[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 58.

mOgliE

legendary

Activity: 1344

Merit: 1251

Took about a day but consolidated my 5 wallets at a 1 sat/byte rate Grin

Considering the price at peak market prices it's probably more than 10mBTC saved here. Thanks Loyce!

I approve this consolidation campaign. It's good for everyone.
You because it saves money.
The others because it means cheaper fees at crowded times.
The network because it means less stupid data stucked in mempool because you got too many inputs.
And of course BTC because it proves we're smart enough to self regulate and optimize the tech.

jackg

copper member

Activity: 2856

Merit: 3071

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

Quote from: mOgliE on December 27, 2018, 08:26:19 AM

Quote from: LoyceV on December 27, 2018, 08:18:28 AM

No. Inputs have balance, an empty address has no inputs.

Then thanks for your advice and I'm going to consolidate the sit out of everything Cool

If you pay more than a sat per byte, you’re being ripped off

!

One sat per byte at the hefty mempool size a few weeks ago took 6 hours to confirm for me. Before then, it took about an hour I think (I do it before I sleep though so my timings might not be too accurate).

mOgliE

legendary

Activity: 1344

Merit: 1251

Quote from: LoyceV on December 27, 2018, 08:18:28 AM

No. Inputs have balance, an empty address has no inputs.

Then thanks for your advice and I'm going to consolidate the sit out of everything Cool

LoyceV

legendary

Activity: 3290

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: mOgliE on December 27, 2018, 07:57:23 AM

2 - If yes, is there a way to stop the sending to a different address at every transaction? For Electrum or even my hardware wallet, every time I want to receive BTC they suggest a new address and I don't know why. On the hardware wallet it's not even possible to get back the old addresses all I can do is get new ones...

You can use the same address many times to receive payments, but it doesn't matter for fees. But: using the same address reduces privacy, and makes it harder to know who paid you.

Quote from: mOgliE on December 27, 2018, 08:17:27 AM

So if I would like to consolidate a wallet, be it hardware or not, the best would be to generate a new adress of this wallet, then send the entire funds of all the adresses of this wallet to this new adress?

If you don't mind (for privacy) linking all addresses together on the blockchain, then yes, you can easily do this.

Quote

Won't the wallet will take the inputs of all adresses next time I send funds? Even if the balance of other adresses is 0?

No. Inputs have balance, an empty address has no inputs.

mOgliE

legendary

Activity: 1344

Merit: 1251

Quote from: AdolfinWolf on December 27, 2018, 08:10:57 AM

2. I don't think this matters per se. As long as all the inputs are all consolidated in the new adress, there is no issue. If they're not and instead all spread out over "new"/different adresses, then this is indeed a problem.

Note that you can always reuse an adress if you'd like to do so. I'm not sure how it works with hardware wallets, but it's not like they'll all of a sudden "throw away" the private key for said adress.

Ok thanks for the explanation.
The importance isn't number of adresses but number of tx that have been done to this adress then.

So if I would like to consolidate a wallet, be it hardware or not, the best would be to generate a new adress of this wallet, then send the entire funds of all the adresses of this wallet to this new adress?

Won't the wallet will take the inputs of all adresses next time I send funds? Even if the balance of other adresses is 0?

AdolfinWolf

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Activity: 1946

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Quote from: mOgliE on December 27, 2018, 07:57:23 AM

Hey,

I've got two questions cause I'm really not a technical guy.

1 - Are the inputs sizes based on the number of addresses from which the funds are taken?
2 - If yes, is there a way to stop the sending to a different address at every transaction? For Electrum or even my hardware wallet, every time I want to receive BTC they suggest a new address and I don't know why. On the hardware wallet it's not even possible to get back the old addresses all I can do is get new ones...

1. Not really. You can have 10 inputs from the same adress, and it will increase the size of the transaction with the same amount as if all the tx were taken from 10 seperate adresses (if were assuming same type obv).. (?) https://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending-legacy-non-segwit-p2pkh-p2sh

Quote

Assuming all the inputs you are spending are from regular "pay to address" transactions, each input will contribute 180 (plus or minus 1) bytes to the transaction. Each output adds 34 bytes to the transaction. And there's a fixed extra 10 bytes which are always present.

