cnmg030101 | Bitcointalksearch.org

Stalker22

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Quote from: cnmg030101 on July 12, 2024, 01:25:38 PM

It keeps giving me high fees whether it is 50$ or 150$ , I try all options , mempool , static...and no acceptable reduction in TX fee. Thank

How many inputs are there in your transaction exactly? Do you use legacy or segwit addresses? These are the main factors that determine the size of your transaction, and thus the amount of fees you need to pay.

As an example, I just recently consolidated some of my UTXOs (about 20 or so inputs and one output) and paid about $4 in transaction fees with a 5 sat/vB fee rate.

khaled0111

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Quote from: cnmg030101 on July 12, 2024, 01:25:38 PM

It keeps giving me high fees whether it is 50$ or 150$ , I try all options , mempool , static...and no acceptable reduction in TX fee.

The fee you need to pay doesn't depend on the amount you are going to send. It rather depends on the size of the transaction. The transaction type and the number of its inputs and outputs is what determines its size.
Therefore, a transaction paying $1M needs less fee than a one paying $1 if it's a smaller size.

To reduce the fee you need to pay, your need to use segwit addresses and use coin control to choose only the UTXOs you need to spend.

Please, edit the subject of the topic to something more relevant.

Edit: just realized this is a duplicate topic. Reported.

Findingnemo

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Quote from: cnmg030101 on July 12, 2024, 01:25:38 PM

Hello. Please do you have any recipe how to make the cheapest possible transaction with many inputs 5 or more to 1 output and yet make it the cheapest ? I need to do the transaction through an application , I don't have the PC option . It keeps giving me high fees whether it is 50$ or 150$ , I try all options , mempool , static...and no acceptable reduction in TX fee. Thank

Can you tell us how much it estimates for fee?

As far as I calculated considering your address type is the Legacy cause that's more expensive than segwit then the size of your TX will still be around 784 bytes (bytes = Number of Input * 148 + Number of Outputs * 34 + 10<) so you might have to pay around $4 as a fee considering the required fee for next block is 9sat/vb.

Or is it a multi-sig wallet that could increase the size/weight of TX further than a single-sig TX.

You can send TX with 1sat/vb and keep rebroadcasting it forever but you can't practically reduces the fee any further.

promise444c5

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Through an application Huh

Or you mean from / to an application, if I may ask what's the application you're talking about.
The fee is usually calculated based on the size of your transaction and since there're multiple inputs then you will have a bigger size of a transaction.
The mempool is not too congested but the size of your transaction is somehow high, I don't think there's a way unless you want your transaction to sit on mempool and still get purged out with a very low fee.

Zaguru12

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Actually there is no way to get your fees reduced when you are actually consolidating your UTXOs into one. Fees are calculated base on the transaction inputs and outputs. Many inputs means higher fees. But right now I think the $50 fees is a bit too high if you ask me. Even if they are from legacy address the fee looks exorbitant to me. The fee rate for a 1 input and 1 output is not higher than 10sats/vbyte which should make this also reduce

cnmg030101

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Hello. Please do you have any recipe how to make the cheapest possible transaction with many inputs 5 or more to 1 output and yet make it the cheapest ? I need to do the transaction through an application , I don't have the PC option . It keeps giving me high fees whether it is 50$ or 150$ , I try all options , mempool , static...and no acceptable reduction in TX fee. Thank

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