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1  Bitcoin / Bitcoin Discussion / Re: Any Live Charts to track Bitcoin Transaction fees ? on: May 05, 2024, 03:32:00 PM
Sorry if this has been mentioned elsewhere already -> https://btc.network/estimate

It's not really live ("The Satoshi/byte rate is refreshed every minute. Information about the Bitcoin Mempool and Unconfirmed Transactions is updated every 3 seconds.") but the data is useful for comparison in the least.
2  Other / Beginners & Help / Re: Wallet resp. Address Consolidation on: August 26, 2023, 03:11:14 PM
And if you have a range of outputs, then it's easier to make transactions which create no change and therefore not run in to the problem of lots of small outputs needing consolidated in the future.

Well, I do have a nice range of outputs, my question (which obviously was formulated somewhat clumsy) was about will or will not transaction fees rise after the next halving, thinking about dozens of outputs "in the range of $5-8 each". After reading and "digesting" the helpful answers I got here I'm comfortable now with the way it is.

Have a nice weekend!
3  Bitcoin / Bitcoin Discussion / Re: I think we need to start asking people if...... on: August 25, 2023, 10:52:20 PM
And since we both agree that we should do this only with people we trust, I guess that we can also agree that this exquisite list cannot contain any random plumber we hire  Wink

Totally agree  Smiley

And thanks for "The Random Plumber" - may it become a meme  Wink

(sorry for OT)
4  Bitcoin / Bitcoin Discussion / Re: I think we need to start asking people if...... on: August 25, 2023, 05:45:12 PM
But nowadays the paradigm has changed and many people - including me - prefer to not brag about bitcoin, no matter how big or small the amount is, to avoid unnecessary hassle with burglars or worse.
So... yeah..  Sad

Let's have a look from the other end. I'm a retired programmer and about a year ago I was invited by a long-year customer who invested over 2 million in more vacation-houses. We talked about finances in general and then got deeper into assets we are invested in. Really trusting this man I asked him if he is acquainted with Bitcoin and he was very interested even though I talked more about the vision than the possibility to lambo. Soon after we met again and he asked for help as to where and how to buy. Being told of course not to buy for more than he could afford to lose overnight without any pain he bought. And he bought again in November 22, hitting it nice (while I was waiting for the prive to go down a little more...).

What I'm trying to say is that we're in the same boat now what threats are concerned and we trust each other. Now I work for him again once in a while and he pays me with Bitcoin. We are both happy.

Why not spread the idea of Bitcoin among people you trust without a doubt. I know he woudn't tear down my house trying to find my seed(s) (and he sure would have to).

But I agree - never brag, never even talk about it with anyone you don't completely trust.
5  Other / Beginners & Help / Re: Wallet resp. Address Consolidation on: August 24, 2023, 04:23:35 PM
I think you missed my reply.
Electrum generates a new address due to privacy reasons and take note that even if you had received all the transactions at the same address, you still had the same number of UTXOs.
When it comes to transaction size and the fee you have to pay, it's the number of UTXOs that matters, not the number of addresses you are spending fund from.

Sorry I didn't answer your post directly - I'm aware of what you stated, that's the reason I wrote about UTXOs in the beginning.

Thanks for your comment and have a nice day.

Edit: Just read my first post again and you're right - it led to this misunderstanding.
6  Other / Beginners & Help / Re: Wallet resp. Address Consolidation on: August 24, 2023, 03:31:41 PM
I created a topic about this, read Fees are low, use this opportunity to Consolidate your small inputs!

would this make sense considering that transaction fees might (most probably will) get higher after the halving?
In my experience, it's useless to try to predict fees far in the future. If you have inputs around ~0.0002BTC now, and they're Segwit, you can consolidate them for about 3% of the value of your inputs. If that's worth getting peace of mind: go for it!

Quote
a couple dozen addresses with one UTXO each containing more or less just dust
For next time: try to avoid creating dust inputs. Either consolidate them right then, send them elsewhere, or combine payments to avoid small change.

