Transferring bitcoins and fees | Bitcointalksearch.org

deisik

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Quote from: kctan7373 on February 13, 2019, 03:53:41 AM

Quote from: jimskiy on February 12, 2019, 02:57:47 AM

Why do you use multiple wallet, did you cheat at bounty or airdrop project, you can use your one wallet for transferring your bitcoin to other exchange account with less fee, never use multi account for joining at bounty or airdrop project because is not good ideas.

No, I'm not cheating. I've used diff wallets like electrum, Bitcoin-wallet..etc and am planning to "move" them all to a brand-new hardware wallet

But why were you doing that?

You could just go along with importing private keys without actually moving your coins anywhere. After you are done, you can then collect all your coins in one address (if this is what you are looking for, of course). Since you seem to care about fees so much, it looks like you don't have a lot of bitcoins, then why all the fuss really? It just doesn't look like a very smart idea to shuffle your coins around

kctan7373

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Quote from: jimskiy on February 12, 2019, 02:57:47 AM

Why do you use multiple wallet, did you cheat at bounty or airdrop project, you can use your one wallet for transferring your bitcoin to other exchange account with less fee, never use multi account for joining at bounty or airdrop project because is not good ideas.

No, I'm not cheating. I've used diff wallets like electrum, Bitcoin-wallet..etc and am planning to "move" them all to a brand-new hardware wallet.

kctan7373

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Quote from: bL4nkcode on February 12, 2019, 02:28:34 AM

Quote from: kctan7373 on February 12, 2019, 12:07:25 AM

Quote from: ?? on ??

This is funny, why do you want to keep doing that? Will this not amount to wastage of your funds since they still belong to you, or just an effort from you without any value been added!

I've fractions of coins in multiple addresses so I was thinking to "put" them all into one single address, and now it seems that will cause the fee problem

Would you tell us if this multiple wallet address belongs to the same public key or the same recovery seed?
If yes, I guess that's okay to do that (but not recommended), since it will only spend a single fee but on the other hand it will cause you higher fee due to lots of inputs (you will see a warning message for sending to your own address on some wallets).

But if not, that's alright but same thing, fee will eat up large fraction of your funds doing that.

It belongs to the same recovery seed.

Harlot

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The question is what is the purpose of transferring your coins wallet to wallet if you will only keep it up to yourself? I don't see any purpose for this as you aren't meaning to save fees for transferring to any recipient aside from yourself. Well the only solution I can think off is wallets that allow off-chain transfers just like Coinbase which offers free off-chain transfers, the only bad thing about off-chain transfer to work is you need to have the same wallet to make it which means it needs to be Coinbase to Coinbase transfers.

pawanjain

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

We don't know whether the addresses belongs to you or not, the world doesn't know whether the addresses belongs to you or not because bitcoin has been designed this way.
It's anonymous and hence every address is unique. So yes every transaction will require a fee whether the address belongs to you or not.
So yes all your funds will be used when the transactions get mined and all your funds will eventually be split into miner rewards.

Julunguul

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Every transaction that has been made in the network always spent the fees, no matter it was the same owner or in the same company of exchange, it will keep use it fees to make it work, what is yout actual purposes sending bitcoins to your own wallets ?

dmty.0809

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To reduce fee fees, my advice, you can buy doge coins, because only doge coins have the cheapest fee. Please try.

kucritt

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yes you should pay the fee,the blockchain system is not care about number of your wallet, when you send the bitcoin it will be charged for the fee, and i think that it will very fair, for all people that use bitcoin and other platform that use blockchain system

kryptqnick

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Quote from: bL4nkcode on February 11, 2019, 11:55:22 PM

Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

Obviously, yes, it will, due to every transaction need a transaction fee. Not unless if you use a wallet such coinbase and send to another coinbase wallet which are hosted web wallets that never as ask any fees in transferring funds.

But for what reason you would do that?

Technically, I am not sure the user will run out of coins completely. I depends on the fees and the initial amount, but if the user is left with an amount that is not even enough to cover transaction fees, this person is kind of stuck with it. Well, of course, one can try to send it nevertheless and then the transaction might be successful once the fees get smaller, but then this process of getting rid of the last tiny bits of coins can take a really long time. Unless, of course, the person customizes the fee and sets it to the exact amount of what's left in the wallet.

andi_wahid

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basically each transaction requires a fee, it's up to you whether from your one wallet to the other wallet because this is part of the service, and the service requires a fee.

Fesatmas

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If you have a lot of wallet then make one wallet in my opinion because it is more practical and the transaction costs are not large,

demenBTC

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

if you have multiple exchange wallets on indodax.com then here are not subject to bitcoin shipping fees if you send bitcoin from indodax to another indodax account, this is absolutely free

deisik

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

Technically, not necessarily

Since at a certain point in time you will likely have just dust remaining in your wallet which will not be enough to cover your transaction fees. And this is a more serious issue than it can appear at the first look as "many a little makes a mickle", i.e. many small amounts accumulate to make a large amount. Exactly this happened when Bitcoin rose and transaction fees rose along with it, ultimately leading to these small amounts in many wallets across the blockchain essentially left for dead and removed from circulation

Ipwich

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

That depends on how often you transfer and the amount of your coins.
It's costly to you if you keep transferring coins while you are not holding a decent amount, currently the transaction fee for transfer
is not a big amount, even exchanges could only charge BTC 0.0005 and that is $2 or more but if will not affect you if you hold
thousand of dollars in your wallet. I'm sure with your personal wallet you don't have to pay that much.

