few hours.

People are just in too hurry to see their tx to get confirmed. In the past few months I can remember only two tx to use 10sat/byte because those were kind of urgent tx for me.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: LFC_Bitcoin on June 06, 2019, 09:30:00 AM

I just had a transaction with a 2 sat/byte fee confirmed. Took just over an hour.

My 1 sat/byte transaction just now took 9 minutes. Sunday is the time to consolidate, and even if it doesn't get confirmed, chances are it will be confirmed next weekend. Just conslidate funds you don't need for a while.

LFC_Bitcoin

legendary

Activity: 3556

Merit: 9709

#1 VIP Crypto Casino

I just had a transaction with a 2 sat/byte fee confirmed. Took just over an hour.

https://www.blockchain.com/btc/tx/b696e4e691731ab19f7cc94b7f5bce0ed13e16452eb02d3db5625308f544322e

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

Quote from: ?? on ??

In the past month, I saw recommended fees rise to more than 50-100 sat/byte, when blocks were full during large market fluctuations. Fees are low again! Consolidate your small inputs while you can, low fees won't last forever.

A few sat/byte is still possible!

I have a tx with 2 sat/B from yesterday. I am expecting this will confirm tonight sometimes. Right now the position in Mempool is 4.80MB from tip. Two or three days ago I had few 1 sat/B tx were confirmed.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: jackg on May 16, 2019, 02:48:25 PM

They're still really high?

I got an estimate from elelctrum of 125 sats per byte earlier for a 25 block transaction.

I ignore those estimates based on my needs at the moment. Yesterday I made 2 transactions with 1.0x sat/byte, and they're confirmed now. As long as you're not in a hurry, it's totally unnecessary to join the "rat race" of highest fees.

Bitcoin Core's estimate "lags" a bit: It now recommends 23 sat/byte, while https://coinb.in/#fees says 1 sat/byte is enough for a fast transaction.

I accidentally edited my "bump post", this is for next time:

Code:

Consolidate Bump!
Consolidate this small pocket change!

At some point last year, and also in the first week of April 2019, I saw recommended fees rise to more than 50 sat/byte, when blocks were full during large market fluctuations. Fees are low again! Consolidate your small inputs while you can, low fees won't last forever.

Recently, fees are up again, so take your time consolidating inputs while you're not in a hurry. A few sat/byte is still possible!

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

They're still really high?

I got an estimate from elelctrum of 125 sats per byte earlier for a 25 block transaction.

LFC_Bitcoin

legendary

Activity: 3556

Merit: 9709

#1 VIP Crypto Casino

**Bump**

Quote from: buwaytress on April 11, 2019, 06:49:44 AM

I'm still stubbornly using 1sat/byte fees for all consolidations and non-critical txs...snip...

You tight bastard Cheesy

Current best transaction fee only 9 sats per byte.

Get consolidating your small amounts of coin gentlemen.

Fee reference - https://btc.com/stats/unconfirmed-tx

AB de Royse777

legendary

Activity: 2464

Merit: 3878

Hire Bitcointalk Camp. Manager @ r7promotions.com

I think earlier this month I sent some transactions which cost me under 3 sat/B but from last few days (around a week now I feel) I even paid over 100sat/B LOL

Yes, miners are enjoying this traffic jam :-)

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

I'm still stubbornly using 1sat/byte fees for all consolidations and non-critical txs. My last one happened earlier this month (4th April), and took over 72 hours (7th April when the pool cleared up). I don't mind at all really, since I can fall back on RBF. So, really, is this the best people can do? Throw it all at me, brother. Make me wait 1 week =P

@jackg Missed your post on using Electrum to combine txs from different people @jackg, very, very interesting. I might tap you for more help at some point if I want to attempt.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

There is only 200 to 300 transactions per block though on average soo this is going to take a while...

Probably one of those pseudo traffic jams where everyone slows down hours after an accident has been cleared.

mikeywith

legendary

Activity: 2436

Merit: 6640