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Title: Consolidating payments Post by: Jet Cash on February 13, 2016, 12:02:19 PM I noticed one guy had started a thread about a payment that took a very long time to confirm. The reason for this was that he had a lot of micropayments to cover the funds. If one has a lot of unspent micro-payments, is it worth transferring them to an alternative wallet to speed up any future payments. What is the chance of this going through with a zero fee. Obviously time to confirmation is not of importance.
Title: Re: Consolidating payments Post by: xqus on February 13, 2016, 01:07:38 PM With zero fee? Not big.Not big at all.
Title: Re: Consolidating payments Post by: shorena on February 13, 2016, 01:15:48 PM Easily if one of the inputs is large and old enough.
-> https://bitcointalk.org/index.php?topic=1339944.0 Title: Re: Consolidating payments Post by: tobacco123 on February 14, 2016, 11:24:37 PM Is the new 21 computer micropayment thingy something related to consolidating payments?
Title: Re: Consolidating payments Post by: xqus on February 15, 2016, 12:37:03 AM Not directly. But using a off-chain micropayment channel could reduce the number of small transactions needed.
Title: Re: Consolidating payments Post by: Jet Cash on February 16, 2016, 05:31:46 AM Not directly. But using a off-chain micropayment channel could reduce the number of small transactions needed. It would be good to move faucets and gambling onto a sidechain. :) Title: Re: Consolidating payments Post by: shorena on February 16, 2016, 10:34:09 AM Not directly. But using a off-chain micropayment channel could reduce the number of small transactions needed. It would be good to move faucets and gambling onto a sidechain. :) Many faucets already use "off chain TX" by e.g. enforcing a certain wallet like xapo. Transfers between xapo wallets do not happen on chain, but within their database. Similarly casinos, the vast majority of them requires you to deposit first and while you play you only play on their database until you withdraw your funds. Title: Re: Consolidating payments Post by: 7788bitcoin on February 17, 2016, 09:05:20 AM I noticed one guy had started a thread about a payment that took a very long time to confirm. The reason for this was that he had a lot of micropayments to cover the funds. If one has a lot of unspent micro-payments, is it worth transferring them to an alternative wallet to speed up any future payments. What is the chance of this going through with a zero fee. Obviously time to confirmation is not of importance. I asked the similar question in the past. From what I understood, if you keep the micropayment "long" enough, the fee will become smaller when they are spent. Fee has something to do with the age of the unspents. Am I correct? Title: Re: Consolidating payments Post by: xqus on February 17, 2016, 09:17:26 AM Easily if one of the inputs is large and old enough. -> https://bitcointalk.org/index.php?topic=1339944.0 As already stated. Title: Re: Consolidating payments Post by: shorena on February 17, 2016, 12:03:44 PM I noticed one guy had started a thread about a payment that took a very long time to confirm. The reason for this was that he had a lot of micropayments to cover the funds. If one has a lot of unspent micro-payments, is it worth transferring them to an alternative wallet to speed up any future payments. What is the chance of this going through with a zero fee. Obviously time to confirmation is not of importance. I asked the similar question in the past. From what I understood, if you keep the micropayment "long" enough, the fee will become smaller when they are spent. Fee has something to do with the age of the unspents. Am I correct? Not directly. Time coins have not been moved increase their priority. The larger the coin pile the faster it gets priority. In the past a "bitcoin day" worth of priority was enough to send a TX without fees. Im not sure if this is still the case. A bitcoin day is 1 BTC with 1 days worth of confirmations (144) in a single input (received as a single transaction and not via mutliple smaller ones). If the priority of a transaction is too low you have to compensate with fees. Since the TX volume has significantly increased priority is only a very small factor and the fee is more important. Its not that you are competing with other high priority transactions to get into the small 50KByte (default core settings) reserved for TX without fee. Its that you compete with other TX paying a (high) fee to get into the block at all. As you can see from the example I linked, its still possible to have a TX confirm without fee, but IMHO the bitcoin day rule of thumb is no longer valid. |