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Title: Minimizing fees of bitcoin Post by: escrowmycoins on February 05, 2021, 02:59:28 PM Should i use BECH32 addresses to minimize fees? Also, what address type is the best for privacy?
Title: Re: Minimizing fees of bitcoin Post by: ranochigo on February 05, 2021, 03:12:57 PM Bech32 will help you save on the fees, more than the other address types but you'd probably find that if you consolidate your funds regularly, the effects would be compounded. If you want privacy, you'd have to go through a mixer or CoinJoin to break the connection. All of the Bitcoin address types will provide the same amount of privacy, if you use them the same way.
Title: Re: Minimizing fees of bitcoin Post by: NotATether on February 05, 2021, 06:37:02 PM Also, what address type is the best for privacy? Irrespective of whatever address you use, your privacy will be harmed if you do any of the following things, in order from least to most damaging: - You send or receive human-readable amounts of bitcoin such as 0.1BTC or 0.004BTC - You send or receive amounts of bitcoin that if converted to USD or some other currency become almost human-readable e.g whatever BTC amount equaling $100, $29.97 and so on. This is possible because the date the block including the transaction was mined is known. - the transaction fee you are paying matches the amount that some exchange or wallet usually uses.. - You spend from the address more than once, and each time only to two destination address. It's easy to identify receipent from change addresses when this happens (see below). - You have a wallet which utilities "change addresses" and you make a transaction that spends money from one that was received in a previous transaction (as the result of the address you paid from having surplus balance) - Same as above but all your connected addresses have the same address type, such as all 1s, 3s, or bc1q's. - You send or receive to vanity addresses (https://bitcoin.stackexchange.com/questions/20305/what-is-vanity-address), which have purposefully identifiable address prefixes - You post your address on the internet. Title: Re: Minimizing fees of bitcoin Post by: escrowmycoins on February 05, 2021, 10:54:01 PM Also, what address type is the best for privacy? Irrespective of whatever address you use, your privacy will be harmed if you do any of the following things, in order from least to most damaging: - You send or receive human-readable amounts of bitcoin such as 0.1BTC or 0.004BTC - You send or receive amounts of bitcoin that if converted to USD or some other currency become almost human-readable e.g whatever BTC amount equaling $100, $29.97 and so on. This is possible because the date the block including the transaction was mined is known. - the transaction fee you are paying matches the amount that some exchange or wallet usually uses.. - You spend from the address more than once, and each time only to two destination address. It's easy to identify receipent from change addresses when this happens (see below). - You have a wallet which utilities "change addresses" and you make a transaction that spends money from one that was received in a previous transaction (as the result of the address you paid from having surplus balance) - Same as above but all your connected addresses have the same address type, such as all 1s, 3s, or bc1q's. - You send or receive to vanity addresses (https://bitcoin.stackexchange.com/questions/20305/what-is-vanity-address), which have purposefully identifiable address prefixes - You post your address on the internet. Thanks! Check your DMs please. |