Reminder: prepare your wallet before the next bull run

acquafredda

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Quote from: tranthidung on November 08, 2020, 07:03:38 AM

Quote from: acquafredda on November 08, 2020, 06:43:43 AM

Less than 11k transaction in the mempool, spend this Sunday to consolidate your smaller inputs and make sure you have your new UTXOs on bech32 native-segwit addresses. I did my transaction for 7sats per byte; do it until it lasts.
https://mempool.space/

When did you make that transaction?

7 satoshis/ byte is a high fee. You spend 3 times than the fee you can use today. The mempool size for waiting transactions with fee rates 2+ satoshis/ (v)byte is 1.5 MB and you can get first confirmation for your transaction in next 2 or 3 blocks with that fee rate. If you want to have quick transaction (confirmed in next 1 block, 3 satoshis/ (v)btye is enough).

Unconfirmed transactions at 1 satoshi/ (v)byte can be confirm next hours but I doubt that all of them will be confirmed this weekend.

Check at https://jochen-hoenicke.de/queue/#1,2h

That was ok man. I will not go bankrupt for having paid 4500 sats in fees Grin

I picked 7 sats per byte because I wanted it to be introduced in the next block mined. That tx was high priority and I got lucky it happened on an empty mempool Sunday

bryant.coleman

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Very educative post by the OP. I would also point to some of the basic security precautions that needs to be taken. The number of wallet hacking attempts tend to be proportional to the price of Bitcoin. Whenever the prices go up, we have a spike in coin-stealing attempts. So enable 2FA and email authentication if you haven't done so far. Also, it is extremely important to take the backup and keep them in secure locations. If you are storing your coins in a hardware wallet, then you need to take multiple backups. Because if you forget your password, and in case you don't have a backup, then the coins are gone.

michellee

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I called this a strategy to minimize the fee before the bull run coming. We don't deny that the fee will increase so high, and many of us can not accept the high fee for making one transaction, so this way is good enough to follow so that we can be ready for the next bull run. Maybe we still pay a high fee, but not as the highest fee that we should pay.

But you can still make a transaction as usual if you think you can accept the fee that can increase at any time. It is a choice for us, and we will find what will fit us.

tranthidung

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Quote from: acquafredda on November 08, 2020, 06:43:43 AM

Less than 11k transaction in the mempool, spend this Sunday to consolidate your smaller inputs and make sure you have your new UTXOs on bech32 native-segwit addresses. I did my transaction for 7sats per byte; do it until it lasts.
https://mempool.space/

When did you make that transaction?

7 satoshis/ byte is a high fee. You spend 3 times than the fee you can use today. The mempool size for waiting transactions with fee rates 2+ satoshis/ (v)byte is 1.5 MB and you can get first confirmation for your transaction in next 2 or 3 blocks with that fee rate. If you want to have quick transaction (confirmed in next 1 block, 3 satoshis/ (v)btye is enough).

Unconfirmed transactions at 1 satoshi/ (v)byte can be confirm next hours but I doubt that all of them will be confirmed this weekend.

Check at https://jochen-hoenicke.de/queue/#1,2h

tyz

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Your post is interesting, and you're right, if you want to sell at the current bullrun, you should prepare yourself in time. Not only is it important to minimize the fees, but also to choose the right exchange if you want to sell larger quantities.
However, what is not properly considered and what is actually sad: Since the last bull run almost 3 years ago (end of 2017) there has been no progress regarding fees. Bitcoin transactions are still as slow and as expensive as they were then.

mirakal

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Nice suggestion though, however I still have some doubt that the bull run will come this year, yes, there was a small run but I don't think bitcoin will hit a new ATH this year. I'm hoping I'm wrong here because I'll benefit with that, but I just can't be too convince now as I think I've seen this before already.