So the less adresses (rather inputs) used = more consolidated = lower fees most of the time.

2. I don't think this matters per se. As long as all the inputs are all consolidated in the new adress, there is no issue. If they're not and instead all spread out over "new"/different adresses, then this is indeed a problem.

Note that you can always reuse an adress if you'd like to do so. I'm not sure how it works with hardware wallets, but it's not like they'll all of a sudden "throw away" the private key for said adress.

2. Or are you talking about sending the change to a new adress each time? Afaik, you can change that, but that also won't matter much, since the inputs will stay the same.

mOgliE

legendary

Activity: 1344

Merit: 1251

Hey,

I've got two questions cause I'm really not a technical guy.

1 - Are the inputs sizes based on the number of addresses from which the funds are taken?
2 - If yes, is there a way to stop the sending to a different address at every transaction? For Electrum or even my hardware wallet, every time I want to receive BTC they suggest a new address and I don't know why. On the hardware wallet it's not even possible to get back the old addresses all I can do is get new ones...

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: jackg on December 09, 2018, 07:42:53 AM

It didn’t let me go forth with that though... greyed out the slider and everything...

Preferences > Edit fees manually > then try again

jackg

copper member

Activity: 2856

Merit: 3071

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

Quote from: LoyceV on December 07, 2018, 02:46:58 PM

Quote from: jackg on December 07, 2018, 02:40:58 PM

Although electrum doesn’t go below 2 says per byte now (since I last tried it anyway).

You can manually adjust the fee in Electrum.

It didn’t let me go forth with that though... greyed out the slider and everything...

I’ll have to try it again sometime, i probably went wrong somewhere.

I’ll move some to lightning in the summer and put the rest in cold storage so it shouldn’t matter...

LoyceV

legendary

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: jackg on December 07, 2018, 02:40:58 PM

Although electrum doesn’t go below 2 says per byte now (since I last tried it anyway).

You can manually adjust the fee in Electrum.

jackg

copper member

Activity: 2856

Merit: 3071

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

I feel this thread should be more active. Since fees are still low and I have within 25 blocks transactions taking just an hour to clear (at most). It’s probably good to try and keep it bumped...

Although electrum doesn’t go below 2 says per byte now (since I last tried it anyway).

jdbtracker

hero member

Activity: 727

Merit: 500

Minimum Effort/Maximum effect

Interesting subject, it put another perspective in the Bitcoin process. The Fees and the number of inputs, maybe auto-optimizing should be a feature, most people wouldn't know how to consolidate their wallet.

Stedsm

legendary

Activity: 3052

Merit: 1273

It's once again starting to appreciate higher from previous days and I even saw mempool clogged with too many transactions during last few days. I've had a test transaction that went wrong, I checked how much time does it take to confirm and didn't add more fee (intentionally kept priority at normal) and it turned grey for me. This is the transaction that confirmed after ~9 hours - https://www.blockchain.com/btc/tx/fb266692b2b43d511be23f6de16c9eeb63af331f9c444b65a07ccf076c89b695

I also have a thread regarding this - https://bitcointalksearch.org/topic/just-a-test-transaction-and-finally-stuck-5050686

P.S.: Posted my thread reference here for others to learn not to make such mistakes.

Stedsm

legendary

Activity: 3052

Merit: 1273

Quote from: gentlemand on September 01, 2018, 03:05:37 PM

I am really, really interested to see what happens to fees this time around if movement heats up big time again.

Is it anywhere related to scaling? Will SegWit also be unable to keep it lower for longer term?

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Since the last glut we've had massively increased batching, more Segwit and - whisper it - Bcash and Bitmain looking weaker than ever so the chance of blockchain spamming by vested interests to scare people into it may be considerably lower.

I think it's good enough for the health of altcoins when Bitcoin blocks go full and fees go high (just a thought), as everyone starts to look for alternatives to cope up with the situation that occurs everytime the network becomes malicious with spamming and needs to get many of those big fee transactions flushed out for these low-fee days to be seen again.

gentlemand

legendary

Activity: 2604

Merit: 3056

Welt Am Draht

I am really, really interested to see what happens to fees this time around if movement heats up big time again.