Thanks for the link - will read with interest.

"I prefer to "Enable coin control" in Bitcoin Core, you can do this in Electrum too. Select the inputs you want to use, and leave out very small dust inputs (say 0.00001BTC, it would still cost more in fees than it's worth). Then simply send all selected inputs to a new address of your own.I prefer to "Enable coin control" in Bitcoin Core, you can do this in Electrum too. Select the inputs you want to use, and leave out very small dust inputs (say 0.00001BTC, it would still cost more in fees than it's worth). Then simply send all selected inputs to a new address of your own."

The inputs in question result from a time some years ago and now I know it was plain ignorancy on my part not to consolidate them right away. Electrum generates a new address for receivements by default so I didn't really care (think about it) at that time. By now addresses have piled up a bit so I thought it might be a good idea to do it before the next halving. Now I've learned that the halving will not necessarily result in higher fees so I've calmed down a bit overnight.

Actually I'm now asking myself where would this end? After having consolidated inputs < 0.0004 BTC what will come to my mind next - consolidating inputs < 0.004 BTC ? and then inputs < 0.04 BTC ? Completely disregarding privacy is not really appealing after all...

I'll take my time now and wait for the moment to do what seems right.

Once again thanks to everyone for the helpful comments!

7  Other / Beginners & Help / Re: Wallet resp. Address Consolidation on: August 23, 2023, 09:34:26 PM
Currently, your transaction will get confirmed with 6sat/vbyte.

So you can even consider consolidating the fees now which is 8 inputs and one output the fees will not be outrageous and we never know when the mempool will get clogged so waiting until the next halving to save a buck or two isn't worth the wait.

Using Bitcoin Fee Calculator to estimate the fee of your transaction which is 0.00006752 BTC = $1.8 if UTXOs are from Segwit (P2SH)



Isn't worth the wait - ok, I'm convinced. Guess I myself got clogged worrying about dozens of UTXO with a small fund. Actually I use the Bitcoin Fee Calculator you mentioned, it's great.

I'll do it.

Thanks to everybody! Great response for a new member, I appreciate it!
8  Other / Beginners & Help / Re: Wallet resp. Address Consolidation on: August 23, 2023, 09:12:53 PM
If that fund is too small, you should not consolidate it, pay on chain transaction and later will have to move it again, pay on chain transaction fee again.

Been using Electrum for some years now (never leave anything on an exchange), just worrying about the addresses with a small fund in one UTXO. But I get the point - paying transaction fee again. I'll keep watching the mempool and do some testing when the time feels right, there might be no really final answer, so it's up to me to ease my worries.

Thank you very much.
9  Other / Beginners & Help / Re: Wallet resp. Address Consolidation on: August 23, 2023, 08:37:21 PM
It definitely would make sense consolidating when the mempool becomes less congested

Thank you for your fast reply - actually been waiting for that to happen, hopefully it's not too late with the BRC-20 Token (of which I'm not a fan to be honest) here to stay.

But I get the message and I'll wait.

All the best to you.



...say close 3 sats/vbyte which is something we are closer to at the moment.

The halving period or after it doesn’t necessarily mean that the transaction fee will get higher, high transaction fee is mostly caused by a congested mempool...

As I understand it the fees are calculated per UTXO, so stuffing many of those into one transaction could blow up the fee I'd pay while each of them is almost just "dust". Please correct me if I'm wrong.
10  Other / Beginners & Help / Wallet resp. Address Consolidation on: August 23, 2023, 08:22:52 PM
Hi, the next halving ahead I'm getting a little troubled about a couple dozen addresses with one UTXO each containing more or less just dust (I know the term is inappropriate, but only 5-8 USD worth each atm). I'm using Electrum and could mark these addresses to „combine“ them sending to a new address (preferably same wallet).

Disregarding the privacy issue my question is: would this make sense considering that transaction fees might (most probably will) get higher after the halving?

Thankful for opinions and input!

(Please excuse my english but I won't use a translator for this).
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