About my wallet, been using a segwit wallet address in my electrum wallet, so I'm just doing great and I could minimize the fee.

acquafredda

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Less than 11k transaction in the mempool, spend this Sunday to consolidate your smaller inputs and make sure you have your new UTXOs on bech32 native-segwit addresses. I did my transaction for 7sats per byte; do it until it lasts.
https://mempool.space/

tbct_mt2

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https://jochen-hoenicke.de/queue/#1,8h

Prepare your consolidated inputs for next price actions of bitcoin. 2 or 3 satoshis/ byte can be used to consolidate your inputs. Do this now as your preparation for next run of bitcoin. With 3 satoshi you can get super quick confirmation but for 2 satoshi you will have to wait about 1 hour or more.

Karartma1

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Quote from: Tytanowy Janusz on October 29, 2020, 04:11:02 AM

Quote from: witcher_sense on October 29, 2020, 03:29:18 AM

Otherwise, everyone spying on you will be able to find out how many bitcoin you have.

As an complete amateur in this field I'm doing it like that:

I'm using few wallets:
1 - cold main wallet. Not in use for months. Most likely not in use till $100k-$ 1 mln worth BTC. Mixed anonymous BTC.
2 - semi cold wallet. Big transfer from and to exchanges. Storing profit waiting for good price to dump.
3 - mobile wallet for fast deposit/withdrawals.
4 - mobile wallet for small deposits (f.e. signature campaign payouts)

That's a fairly good setup. As for storing all your coins in one wallet, I don't see it as a bad thing as long as you are an experienced user who knows how to make the best of coin control features. Under strict coin control, you can store everything in a single wallet but of course having a multi-level set up is better for security reasons. Single wallet management is much harder.

GreatArkansas

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If anyone got some confusion on Consolidating inputs and outputs.
Here is a brief explanation and how consolidating small inputs may help our transaction cheaper for transaction fees:
Fees are low, use this opportunity to Consolidate your small inputs! by LoyceV.
I hope this may help, I already tried this and I really advise everyone to do this if you guys want a cheaper transaction fees.

Tytanowy Janusz

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I've listened to advices and did a transfer with very low fee (5 sats/vbyte) to consolidate my inputs. It was stuck for 8 days but eventually went through. Well Its great to know that almost every weekend fees drops significant and its best time to transfer founds but I can't imagine waiting 8 days at the top of next bubble seeing how price drops from 100k $ to 30k$. I still advice to consolidate inputs because with 5 vsat/byte its only few cents and it saves you few $ (15 in my case) trying to do instant transfer during high fee days (200+ sat/vbyte).

Quote from: batang_bitcoin on October 29, 2020, 06:51:09 AM

Also, this website is helpful to check the status of the mempool and tx fees.
https://jochen-hoenicke.de/queue/#0,24h

Once again ... great tool. Thanks. On my daily use now.

fauzan123

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There are many steps that must occur to be able to raise bitcoin, with the current technical position, the lowest price movement is at 12k, but if you look at the fee itself, it is still normal at $ 5- $ 10.

This is actually an individual decision and nothing is different, it's just that if you calculate it based on the dollar calculation it will be different, but in terms of bitcoin calculations, I think it will stay between 0.001 btc

Tytanowy Janusz

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Quote from: joniboini on October 29, 2020, 05:26:00 PM

What do you mean? You can always make a 1 sats/vbyte transaction even if Bitcoin is priced at 1 million USD. You should count the fee on sats and not USD, since it will always change. Based on the history of Bitcoin's fee, the weekend is really good for consolidating your inputs and I doubt it will change that much if we break a new high.

Yes I can set 1 sat/byte but how long it will take to deliver such transaction? It can be stuck for weeks if not months. My first bitcoin transfer was stuck for 2 weeks (during 2017 bubble from cantor to my wallet - my first bitcoin purchase). It was extreme case ... i do agree (pixie85 mention it) but number of bitcoin users increased significantly from 2017 (tripled). High BTC fees at the top of bubble might be the case (in sat/vbyte) even without Roger Ver attack.

And it's not related to price (which you have rightly noticed) but to the volatility and emotions on market that push people to deposit to exchange. 1 sat/vbyte will be possible at 1 mln $ btc price but if BTC will go to 5 mln $ and than dump to 1 mln $ and stabilize there for a month.

