bitcoin fee question | Bitcointalksearch.org

erre

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Quote from: katafatur on October 03, 2017, 07:07:39 AM

I'm newbie, please teach me how to get bitcoin, what should I do for the first time? thanks

Open a thread, here your argument is OT.
Anyway, you will need a wallet and some source of income.
Start downloading a trusted wallet, after that you can either register on an exchange (to buy bitcoin for money) or find some work paid in bitcoin (sources of work may vary depending on your skills)

katafatur

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I'm newbie, please teach me how to get bitcoin, what should I do for the first time? thanks

Wusolini

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no need to carry heavy money bags anymore

Quote from: chesthing on August 25, 2017, 02:42:39 PM

Is there anything I can do to my wallet to reduce the inputs? would using an online wallet like blockchain.info make this problem not happen? I guess what i'm asking is how can I make transactions of any amount be as low as possible in size?

Well, knowing the right answer to this would make you a bilionare Cheesy

I feel the number of inputs is one of the major factors so reducing them is quite essential.
In the past I had plenty dust inputs (small transactions from various faucets) all over my wallet and when tried to send them away the fee was huge (unable to spend them reasonably) so I sent them in one big transaction to my other wallet with very small fee hoping it will eventually confirm (because I was sending them to myself I didn't bother about confirmation time). Luckily it went through in about two days.

TLDR: No simple answer. Try to apply some sort of wallet management. Like do not accepting to many small transactions (or if you have to then use a third party wallet to consolidate them). New address for each transaction etc.

chesthing

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Quote from: erre on August 25, 2017, 02:49:03 PM

Quote from: chesthing on August 25, 2017, 02:42:39 PM

Is there anything I can do to my wallet to reduce the inputs? would using an online wallet like blockchain.info make this problem not happen? I guess what i'm asking is how can I make transactions of any amount be as low as possible in size?

It is just better as it is. If you broke inputs to pay less fees today, you will pay more tomorrow.
Will make sense only in the actual situation, because we all hope that when segwit will be fully implemented the fees will lower, bit as far as I know no wallet let you do it, you have to craft a tx like I said before

Ok, I'll read up on crafting a tx thanks.

erre

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Quote from: chesthing on August 25, 2017, 02:42:39 PM

Is there anything I can do to my wallet to reduce the inputs? would using an online wallet like blockchain.info make this problem not happen? I guess what i'm asking is how can I make transactions of any amount be as low as possible in size?

It is just better as it is. If you broke inputs to pay less fees today, you will pay more tomorrow.
Will make sense only in the actual situation, because we all hope that when segwit will be fully implemented the fees will lower, bit as far as I know no wallet let you do it, you have to craft a tx like I said before

chesthing

legendary

Activity: 1414

Merit: 1000

Is there anything I can do to my wallet to reduce the inputs? would using an online wallet like blockchain.info make this problem not happen? I guess what i'm asking is how can I make transactions of any amount be as low as possible in size?

Wusolini

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Activity: 1190

Merit: 1000

no need to carry heavy money bags anymore

Quote from: chesthing on August 25, 2017, 02:34:31 PM

Quote from: Wusolini on August 25, 2017, 02:30:39 PM

Quote from: chesthing on August 25, 2017, 02:11:16 PM

When I input a send in my core wallet of .5 btc to send with the fee set to high it comes up with .003 transaction fee (over $12!) but when I change the amt to .7 btc and leave the fee set to the same place it comes to a little over .001 transaction fee. The difference is the size in kb, .7 btc is a .226 kb transaction and the is a .5 btc .668 kb transaction.
Can someone explain this? Huh

You wallet contains more inputs (my guess). And the totals tx size depends on how many inputs will be involved in the transaction (as well as how many outpusts...)
Will try to explain using example (just the principle)

Lets assume you have 2 addresses each with 0.36 BTC. So when sending 0.5 BTC you are going to use two inputs (total 0.72 BTC) and the rest of BTCs will have to go somewhere as well ( your change address ) ... all this information (about change addy, amount, number of inputs/outputs etc. are information stored in the transaction (thus making it bigger).

But when sending 0.7 You are going to use also both inputs but remaining amount is smaller thus less info within the transaction thus less fee.

Ok this makes sense. So if I customize the fee to send .5 with only .001 fee it will take forever right? I never paid much attention to fees before btc got so expensive, now it matters.