Having different wallets can minimize the risk, but you can minimize fees also if you will manage your transfers properly.

omonuyak

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

It is truth if you have multiples wallets you will lose money and that do happen because of charge you will incure on the process. You pay some fees for every transaction you make and if you keep transfer coins from one wallet to another? There is no way you will not be charged for those transfer.

ralle14

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Quote from: Unblock_news on February 12, 2019, 04:57:43 AM

Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

First of all, what's your purpose of having multiple wallets if you have the same coin you're handling? You're wasting your coin by transferring to multiple addresses because whenever you transfer your coin, it require fees. Better to have one primary wallet.

Each of his wallet could be on a different device (hardware, desktop, mobile, wallet) or one wallet is used as a cold storage. Having one primary wallet can be risky spreading them on different wallet reduces the risk of losing all of your coins.

Quote from: kctan7373 on February 12, 2019, 12:07:25 AM

Quote from: ?? on ??

This is funny, why do you want to keep doing that? Will this not amount to wastage of your funds since they still belong to you, or just an effort from you without any value been added!

I've fractions of coins in multiple addresses so I was thinking to "put" them all into one single address, and now it seems that will cause the fee problem

If you're not in a hurry set a custom fee you don't have to spend a lot on miner fees unless your wallet doesn't allow it.

dothebeats

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There is always an option to never pay for the transfer, though I don't think it will net you a pleasant result as miners would surely ignore your transaction and not include it on their blocks. if you keep paying the minimum fee at the given time then yes, your coins would ultimately be exhausted as miners won't care even if you own two addresses and are being contained in a single wallet. Also, why would one do this in the first place?

Magkirap

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

All transaction that you have done will consume fees and I think you only need one wallet that will help you to secure and keep your bitcoin. I suggest just use one wallet where can secure all your token just like hardware wallet.

Unblock_news

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

First of all, what's your purpose of having multiple wallets if you have the same coin you're handling? You're wasting your coin by transferring to multiple addresses because whenever you transfer your coin, it require fees. Better to have one primary wallet.

VitKoyn

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Quote from: kctan7373 on February 12, 2019, 12:07:25 AM

Quote from: ?? on ??

This is funny, why do you want to keep doing that? Will this not amount to wastage of your funds since they still belong to you, or just an effort from you without any value been added!

I've fractions of coins in multiple addresses so I was thinking to "put" them all into one single address, and now it seems that will cause the fee problem

Bitcoin transaction fees should not be a problem right now. If you are willing to wait for slower confirmation, you can set the transaction fee to low priority, note that this can only apply if this is not an exchange wallet, because some exchanges have fix transaction fees when withdrawing your funds, so if multiple wallets that you have is from an exchange then fees will be a problem. Anyway, low priority fees will not take long since there are no congestion on Bitcoin's network like before. If you are using a segwit address it will be more cheaper and faster.

boyptc

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Are you planning to keep on transferring your bitcoin to another wallet and pay the "small" fee forever?

jimskiy

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Why do you use multiple wallet, did you cheat at bounty or airdrop project, you can use your one wallet for transferring your bitcoin to other exchange account with less fee, never use multi account for joining at bounty or airdrop project because is not good ideas.

bL4nkcode

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Quote from: kctan7373 on February 12, 2019, 12:07:25 AM

Quote from: ?? on ??

This is funny, why do you want to keep doing that? Will this not amount to wastage of your funds since they still belong to you, or just an effort from you without any value been added!

I've fractions of coins in multiple addresses so I was thinking to "put" them all into one single address, and now it seems that will cause the fee problem

Would you tell us if this multiple wallet address belongs to the same public key or the same recovery seed?
If yes, I guess that's okay to do that (but not recommended), since it will only spend a single fee but on the other hand it will cause you higher fee due to lots of inputs (you will see a warning message for sending to your own address on some wallets).

But if not, that's alright but same thing, fee will eat up large fraction of your funds doing that.

Kakmakr

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Why would Bitcoin be any different than say for instance your Bank transfers. We pay small fees to transfer money from one Bank account to another, when we use Banks.

A Bitcoin address is the same as having a Bank account at different Banking groups, so you pay miners fees for every transaction.

If you do not want to pay these fees, use centralized online wallets, where these transactions are done within their internal ledger software. In services like this, different people transfer coins between wallets without any fees, because they use the same wallet provider.

kctan7373

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Quote from: ?? on ??

This is funny, why do you want to keep doing that? Will this not amount to wastage of your funds since they still belong to you, or just an effort from you without any value been added!

I've fractions of coins in multiple addresses so I was thinking to "put" them all into one single address, and now it seems that will cause the fee problem

bL4nkcode

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

Obviously, yes, it will, due to every transaction need a transaction fee. Not unless if you use a wallet such coinbase and send to another coinbase wallet which are hosted web wallets that never as ask any fees in transferring funds.

But for what reason you would do that?

perla

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Quote from: kctan7373 on February 11, 2019, 10:46:25 PM

I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

I think even you move between adresses it still need fees. So actually have multiple wallets is a bad idea because you will need higher fees to pay even if want to collect them to be 1 in your primary wallet.

pooya87

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bitcoin doesn't care nor does it know if two addresses belong to one wallet or two different ones. whenever you are creating a transaction and want it to be included in the decentralized ledger called the blockchain, you have to "pay for the space" you are occupying in it. so you have to pay a fee. as a result if you transfer bitcoins between your wallets you will eventually run out of coins.

and by the way, that is how bitcoin fights certain types of spam attacks. if there were no fees, anybody could cripple the network for free. but because of fees it will cost you to perform this type of attack so it can't be sustained.

kctan7373

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I've multiple wallets and I was wondering if I keep transferring bitcoins among these wallets (my own wallets ) will that eventually consume all my coins (keep paying fees )?

Topic: Transferring bitcoins and fees (Read 362 times)