Using multiple addresses and single address.

HCP

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Quote from: U2 on July 02, 2017, 01:17:11 PM

This post explains fees extremely well. Look it over, get to understand what an input vs an output is and you'll be on the highway to understanding in no time. I'm going to be not picky for the sake of being not picky, the +10 @ the end can vary by a very small amount. It's usually negligible so the formula of +10 will be right almost all of the time. Just to be exact.

Yeah... same with 148 bytes for compressed address (or 180 bytes for uncompressed addresses)... generally it is 1 byte here or there for each component... so unless you have more than 10 inputs, the difference in calculated size should be less than 10 bytes.

Given the OP doesn't really seem to understand how bitcoin transaction sizes and fees are calculated... or that it is purely the number of Inputs used and Outputs created and NOT the number of "addresses" used, I didn't want to get overly complicated Wink

U2

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Quote from: HCP on July 01, 2017, 01:06:57 AM

Fees are based on the "size" of a transaction. The size of a transaction is determined as follows:

(Number of Inputs * 148 bytes) + (Number of Outputs * 34 bytes) + 10 bytes

[Note: this is assuming compressed keys, for old uncompressed keys it is (Number of Inputs * 180 bytes) + (Number of Outputs * 34 bytes) + 10 bytes]

Notice, that it is based on the number of inputs... NOT the number of addresses... you can have 10 inputs from 1 address or 1 input from 10 addresses... it will still work out to be 10 inputs and the transaction size will stay the same. If you have more inputs, the size is increased and so is the fee.

Quote from: john2231 on June 30, 2017, 06:58:29 PM

Hi i would like to ask because i notice something that can affect the fee.. Because i was transfer my funds to other wallet but the fee is really high but use only 1 address right now in electrum and the old addresses i was used them before but now i want to use only 1 single address all my bitcoin is in 1 address and trying to send it to other wallet but the fee is really high because the other wallet address also in my transaction but i tried to backup the private key and install it again in electrum just to use only 1 single bitcoin address the result of fee is reduced.

My question what actually the reason why reduces the fee when i am using only a single wallet address?

If I'm reading this correctly... you transferred all your coins to one address... and then imported that private key into Electrum? If you did this, then when you attempt to send coins, you will have only 1 input... as all your coins got "merged" into one Unspent Transaction Output (aka UTXO) so the transaction size is smaller and the fee is less.

If you then receive another 10 different payments to that same address, you'll find that if you attempt to send all your coins somewhere else, you will be faced with high fees again, because you would have 11 inputs and your transaction size would be increased again... and the fee would go up.

This post explains fees extremely well. Look it over, get to understand what an input vs an output is and you'll be on the highway to understanding in no time. I'm going to be not picky for the sake of being not picky, the +10 @ the end can vary by a very small amount. It's usually negligible so the formula of +10 will be right almost all of the time. Just to be exact.

Muhammed Zakir

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Quote from: Skarner21 on July 02, 2017, 11:12:42 AM

Quote from: vh on June 30, 2017, 07:11:24 PM

The fee is usually proportional to the size of the transaction. If there are a lot of sources that you got bitcoins from, to make a transaction, the fee will be higher. Its hidden in the background, but it sums up all the inputs needed to get to the desired amount.

Now i understand why i am still having large fee in every transaction because of using other bitcoin address in the same time..
I thought that it could not affected my transaction because i am also using electrum and receiving bitcoin in other bitcoin address in the same wallet account.. So i think choosing 1 single bitcoin address is a good idea if you don't want to pay a lot.. because almost all address in my electrum wallet address was used already.. do you think there are some console or command to merge all bitcoin address in single address?

Using many addresses and 1 addresses won't make much any(?) difference in transaction size and hence, fees. Read the post above yours!

You can't merge Bitcoin addresses. You can however, send all of your bitcoins to a new address. You can either send it all in a transaction or send it in 2 or more transaction according to your transaction size. Remember that if you include unspent transaction outputs(UTXO) from different addresses in a transaction and someone know one of your addresses, you are essentially saying that you have control over all these addresses.

Skarner21

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Quote from: vh on June 30, 2017, 07:11:24 PM

The fee is usually proportional to the size of the transaction. If there are a lot of sources that you got bitcoins from, to make a transaction, the fee will be higher. Its hidden in the background, but it sums up all the inputs needed to get to the desired amount.

Now i understand why i am still having large fee in every transaction because of using other bitcoin address in the same time..
I thought that it could not affected my transaction because i am also using electrum and receiving bitcoin in other bitcoin address in the same wallet account.. So i think choosing 1 single bitcoin address is a good idea if you don't want to pay a lot.. because almost all address in my electrum wallet address was used already.. do you think there are some console or command to merge all bitcoin address in single address?

HCP

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Fees are based on the "size" of a transaction. The size of a transaction is determined as follows:

(Number of Inputs * 148 bytes) + (Number of Outputs * 34 bytes) + 10 bytes

[Note: this is assuming compressed keys, for old uncompressed keys it is (Number of Inputs * 180 bytes) + (Number of Outputs * 34 bytes) + 10 bytes]

Notice, that it is based on the number of inputs... NOT the number of addresses... you can have 10 inputs from 1 address or 1 input from 10 addresses... it will still work out to be 10 inputs and the transaction size will stay the same. If you have more inputs, the size is increased and so is the fee.

Quote from: john2231 on June 30, 2017, 06:58:29 PM

Hi i would like to ask because i notice something that can affect the fee.. Because i was transfer my funds to other wallet but the fee is really high but use only 1 address right now in electrum and the old addresses i was used them before but now i want to use only 1 single address all my bitcoin is in 1 address and trying to send it to other wallet but the fee is really high because the other wallet address also in my transaction but i tried to backup the private key and install it again in electrum just to use only 1 single bitcoin address the result of fee is reduced.

My question what actually the reason why reduces the fee when i am using only a single wallet address?

If I'm reading this correctly... you transferred all your coins to one address... and then imported that private key into Electrum? If you did this, then when you attempt to send coins, you will have only 1 input... as all your coins got "merged" into one Unspent Transaction Output (aka UTXO) so the transaction size is smaller and the fee is less.

If you then receive another 10 different payments to that same address, you'll find that if you attempt to send all your coins somewhere else, you will be faced with high fees again, because you would have 11 inputs and your transaction size would be increased again... and the fee would go up.

ranochigo

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I would say the number of inputs is the main factor as opposed to the number of addresses, though the more addresses you use, the more inputs there would be.

For every transaction sent towards your address, a new input is created. When you send a transaction, the transaction will be signing all these inputs if you are spending your entire balance. Using an address only will probably have the number of inputs you have reduced and also the total amount you can spend. When you have lots of addresses in your previous wallet, Electrum may have been including inputs from all those addresses in your addresses and your size of transaction will increase as a result.

vh

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The fee is usually proportional to the size of the transaction. If there are a lot of sources that you got bitcoins from, to make a transaction, the fee will be higher. Its hidden in the background, but it sums up all the inputs needed to get to the desired amount.

john2231

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Hi i would like to ask because i notice something that can affect the fee.. Because i was transfer my funds to other wallet but the fee is really high but use only 1 address right now in electrum and the old addresses i was used them before but now i want to use only 1 single address all my bitcoin is in 1 address and trying to send it to other wallet but the fee is really high because the other wallet address also in my transaction but i tried to backup the private key and install it again in electrum just to use only 1 single bitcoin address the result of fee is reduced.

My question what actually the reason why reduces the fee when i am using only a single wallet address?

Topic: Using multiple addresses and single address. (Read 414 times)