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Topic: Consolidating payments (Read 2626 times)

copper member
Activity: 1498
Merit: 1499
No I dont escrow anymore.
February 17, 2016, 08:03:44 AM
#10
I noticed one guy had started a thread about a payment that took a very long time to confirm. The reason for this was that he had a lot of micropayments to cover the funds. If one has a lot of unspent micro-payments, is it worth transferring them to an alternative wallet to speed up any future payments. What is the chance of this going through with a zero fee. Obviously time to confirmation is not of importance.

I asked the similar question in the past. From what I understood, if you keep the micropayment "long" enough, the fee will become smaller when they are spent. Fee has something to do with the age of the unspents. Am I correct?

Not directly. Time coins have not been moved increase their priority. The larger the coin pile the faster it gets priority. In the past a "bitcoin day" worth of priority was enough to send a TX without fees. Im not sure if this is still the case. A bitcoin day is 1 BTC with 1 days worth of confirmations (144) in a single input (received as a single transaction and not via mutliple smaller ones).

If the priority of a transaction is too low you have to compensate with fees. Since the TX volume has significantly increased priority is only a very small factor and the fee is more important. Its not that you are competing with other high priority transactions to get into the small 50KByte (default core settings) reserved for TX without fee. Its that you compete with other TX paying a (high) fee to get into the block at all.

As you can see from the example I linked, its still possible to have a TX confirm without fee, but IMHO the bitcoin day rule of thumb is no longer valid.
full member
Activity: 172
Merit: 100
February 17, 2016, 05:17:26 AM
#9
legendary
Activity: 2282
Merit: 1023
February 17, 2016, 05:05:20 AM
#8
I noticed one guy had started a thread about a payment that took a very long time to confirm. The reason for this was that he had a lot of micropayments to cover the funds. If one has a lot of unspent micro-payments, is it worth transferring them to an alternative wallet to speed up any future payments. What is the chance of this going through with a zero fee. Obviously time to confirmation is not of importance.

I asked the similar question in the past. From what I understood, if you keep the micropayment "long" enough, the fee will become smaller when they are spent. Fee has something to do with the age of the unspents. Am I correct?
copper member
Activity: 1498
Merit: 1499
No I dont escrow anymore.
February 16, 2016, 06:34:09 AM
#7
Not directly. But using a off-chain micropayment channel could reduce the number of small transactions needed.

It would be good to move faucets and gambling onto a sidechain. Smiley

Many faucets already use "off chain TX" by e.g. enforcing a certain wallet like xapo. Transfers between xapo wallets do not happen on chain, but within their database. Similarly casinos, the vast majority of them requires you to deposit first and while you play you only play on their database until you withdraw your funds.
legendary
Activity: 2688
Merit: 2444
https://JetCash.com
February 16, 2016, 01:31:46 AM
#6
Not directly. But using a off-chain micropayment channel could reduce the number of small transactions needed.

It would be good to move faucets and gambling onto a sidechain. Smiley
full member
Activity: 172
Merit: 100
February 14, 2016, 08:37:03 PM
#5
Not directly. But using a off-chain micropayment channel could reduce the number of small transactions needed.
sr. member
Activity: 552
Merit: 250
February 14, 2016, 07:24:37 PM
#4
Is the new 21 computer micropayment thingy something related to consolidating payments?
copper member
Activity: 1498
Merit: 1499
No I dont escrow anymore.
February 13, 2016, 09:15:48 AM
#3
Easily if one of the inputs is large and old enough.

-> https://bitcointalksearch.org/topic/is-this-a-private-key-1339944

full member
Activity: 172
Merit: 100
February 13, 2016, 09:07:38 AM
#2
With zero fee? Not big.Not big at all.
legendary
Activity: 2688
Merit: 2444
https://JetCash.com
February 13, 2016, 08:02:19 AM
#1
I noticed one guy had started a thread about a payment that took a very long time to confirm. The reason for this was that he had a lot of micropayments to cover the funds. If one has a lot of unspent micro-payments, is it worth transferring them to an alternative wallet to speed up any future payments. What is the chance of this going through with a zero fee. Obviously time to confirmation is not of importance.
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