I would not recommend you to waste those Bitcoin by using them instead keep on filling your wallet with these small amounts until you have somewhere around BTC0.001 satoshis and then plan on spending them.
I personally use Mycelium wallet for storing my Bitcoin and whenever I want to transfer them to an exchange or to another wallet I do check their fee calculator, you can choose how much you want to pay as fee and the time for them to reach using the calculator.
Topic: What is the best way of storing and spending small amount of satoshis ? (Read 167 times)
September 01, 2020, 05:57:47 AM
August 31, 2020, 09:49:53 AM
The best option all round is to stop receiving such small outputs. Wait until you have saved up, won, or earned a larger amount of bitcoin, and then withdraw it all at once. You will lose a much smaller amount on fees from 1 output of 100k sats than from 10 outputs of 10k sats.
The next best option is Lightning, but many of the services you list don't support or use it.
Your final option is simply to consolidate everything at 1 sat/vbyte and wait however long it takes to confirm.
The next best option is Lightning, but many of the services you list don't support or use it.
Your final option is simply to consolidate everything at 1 sat/vbyte and wait however long it takes to confirm.
August 31, 2020, 06:23:33 AM
The way I do is to make use of Bitcoin Fee Estimator to find out how much time it would take my transaction to confirm if I send it with low fee. Then based on how much hurry I am in, I set the fee for the transaction and send it using the RBF function in Electrum wallet. It is a fail safe that if transaction gets stuck I can send it again with higher fee. In my experience it usually gets confirmed much earlier than the maximum time it shows on block explorers. But I only do this when I am low on coins. Other time I pay higher than normal fee to make up for the low fee transactions I made earlier. It is expensive to run miners and we should pay well when we can.
August 31, 2020, 05:45:32 AM
August 31, 2020, 04:14:21 AM
-snip-
You can take advantage of the lightning network for micropayments of bitcoin transactions.You can learn about it or participate in the discussion on several threads related to the lightning network as in the following link:
- Basics of the Lightning Network
- The Lightning Network FAQ
- [Tutorial] How to create Lightning Network Channel (Testnet BTC)
August 31, 2020, 03:59:29 AM
Hello,
I am unable to find an efficient way on how to spend small amount of BTC in terms of satoshis, for example 10k-50k sats.
There are many sources which give out these amounts of collective payouts such as faucets, reward hubs, or giveaways.
Once we get these coins in our wallet, in order to spend them, the fee itself is too high and will eat up a huge portion of it. Even though they are worth peanuts but saving something off it is better than saving nothing at all, money is money and it's not far that bitcoin will reach the moon.
Many people might have had such problems and thoughts. If you got any walkthrough or a efficient way of doing this please share here.
Thank you
I am unable to find an efficient way on how to spend small amount of BTC in terms of satoshis, for example 10k-50k sats.
There are many sources which give out these amounts of collective payouts such as faucets, reward hubs, or giveaways.
Once we get these coins in our wallet, in order to spend them, the fee itself is too high and will eat up a huge portion of it. Even though they are worth peanuts but saving something off it is better than saving nothing at all, money is money and it's not far that bitcoin will reach the moon.
Many people might have had such problems and thoughts. If you got any walkthrough or a efficient way of doing this please share here.
Thank you
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