Best way to receive multiple payments to minimize sending fees later?

Kakmakr

legendary

Activity: 3514

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

There are several ways of doing this, but it depends on the situation.

My local exchange charge zero fees for transactions that are done within their service, if both sender and receiver are registered on their exchange.

The other option, if your local exchange does not allow for that, is to register both parties in this transaction with a service that allow off-chain transactions, like Xapo.

The catch is, once you send those bitcoins to someone outside of their service, you have to go on-chain with 1 transaction and then you have to pay miners fees.

Last option - Wait for the Lightning Network to mature

codewench

member

Activity: 93

Merit: 39

Quote from: Don911 on January 25, 2018, 02:09:47 PM

Scenario 1:
I received 10 different payments of 0.01 BTC to the same bitcoin address.

Scenario 2:
I received 10 different payments of 0.01 BTC to 10 different bitcoin addresses.

Now I have 0.1 BTC in my wallet that I want to send to someone. Which of the above scenarios will result in lower fees when sending that 0.1 BTC to someone else?

Both scenarios have the same fee. Either way you are spending 10 payments.

If you wish to reduce fees, look into using SegWit addresses to receive your funds. It is cheaper to spend out of SeqWit addresses.

Don911

newbie

Activity: 15

Merit: 8

What is the preferable way to receive multiple bitcoin payments in order to minimize fees when eventually sending the bitcoin to someone else?

Scenario 1:
I received 10 different payments of 0.01 BTC to the same bitcoin address.

Scenario 2:
I received 10 different payments of 0.01 BTC to 10 different bitcoin addresses.

Now I have 0.1 BTC in my wallet that I want to send to someone. Which of the above scenarios will result in lower fees when sending that 0.1 BTC to someone else?

Any additional clarification of this issue would be greatly appreciated.

Topic: Best way to receive multiple payments to minimize sending fees later? (Read 107 times)