Yea, probably. You can check expected confirmation time with https://bitcoinfees.21.co/

chesthing

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Quote from: Wusolini on August 25, 2017, 02:30:39 PM

Quote from: chesthing on August 25, 2017, 02:11:16 PM

When I input a send in my core wallet of .5 btc to send with the fee set to high it comes up with .003 transaction fee (over $12!) but when I change the amt to .7 btc and leave the fee set to the same place it comes to a little over .001 transaction fee. The difference is the size in kb, .7 btc is a .226 kb transaction and the is a .5 btc .668 kb transaction.
Can someone explain this? Huh

You wallet contains more inputs (my guess). And the totals tx size depends on how many inputs will be involved in the transaction (as well as how many outpusts...)
Will try to explain using example (just the principle)

Lets assume you have 2 addresses each with 0.36 BTC. So when sending 0.5 BTC you are going to use two inputs (total 0.72 BTC) and the rest of BTCs will have to go somewhere as well ( your change address ) ... all this information (about change addy, amount, number of inputs/outputs etc. are information stored in the transaction (thus making it bigger).

But when sending 0.7 You are going to use also both inputs but remaining amount is smaller thus less info within the transaction thus less fee.

Ok this makes sense. So if I customize the fee to send .5 with only .001 fee it will take forever right? I never paid much attention to fees before btc got so expensive, now it matters.

Wusolini

legendary

Activity: 1190

Merit: 1000

no need to carry heavy money bags anymore

Quote from: chesthing on August 25, 2017, 02:11:16 PM

When I input a send in my core wallet of .5 btc to send with the fee set to high it comes up with .003 transaction fee (over $12!) but when I change the amt to .7 btc and leave the fee set to the same place it comes to a little over .001 transaction fee. The difference is the size in kb, .7 btc is a .226 kb transaction and the is a .5 btc .668 kb transaction.
Can someone explain this? Huh

You wallet contains more inputs (my guess). And the totals tx size depends on how many inputs will be involved in the transaction (as well as how many outpusts...)
Will try to explain using example (just the principle)

Lets assume you have 2 addresses each with 0.36 BTC. So when sending 0.5 BTC you are going to use two inputs (total 0.72 BTC) and the rest of BTCs will have to go somewhere as well ( your change address ) ... all this information (about change addy, amount, number of inputs/outputs etc. are information stored in the transaction (thus making it bigger).

But when sending 0.7 You are going to use also both inputs but remaining amount is smaller thus less info within the transaction thus less fee.

erre

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You can use https://coinb.in to see your inputs and eventually craft a raw tx to sign with your wallet

chesthing

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Quote from: escrow.ms on August 25, 2017, 02:14:55 PM

How many bitcoins you have in your wallet? If it's above 1.2 btc, chances are bitcoin core is picking multiple tx for 0.5 BTC and a single or double input for 0.7 btc transaction.

If I wanted to send .5 could I set the kb in the custom fee setting to send with about .001 - or would that create a huge delay because it will still pick multiple tx?

escrow.ms

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How many bitcoins you have in your wallet? If it's above 1.2 btc, chances are bitcoin core is picking multiple tx for 0.5 BTC and a single or double input for 0.7 btc transaction.

erre

legendary

Activity: 1680

Merit: 1205

Quote from: chesthing on August 25, 2017, 02:11:16 PM

When I input a send in my core wallet of .5 btc to send with the fee set to high it comes up with .003 transaction fee (over $12!) but when I change the amt to .7 btc and leave the fee set to the same place it comes to a little over .001 transaction fee. The difference is the size in kb, .7 btc is a 226 kb transaction and the is a .5 btc .668 kb transaction.
Can someone explain this? Huh

I think that the wallet don't want to "broke" your biggest input unless necessary. That would make sense because it avoid biggest fees in the future

chesthing

legendary

Activity: 1414

Merit: 1000

When I input a send in my core wallet of .5 btc to send with the fee set to high it comes up with .003 transaction fee (over $12!) but when I change the amt to .7 btc and leave the fee set to the same place it comes to a little over .001 transaction fee. The difference is the size in kb, .7 btc is a .226 kb transaction and the is a .5 btc .668 kb transaction.
Can someone explain this? Huh

Topic: bitcoin fee question (Read 419 times)