Bitcoin Forum

Hello Bitcoiner,  I would like ask for those people have knowledge about technical of Bitcoin specially on fee.

So I have one project for my-self is saving a bitcoin(satoshi) with some goal(?)

They project will be work with saving bitcoins(satoshi) on 1bitcoinaddress, like saving 10,20,50($)

In case I already have 1000 transactions inside address (1000 input)(0 output). I already have some calculator here : https://www.buybitcoinworldwide.com/fee-calculator/ Yes, total of  input could increase of fee and estimated of the blocks.

Does If I choose lowest 1 satoshis/vbyte, will be confirmed on future or probally stucks(days?weeks?months? never?)

Yes it's quite stupid idea, but I would trying saving my bitcoins with own or hodl the private keys.

Any suggest to help me project please.

Left of questions, does have 1000 trasactions(1address)is called as 1 input or 1000 inputs?

1. You may want to also read [Sep 2021] Mempool empty! Use this opportunity to Consolidate your small inputs! (https://bitcointalk.org/index.php?topic=2848987.0)
The point is that at times the fees do become low enough that 1 sat/vByte is just fine. If you are not in a hurry, you should take advantage of that kind of times when you have so many inputs.

2. That huge number of inputs indeed means a big fee; people try to avoid lately such situations. But your calculation is pretty much correct. Just when you actually send it's 1000 inputs and one output (not 0).
On the other hand, if you have 1000 x 10$ inputs, that's 10k$.

3. With 1 sat/vByte it depends on how long the mempool is crowded (maybe it empties next week-end and your tx goes through) and how often your tx is re-broadcasted (which depends on the wallet) and others. If not re-broadcasted, your tx may be forgotten and may return to you in 2 weeks (with no money spent). When mempool gets way too big, some also clear the transactions with too small fee, so the 2 weeks is not a 100% rule.

4. 1000 entering transactions on one address is 1000 inputs .

All in all:
* avoid where possible that many inputs
* use SegWit/bech32 address for smaller fees
* follow sites like https://mempool.space and https://jochen-hoenicke.de/queue/#0,24h and consolidate your inputs in quiet times before spending.

If you are willing to partially leave the idea of "...  saving my bitcoins with own or hodl the private keys." you can use some custodial wallet ( e.g. coinbase ).

Custodial wallet usually has a fixed transaction fee (no matter the amount of inputs) so you can use it as a middleman to collect and pre-consolidate many small inputs into larger chunks and send these into to your own long term hodl wallet (where you can consolidate further eventually).

Personally, I always use 1 Sat/vbyte when sending coins to myself.

You don't have any hurry to receive, so just use the smallest fee possible. If it drop (rare occasion) just send it again.

NeuroticFish idea to use a bc1 address (native segwit) is very good and you will save a lot in fees.

You can simulate how much will you spend here, in this calculate I made a few months ago. The more inputs you have more you will save in fees using segwit.

https://bitcoindata.science/plot-your-transaction-in-mempool.html

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But let me ask, where those inputs come from.? Are you sending from an exchange?
Exchanges have high withdrawal fees. If that is the case,  accumulated for a few months/weeks before withdrawal

It is the best fee rate to use and should be used if you consolidate your small inputs.

In order to consolidate small inputs at 1 sat/ vbyte, you have to schedule it, monthly or bi-monthly and try to do it in weekends. Fee rates usually are very cheap in weekends especially on Sundays.

Why do I mention the weekly, bi-weekly or monthly plan? Because if Bitcoin has big rise or fall, mempool will be more congested and it takes time to be cleared. It can be enough time for you to have more new small inputs for consolidation as well.

It is just estimation of waiting time, on the chart you can see it. Monthly plan is the best because it is about 2 difficulty reshuffles, that would be enough to adjust difficult and solve all waiting transactions in congested mempool.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),6m,weight

Is the interval between these transactions (whether you are buying 10 bucks at a time or receiving it as payment) long or short. Because for example if you are buying $10 worth of bitcoin every week you could try to let the funds grow before you buy or withdraw from wherever you are buying from.

That way your address will have less UTXOs that have a higher value so that in the future when you want to spend from this address you don't have to use all UTXOs or even in case of consolidation your spending tx will have less inputs hence be smaller.

And even more, "not your keys, not your coins", you know...
The best would be, as @pooya87 said, to find the right balance in order to not withdraw that often and also don't keep too much at exchanges (here he would also save a lot at withdrawal costs), but it depends on where he buys from those coins.

The replies above answered your questions and explained well how to consolidate your inputs and its benefits.
I just want to address this point:
What you refer to as inputs are called unspent transaction outputs (UTXOs). A transaction will use those UTXOs as its inputs. But what you need to know is that you don't need to use all of them, you only need to use enough of them to cover the amount to send and the transaction fee. To choose the most suitable UTXOs for your transaction, you need a wallet that supports coin control.

Wow, Thank you a lot for those kind help me.

I can't reply @YouAll like quotes each one.

I got conclusion for :

-I still continuing my idea. I should using SegWit address bc1address...
-I could saving lot fee through 1 sat/vByte.
-Where I got them probably? No clue about that. May be from my friends, for my part job, or else.
-I would using them for own hodl private-key so I could control them using customs fee on future.


What's your project then? Yes It's only for my self but, Would be share them to this forum, wish this idea could be good things or history.

You need two things first to know how the Bitcoin fees work and thus reduce those fees to the  minimum possible by taking advantage of the times when the network is not overcrowded, knowing the exchange withdrawal fees and the appropriate times to buy Bitcoin (the average dollar cost strategy to reduce fees and increase profits)

to better understand how bitcoin fees work, I highly recommending to watch Andreas Antonopoulos YouTube channel^[1] and bitcoin fee videos^[2].

you can check and compare Withdrawal Fees from many bitcoin exchanges here ^[3]
As for the buying strategy, it is better to learn more about technical analysis.

[1] https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ
[2] https://www.youtube.com/watch?v=6JJQLzjAF9k
[3] https://withdrawalfees.com/coins/bitcoin

You can use mempool.space to check the current fee and the lowest fee. Using segwit address do help as it doesn't cost too much for fee. It could also be Replaceable by fee (RBF). What do you mean by where I got them probably?. Is it about wallet or about bitcoin?. If you are looking to learn more or gain knowledge about what wallet to be used like electrum then you can ask it here.