Bitcoin Forum

as of Fri Nov 13 05:12:46 UTC 2020
blocks were not full (block#656695, 656702,.. )
mempools are well within 5MByte

time to consolidate coins or reduce fee paid in your future transactions by converting non segwit coins into full segwit.

In fact, time to also push and push services to please upgrade to full segwit:) I personally actually still receive my monthlies into an old legacy address because I consolidate in that wallet and if I send to my bech32 90% of my services do not support it!!

But yes, take advantage people. This won't last long with bull run coming;)

Exactly. Just take a look at the data in bitmover's thread about Segwit adoption https://bitcointalk.org/index.php?topic=5283078.0

I also posted in a related topic that even some of the most "influential" people in the Bitcoin community like Jameson Lopp don't even implement it in their own project. https://bitcointalk.org/index.php?topic=5282776.0

Aren't we there yet? I mean not the "final stage" but we've been on a run for some months after the March-April pandemic sell off.

if any service hasn't updated their system to accept a feature that was added nearly 4 years ago i don't think they will do it now. the only thing you can and should do is to stop using such services because the only reasons why they haven't performed any upgrades are: being malicious, being incompetent or not have any money to pay a developer to add the 4 year ago upgrade. in any case this type of service should be avoided.

It's a good a idea to consolidate on SegWit Address for future transaction, The problem is not all user are using segwit wallet too especially those services. Many user and services are using legacy wallet so in the end, You will still pay same transaction fee for sending BTC to non-SegWit wallet and you will just waste fee for transaction fee.

The fee on legacy wallet is low too, anyone can use this opportunity to directly pay bills in advance or transfer BTC to exchange to convert on coin that has low transaction fee.

Considering the befit you can get from the last generation of wallets and the discount you get from it many exchanges and bitcoin related companies are using this technology coinbase is one big example and anyone who is not using using these wallets will use them soon, because during this bitcoin bull run bitcoin price is moving hardly people will transfer a huge amount of bitcoin and network will be crowded by people and increase the fee, during this time segwit wallet will help a lot.

Thanks for this recommendation, I paid about $ 7 to send $ 20 last week, so a large portion of my money was lost in the transfer fees, and I will update all my bitcoin bech32 full segwit and start using a better wallet in the coming days.

Why did not the fees increase with the increase of in the price? Often people sell more currencies and make a lot of transactions, causing the price to rise.

Reduce fees mean to two things need to be done.

- Reduce size of your transaction: bech32 address can help (smaller size)
- Consolidate your small inputs when fee is low (with bech32 address can be the best, you will get smaller size when you consolidate small inputs with bech32 address)
- Take the good mempool, low size and low fee to move your consolidated bech32 input.

With Legacy address, consolidated input can help you save fee when you move your bitcoin at times fee is high on the network. Smaller size always help you to save fee.

I still don't understand why a lot of people are still using legacy addresses for personal use when they can just do the switch to a bech32 one. It's a no-brainer for the switch, especially with the reduced sizes for transaction meaning low fees overall. Given the recent attention bitcoin has garnered from all fronts, plus the possibility of a bull run within the horizon, I would definitely make the switch while the seas are calm if I haven't yet.

I am a bitcoin holder so it is nothing to be worried about the transaction fee. Most of my coins goes  to my pc wallet and I will not touch them until bitcoin hit $40000 or higher. Maybe I am a daydreamer but I have a strong faith in bitcoin. This time will not be the same as the past and we have achieved a lot of new improvement and technologies.

Whales are collecting bitcoin, so do I. Holding is the best option. However, it is better to take this advantage to convert to bech32 full segwit if you usually use bitcoin, especially if you are a bitcoin gambler

This is good to know, I have to make a transaction next week and I was thinking about all the fees that I would need to pay if a I wanted a decent chance to get it confirmed in a decent time interval but if I can make it now I can save a bunch so I will try to see if I can make it during the next days because if the network is not as busy as it has been during the past weeks then this is a good opportunity not only to send that transaction but as you say to consolidate my coins.

