Topic: Unsure if it's ok to monthly funding to my single unique bitcoin wallet (Read 132 times)
March 02, 2018, 05:36:07 AM
As to what OgNasty said, at some point in time, if you continue on funding a single wallet address, it will have too many inputs causing your next transactions to take up a lot of space which will lead up to higher fees. I learned that when I started using faucets ages ago: I have 0.01 BTC on my wallet but the fee it asks is over half of it due to the multitude of dust inputs made in the past. Never knew how to consolidate it back then, and if I did I would have saved that 0.01BTC. You can still do that, though switching to a segwit address would be beneficial and can save you from fees in the future should you wish to use your coins.
March 02, 2018, 04:36:01 AM
I learnt that paper wallets are a great way to keep Bitcoin offline and out of hackers reach.
Creating paper wallets is easy but if you loose the paper it also means the bitcoins are lost forever.
So be very careful. Paper wallets contains private and public keys which allows you to spend your bitcoins.
BitAddress.org is where users can generate a fresh new Bitcoin address.
Follow the steps and print the paper.
You can load as much bitcoins as you want into your public QR code.
Creating paper wallets is easy but if you loose the paper it also means the bitcoins are lost forever.
So be very careful. Paper wallets contains private and public keys which allows you to spend your bitcoins.
BitAddress.org is where users can generate a fresh new Bitcoin address.
Follow the steps and print the paper.
You can load as much bitcoins as you want into your public QR code.
March 02, 2018, 04:17:32 AM
Hi!, I have a single bitcoin wallet address (cold storage) where I started to make small deposits (let's say, $20 a month) for maybe long-term profit, nothing big,
At this moment this wallet has 4~ to 7 transactions, lets say.
but my quesiton is, I've read that the future fees for a wallet that has many payments will be larger when triying to spend the funds.
At this moment I haven't spend a single sathosi from my wallet, I'm just making monthly fundings. It's ok this approach?, advantage, disadvantages?, (Not related with anonymity, I'm conscious about this vector), but I would like to know if in the long-run the fees for having many transactions for this single wallet will be a problem in term of fees?
Greetings
At this moment this wallet has 4~ to 7 transactions, lets say.
but my quesiton is, I've read that the future fees for a wallet that has many payments will be larger when triying to spend the funds.
At this moment I haven't spend a single sathosi from my wallet, I'm just making monthly fundings. It's ok this approach?, advantage, disadvantages?, (Not related with anonymity, I'm conscious about this vector), but I would like to know if in the long-run the fees for having many transactions for this single wallet will be a problem in term of fees?
Greetings
Breaking it down a bit... The fee for your transaction is based on the size of your transaction. If you make a bunch of deposits, then you will have a lot of "inputs" in your transaction when you go to spend them (assuming you're spending them all at once). A lot of inputs means a bigger transaction and more space on the blockchain that you have to pay for. You can switch to a segwit address to lower the fees in the future when you go to spend them, but right now it isn't much of a concern as fees are lower than they have been in a long time. You could also "consolidate" your coins by sending them to yourself in 1 transaction when the fees are low (like now). That way when you spend them there will only be 1 input in your transaction.
March 02, 2018, 03:40:13 AM
Hi!, I have a single bitcoin wallet address (cold storage) where I started to make small deposits (let's say, $20 a month) for maybe long-term profit, nothing big,
At this moment this wallet has 4~ to 7 transactions, lets say.
but my quesiton is, I've read that the future fees for a wallet that has many payments will be larger when triying to spend the funds.
At this moment I haven't spend a single sathosi from my wallet, I'm just making monthly fundings. It's ok this approach?, advantage, disadvantages?, (Not related with anonymity, I'm conscious about this vector), but I would like to know if in the long-run the fees for having many transactions for this single wallet will be a problem in term of fees?
Greetings
At this moment this wallet has 4~ to 7 transactions, lets say.
but my quesiton is, I've read that the future fees for a wallet that has many payments will be larger when triying to spend the funds.
At this moment I haven't spend a single sathosi from my wallet, I'm just making monthly fundings. It's ok this approach?, advantage, disadvantages?, (Not related with anonymity, I'm conscious about this vector), but I would like to know if in the long-run the fees for having many transactions for this single wallet will be a problem in term of fees?
Greetings
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