Since the last glut we've had massively increased batching, more Segwit and - whisper it - Bcash and Bitmain looking weaker than ever so the chance of blockchain spamming by vested interests to scare people into it may be considerably lower.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Rath_ on September 01, 2018, 01:02:36 PM

You don't have to wait to enjoy unfairly cheap transactions! Just grab your phone and install Eclair wallet (Android). Funding a channel is quite easy, you don't even need a tutorial on that.

There are two reasons I haven't done that yet:
1. I can't really use it yet where I'd want to use it.
2. I try to install as little apps as possible on my phone, both for security and performance reasons.

Quote from: LoyceV on August 20, 2018, 05:07:25 AM

Bitcoin Lightning Network (LN)
Basics of the Lightning Network (by BitCryptex)
Lightning Network FAQ (by BitCryptex)
Lightning Network simply explained (Youtube video)

Rath_

legendary

Activity: 1876

Merit: 3139

Quote from: LoyceV on September 01, 2018, 07:45:36 AM

I can't wait to use it indeed!

You don't have to wait to enjoy unfairly cheap transactions! Just grab your phone and install Eclair wallet (Android). Funding a channel is quite easy, you don't even need a tutorial on that. I am eager to help you with that!

What about adding some information about the Lightning Network to your bumps? There are still many people who don't know much about it.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Aveatrex on August 31, 2018, 01:55:34 PM

Why it won't last forever Cry

? 40 sat/byte that would be 0.6$/per transaction if I'm correct...Are we going to see transactions that cost 10$-50$ and barely gets confirmed again like last year Undecided

?

I think you just answered your own question: block space is still limited, and whenever blocks are full, fees can skyrocket again.

Quote from: AdolfinWolf on August 31, 2018, 02:05:19 PM

Especially since the most bitcoin users have some sort of one-up mentality regarding fees, causing them to spiral extremely quickly.

It's not only the users, the wallets they use contribute too. If you combine those two, uninformed users cause high fees, and that's one of the reasons I opened this topic.

Quote from: Rath_ on August 31, 2018, 02:09:21 PM

The Lightning Network is great for micro-payments since its transactions are instant and cheap.

I can't wait to use it indeed!

Rath_

legendary

Activity: 1876

Merit: 3139

Quote from: Aveatrex on August 31, 2018, 01:55:34 PM

Why it won't last forever Cry

? 40 sat/byte that would be 0.6$/per transaction if I'm correct...Are we going to see transactions that cost 10$-50$ and barely gets confirmed again like last year Undecided

?

The cost of transaction depends on the number of transactions in the mempool (unconfirmed transactions) and its size. People who want to have their transaction confirmed in the next block usually pay higher fee than average which slowly leads to growing fees. The number of transactions per block is limited by the block weight which is about 4 MB thanks to SegWit. Keep in mind that some transactions are still made between legacy type of addresses and because of that we won't use the maximum capacity anytime soon. As another user mentioned above, second-layer solutions like the Lightning Network can help but they won't replace on-chain transactions. The Lightning Network is great for micro-payments since its transactions are instant and cheap.

AdolfinWolf

legendary

Activity: 1946

Merit: 1427

Quote from: Aveatrex on August 31, 2018, 01:55:34 PM

Quote from: ?? on ??

-

Why it won't last forever Cry

? 40 sat/byte that would be 0.6$/per transaction if I'm correct...Are we going to see transactions that cost 10$-50$ and barely gets confirmed again like last year Undecided

?

Because in the future the interest in bitcoin will either rise/fall, causing less/more transactions ( as there is a bigger userbase/(Or smaller, but obviously most of us don't think so.)) While the transaction capacity stays the same. = resulting in higher fees.

Quote

40 sat/byte that would be 0.6$/per transaction if I'm correct

The correlation between the sat/b and $ value of the transaction fee is entirely dependent on how "big" your transaction is.

Quote

Are we going to see transactions that cost 10$-50$ and barely gets confirmed again like last year

If bitcoin is going to become more widely adopted, and doesn't take "counter measures" against that (LN), then yes, there is a huge possibility fees will shoot through the roof again. Especially since the most bitcoin users have some sort of one-up mentality regarding fees, causing them to spiral extremely quickly.

More demand and the same "supply"(=transaction capacitity.)

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 58. (Read 88546 times)