blockchain.info wallet large transaction sizes

error08

hero member

Activity: 1036

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Quote from: Celsiuss on January 05, 2018, 01:20:39 PM

Oh I get how it works now, thank you. A bit inconvenient because of the ridiculous fees there are today.

Current fees are cheaper than what we have paid last month obviously, even though there are over 200K unconfirmed transactions on mempool.
However, I recommend to use segwit address if you want to pay lower fee for the transactions, blockchain.info is not the best wallet, you may try electrum wallet for daily transactions.

Celsiuss

full member

Activity: 266

Merit: 100

Quote from: xYakult on January 05, 2018, 06:11:41 AM

Quote from: Celsiuss on January 05, 2018, 04:30:53 AM

Quote from: buwaytress on January 05, 2018, 04:28:28 AM

This has nothing to do with the wallet you're using. Any wallet you use with your current address will show the exact same sizes of transaction, since this is based on the data used in the transaction, that is, the inputs and outputs of your transaction. There's a formula you can search for (I don't have it off my head), but in general, the more inputs and outputs you have, the larger the size of transaction (with inputs being the main contributor).

The median size of 226 bytes is what you have if you use only 1 input with 1 output (non-Segwit).

Sure, but in the blockchain.info wallet I wanted to send to just one address, from my wallet. For some reason it does 4 inputs and 2 outputs? I'm just curious of why it does that.

The inputs are from how many transaction in an address you are using, I will give you an example.

Your address recieves 4x .1btc so you have .4btc balance. You decided to send .35btc to whichever address, then there will be 4 inputs (4x .1btc) and 2 outputs, one to the address where you want to send coins and the 2nd is your address (the change will be sent back to your address

Oh I get how it works now, thank you. A bit inconvenient because of the ridiculous fees there are today.

bL4nkcode

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To avoid large transaction size, avoid of receiving micro transactions which will become the inputs of your transaction when you send your funds.
The more micro transactions you received the more inputs you will have, and its the reason of higher transaction size which is also the reason of high transaction fees. People keep suggesting to use a segwit address for a lower TX fee tho I still dont use it but I have a plan to go for it too.

xYakult

sr. member

Activity: 518

Merit: 258

Quote from: Celsiuss on January 05, 2018, 04:30:53 AM

Quote from: buwaytress on January 05, 2018, 04:28:28 AM

This has nothing to do with the wallet you're using. Any wallet you use with your current address will show the exact same sizes of transaction, since this is based on the data used in the transaction, that is, the inputs and outputs of your transaction. There's a formula you can search for (I don't have it off my head), but in general, the more inputs and outputs you have, the larger the size of transaction (with inputs being the main contributor).

The median size of 226 bytes is what you have if you use only 1 input with 1 output (non-Segwit).

Sure, but in the blockchain.info wallet I wanted to send to just one address, from my wallet. For some reason it does 4 inputs and 2 outputs? I'm just curious of why it does that.

The inputs are from how many transaction in an address you are using, I will give you an example.

Your address recieves 4x .1btc so you have .4btc balance. You decided to send .35btc to whichever address, then there will be 4 inputs (4x .1btc) and 2 outputs, one to the address where you want to send coins and the 2nd is your address (the change will be sent back to your address

Celsiuss

full member

Activity: 266

Merit: 100

Quote from: buwaytress on January 05, 2018, 04:28:28 AM

This has nothing to do with the wallet you're using. Any wallet you use with your current address will show the exact same sizes of transaction, since this is based on the data used in the transaction, that is, the inputs and outputs of your transaction. There's a formula you can search for (I don't have it off my head), but in general, the more inputs and outputs you have, the larger the size of transaction (with inputs being the main contributor).

The median size of 226 bytes is what you have if you use only 1 input with 1 output (non-Segwit).

Sure, but in the blockchain.info wallet I wanted to send to just one address, from my wallet. For some reason it does 4 inputs and 2 outputs? I'm just curious of why it does that.

buwaytress

legendary

Activity: 3010

Merit: 3724

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This has nothing to do with the wallet you're using. Any wallet you use with your current address will show the exact same sizes of transaction, since this is based on the data used in the transaction, that is, the inputs and outputs of your transaction. There's a formula you can search for (I don't have it off my head), but in general, the more inputs and outputs you have, the larger the size of transaction (with inputs being the main contributor).

The median size of 226 bytes is what you have if you use only 1 input with 1 output (non-Segwit).

Celsiuss

full member

Activity: 266

Merit: 100

Now with the insanely large fees, I've just noticed that the size of a transaction done by the blockchain.info wallet is very large. Yesterday I sent 0.01 BTC to someone, the transaction had 4 input addresses and 2 output addresses, when I just wanted to send some bitcoin to one address.
The size was 667 bytes, and acording to bitcoinfees.21.co the median size is 226 bytes. Which means blockchain.info's transaction size is 3x as much as the median, which means 3x as much fee.

Topic: blockchain.info wallet large transaction sizes (Read 146 times)