Quote from: batang_bitcoin on October 29, 2020, 06:51:09 AM

https://jochen-hoenicke.de/queue/#0,24h

great tool. Thanks

joniboini

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Quote from: Tytanowy Janusz on October 29, 2020, 03:05:59 AM

I think its the last time to optimize your BTC wallet.

What do you mean? You can always make a 1 sats/vbyte transaction even if Bitcoin is priced at 1 million USD. You should count the fee on sats and not USD, since it will always change. Based on the history of Bitcoin's fee, the weekend is really good for consolidating your inputs and I doubt it will change that much if we break a new high.

bobyhodob

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unfortunately the current bull run is still not visible because it is seen from the current condition of bitcoin prices which are still cheap and there is no movement in price increases will make us even more doubtful about the bull run, but if a bull run actually occurs this year then I have prepared some bitcoins in your wallet.

pixie85

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High transaction fee in 2018 was due to lack of consensus on Segwit and Roger Ver and his BCH minions trying to spam the BTC network while launching a defamatory campaign and calling BCH the new king.

They were trying to make people sell BTC and buy BCH just to be able to send money to exchanges cheaper and faster and it work as you could see the BCH price reached ATH on that month.

I don't think it's ever going to happen again unless someone spends a lot of time and money to spam the network again.

Upgrade00

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Quote from: witcher_sense on October 29, 2020, 08:29:03 AM

Please note, you don't necessarily have to spend all the utxos (weekly payouts) at once, you can spend them separately, one by one. It will not increase a transaction fee and additionally may decrease the number of change addresses.

If I understand correctly; You're suggesting someone who is trying to consolidate weekly payments for a service sends the funds to their cold (or semi cold) wallet as received, i.e weekly? This is not consolidating at all as all transactions would appear as different inputs in the storage address, so if eventually the user wants to send out of that wallet, they would be dealing with multiple UTXOs which would increase the fee.
Consolidating literally means to bulk up or merge into one and aims at reducing fees, in this case multiple inputs are grouped into one. It is best done during times when the network is relatively free and fees at at the lowest to counter the effect of the transaction size on the fee and in preparation for a time when the network gets clogged.
To avoid change address, the user can use up all the UTXOs in the address at once, or if they do not want to do this, they can use a wallet software that allows users select the specific inputs that go into a transaction.

Quote from: davis196 on October 29, 2020, 08:34:17 AM

<...>

An exit scam is not the only risk faced when using centralized exchanges. As a rule do not use custodial wallets to store your funds as the keys do not belong to you.

davis196

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Thanks for the reminder,but I don't send and receive that many BTC transactions,so I don't care about the fees.
Your warning about the possibility of crypto exchanges and crypto casinos to turn into exit scams is kinda obsolete.This is 2020,not 2017 or 2013. Grin

Maybe some small and shady crypto exchanges and casinos will turn into exit scams,but who the hell uses small and shady exchanges and casinos nowadays?
All the big and solid crypto businesses will stay strong during the bull run and will never exit scam their users.

witcher_sense

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Quote from: Tytanowy Janusz on October 29, 2020, 04:11:02 AM

No matter if I'll consolidate it or not all deposits and withdrawals are visible in explorer (trackable). Am I wrong?

I see what you mean. Signature payments are normally made to a specific address, which means that address is being reused many times. In this case, you can safely consolidate all the utxos since you already revealed that the address is yours. Just make sure you are not using it for other purposes such as withdrawing from exchanges. Please note, you don't necessarily have to spend all the utxos (weekly payouts) at once, you can spend them separately, one by one. It will not increase a transaction fee and additionally may decrease the number of change addresses. By the way, I like your approach and especially the fact that you use different types of wallets for different purposes. I don't believe you are a complete amateur in cryptocurrency.

Nhebu

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Thank you for sharing this stuff. I thought bull run is good but there are also things that bull run can make as upset. If ever there is a bull run season coming from this year, I think I shall put my funds from certain exchanges to my wallet. I remembered how etherdelta hacked incident before when bull run was covered the market. There are also exchanges turned down due to exit scams and hacking events.

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