^ I also noticed that the mempool yesterday was not busy not like what happened in the previous week, even though we were not yet in a weekend but still bitcoin fees did not increase. Sounds weird and sometimes makes me wonder what is the exact reason for this. This would be the chance for us to transfer our bitcoin into other bitcoin wallet address or in a bech32 addresses and grab this opportunity. However, use a wallet that can able to modify the fees, last week I am using the Coinomi wallet it has a terrible fee.

Not all the time that's why OP has advised if you have transactions that are on pending, do it while you can take advantage of the lower fees. I can only think of two things, laziness or not getting used to it.

Just observe the network situation and just set the appropriate fees which you do saw that it wont really be stuck but if you are in a hurry

then its up to you if you do set out bigger fees but even on segwit it might be lesser but would still be significant if the mempool is clogged.

You do really just need to know the basics on how to set up proper fees and not just trying to go along on whats being set ex. Electrum.

We recently had a large 42% increase in hashpower which meant the average number of blocks mined per hour was above 6. Difficulty should increase in a few days and we will see a rise in transaction fees because of this.

I was too lazy to consolidate my inputs when fees were low and I had to send tx with 100+sat per byte a few days ago with a lot of inputs which consume me a lot of fees. It would be good to have fee forecasting (for me lol) so that I can consolidate my input before it get increased.

SegWit transactions have smaller weight not smaller size. and fees are calculated based on weight which is why you end up paying less fee.

try using coin selection or move to a wallet that allows you to do that. during the times when fees are high you can select your biggest transaction outputs (aka coins) to spend instead of spending all your outputs in one transaction. for example if you want to spend 0.5BTC and have 10x 0.2BTC outputs you can just select 3 instead of all 10, if you have a bigger output like 1BTC then select that one and end up with a much smaller transaction.

Why big exchanges as binance still dont support segwit?

Not sure for other big exchanges, but the CEO of binance, Changpeng Zhao had an interview on Altcoin daily channel some weeks ago and this question was asked during that interview. You can listen to his response here - https://youtu.be/X8zKNbsQWn4

The summary is that; Integrating Bitcoin transactions into their system was a lot of work and now modifying that system to accept another address protocol would be equally a lot of work to do. It's something that is being discussed, but no concrete actions has been taken yet... So do not expect it too soon, but it would definitely be implemented.

I am also looking forward to when binance will features segwit support in their exchange this had been long overdue considering their huge numbers of customers or users.

The first time I started using a segwit support or enabled wallet I became an instant user, the reduced fee is coming at time when I needed to do some transactions I am happy that the transactions will be Swift with a reduced fees I knew the huge price I usually pay as transactions fees in my previous non segwit supported wallet especially during the bullish period, I hope the reduced price will continue for long period of time.

I think they're selfish and malicious in this regard, Binance exchnage is a big crypto platform and should understand stuffs like this and do the needful. Upgrade00 shared a link of recent interview with Binance CEO and his replies wasn't encouraging; as they won't implement this soon, but,  let be sincere, this exchange is big and not ready soon to implement this: interpret one thing to me as malicious.

Maybe if they will support segwit, clients will have the reason to ask for reduced fees and right now, they won't do that as it will decrease their income. Though they are already generating huge income. They need to think of business first but I really do hope they will change very soon.

Exchanges make a lot of money by adding new scamcoins, scam-c-os, and scam-fi to pickup all the gamblers that bleed fees on rapid trading as well as gaining the astronomical listing fees they're able to collect from the creators of the many massively pre-mined coins.

Bitcoin generates a lot of money for exchanges too-- but it'll still generate just about as much money for them if they leave their Bitcoin support to rot, fall years out of date, and if they don't keep up with the latest technical improvements or best security practices.

Worse, many altcoins are constantly on fire with frequent (sometimes unexpected) hardforks, serious bugs, node software by sketchy anonymous authors, reorg attacks and often have gaps in basic functionality like usable multisig... so it's easy for those things to sop up what time they've budgeted for maintenance.

And it's not like they start with a lot of time/resources to spare: Handling fraud, KYC, legal requests, lost accounts, banking stupidity --- etc. It's a difficult business.  So it isn't a shock that they spend a lot of what they have left on whatever is most urgent and brings in the most money.  Because the Bitcoin ecosystem is in it for the long run and isn't a bunch of crazed mad people the urgency is usually kept to a minimum.

