Topic: some n00b question (Read 699 times)

I dont fully understand what you mean by poolkey. Maybe you mean the seed (from which are all addresses generated)? In this case no, this seed remains unchanged for eternity and there is no limit (of 100 or whatever) transactions in single addy, nevertheless its much better to always use new addy.


Could be a problem in future to sent these bitcoins out.
TL:DR - Yes, be aware of this, fee could grow very high (half of balance).  Check the formula at wiki/Transaction_fees and read the bold.
 
I had a same issue in the past ... used single addy for all my mining, testing various pools, companies, buying small contracts .... A BIG MISTAKE.
Had around 300 transactions in single addy, but only 0.02 BTC in total. When i want to send them out, the fee was more than half. Sweep to blockchain.info didnt work (too many transactions).
This was year ago, when BTC price was high, so I was looking for any way to avoid high fee and to take all the coins out took me whole month.

When sending larger amounts you can add these small dust transactions without raising the fee ... like sneak them in.
So whenever I made a bigger transaction (from different addy in same wallet) I add a small amount of BTC (usually sum of 5 or 8 transactions)  - you need to have wallet which can do this, I used armory.
This way reduced total number of transactions to less than 200 and then sweep to blockchain.info worked. This all cost me 0.0001 BTC and lot of time.



Setting hourly payout is not a good idea, especially for small amounts. Should avoid keeping many small transactions. Check my answer #2.   

This is only somewhat true for bitcoin core/qt. That specific wallet creates 100 pairs of private keys with corresponding addresses before showing them to you. Thus an old backup might no longer cover all your private keys if you used more than 100 addresses to receive bitcoin. The number of transactions is irrelevant. Since a paperwallet has only one address you have a similar effect, but you wouldnt expect a paperwallet to create a new address for you anyway.


The fee depends on several factors. The size (in bytes) the size (in value) and the age of the inputs spend. They all influence the priority of your transaction. An input (single formerly received transaction) with a value of 1 bitcoin that is confirmed for 1 day can usually be spend without any fee. If the input is 0.1 it has to be confirmed 10 days, if its 0.001 it has to be confirmed for 1000 days, etc. Thus many small inputs are bad for several reasons.
#1 they dont age fast, thus almost allways require a fee
#2 they need space, as each inputs needs ~200-300 bytes.
Currently you would have to pay 10000 satoshi or 0.0001 BTC per 1000byte if the priority is not high enough otherwise.


Depends on the size of the transactions you send there. If you send a few satoshi each time you might have a problem later on. Try keeping the transactions over 0.1 or at least over 0.01 BTC.


See above, in short the answer is usually: yes

hi,

I am new to the bitcoin, I appreciate if someone can anwser this questions for me. I have read and read for 2 weeks now but need to be sure



I have already made a paper wallet (offline, ubunto cd etc...)

1) I have read somewhere that after 100 transactions the poolkey/adress change in wallet etc... I cant remember the exact name. Does this also effect the paperwallet?

2) if you get 1000 small amounts in your paperwallet, once you want to sweep the wallet will the fee be higher? if yes, how higher?



What I am doing right now is the folowing.;
I have a paper wallet
I have a wallet at blockchain
What I get from mining goes to blockchain wallet
After couple of days once there is more than xxx amount what i dont use, I send it to paperwallet for saving
I have add the paperwallet under watchonly adresses so I can keep an eye on it

Is there any problem in this construction? I am asking this because there is a chance that I dont use/sweep the paper wallet for 5 years maybe. I dont want to have a surprise once I want to redeem my paperwallet.


Question 3)

Is there any downside if you let the pool payout every hour instead of every let say 6 hours? Because I can imagine that if you let payout everyhour, after a month there is a huge transaction in your wallet. So once you want to spend it, you pay a lot of fees.... am I right?


Thanks!