When they do make plans to upgrade their Bitcoin support they usually bake those plans into some grand rewrite-- their Bitcoin support was written first and is usually the most crufty-- which inevitably they never finish or finish so late that even the upgraded support is already out of date by the time they deploy it.

These moves build up technical and goodwill debt.  They may not feel the pain today, but when they're massively hacked because they didn't keep up with best practices, or when customers flock to a smaller competitor once it crosses a threshold size because they're tired of the family they recommend looking into Bitcoin getting sold scam ICOs when they log in and get tired of not even being able to use a default address from a two year old wallet--- their staff might be surprised.

But I won't be.


Many exchange business seems to have become focused on catering to cryptocurrecy-as-gambling: and I don't mean using gambling sites, I mean day trading among cryptocurrences itself as a form of gambling.  They're likely by far the most profitable customers.   These services now seem to take two main forms:  Ones which either list a multitude of ever more sketchy altcoins and ICOs,  or ones that list a few and avoid most of the most scummy stuff but offer various kinds of extremely leveraged margin or derivative product.  Both represent distinct ways of separating gullible customers from their money.  But I don't think business models that are mostly predicated on customers getting wrecked will do that well in the long run.  I think they've only gotten as far as they've gotten because the overall price increases have covered up a lot of the losses.

See also: https://rusty.ozlabs.org/?p=607  [pardon the double post but its been a couple days since the last].

What the heck are you talking about?

Users don't need to learn anything to use segwit... they just install a modern wallet and use it.

there is a disadvantage to consolidating all your addresses/inputs/whatevers. and that is say you have 10 btc spread in 20 or 30 addresses. maybe the most in one addy is 0.35 btc. if you send btc to someone from that addy thats all they see you have.. that 0.35 btc. if all had been consolidated that person now would know you have 10 btc.

i prefer a lot of various sized utxos to select from so that i can send just enough, and not give away how much coin i may have.

ill accept the extra cost.

edit: probably got some terminology wrong, feel free to correct please.

With my limited knowledge on consolidation, privacy, fee and mixing I think consolidation can be used to save your fee by reduce the size of transaction from 10 inputs to 1 output. You consolidate and prepare 1 output for later spending.

Consolidation is applied when fee is low and I don't feel reasons to consolidate if fee is not cheapest (1 satoshi per byte).

Privacy it is nonsense to consolidate all your inputs into 1 outputs if you don't plan to spend all of your bitcoin with a single transaction. Consolidate 10 inputs to have 10 BTC and at the end spend out only 0.35 BTC and the rest 0.65 BTC will be left in your wallet with a new change address. I don't it is a thing to do.

Consolidate and mixing are different but they have a common point. Consolidate or combine mixed coins can reduce your anonymity.

If I have 10 BTC, saving $5 dollar is not my big interest. I will make a few transactions if I want to keep up my anonymity.

That person made a transaction from 753 inputs (ignore how the person used terrible fee). https://blockstream.info/tx/3ba0c9eaf3185898164518cda7e3433d1d2049188d737f2b2a7e188aaeb8b4de

Due to complexity others will tend to use or store bitcoin in those centralized and custodial wallets or exchanges. Here in our local we use custodial wallet to which our btc holdings are secured by them and can be hold/freeze by them whenever they wanted. But we weren't afraid to it because we know that the exchange was being mandated or regulated by the authority concerns with the financial matters. So far, no problem had been encountered and we were only using or storing small amount of BTC in their wallet.

the problem is that some people have to learn everything the hard way. you keep telling them that fire is hot but they have to burn their hand to believe you!
as for regulation and the "authorities" they don't give a crap about security of user funds. all they care about is the information they gather about who does what and how much bitcoin they have.

as of Sun Nov 29 13:57:49 UTC 2020
blocks were not full (block#659229, 659230..659232.. )
mempools are well within 5MByte

BTC is nearall time high and for those trying to help out with circulations would need large set of anonymous UTXS ahead to fill decentralized in person trades.

by consolidate coins now you can avoid paying high fees in your future transactions by converting non segwit coins into open source custodial wallets with full segwit addresses (bech32 addresses).  Help spread the peak to save liveliness of BTC n00bs when people have no options and must send transactions on chain.