Bitcoin Forum
June 03, 2024, 03:46:46 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: 3 ways you can save on transactions fees today  (Read 1155 times)
audaciousbeing
Hero Member
*****
Offline Offline

Activity: 1330
Merit: 569



View Profile
April 08, 2017, 11:24:08 AM
 #21

1. Save up all the payments you need to make and send them in one transaction.
On electrum, go to tools > "pay to many" to do this, enter in each payment as <address>,<amount>

This is ome that really relates to me as this is something I have practiced as well and I have equally maintained that there is no way the fees wont go up so far we are always happy about the increase in price and the difficulty experienced in mining a bitcoin. I guess the only way around it is to manage the situation to our advantage in which OP has rightly enumerated.
AngryDwarf
Sr. Member
****
Offline Offline

Activity: 476
Merit: 501


View Profile
April 08, 2017, 06:26:32 PM
 #22

Not everybody has a need to do a one-to-many transaction.

The way to keep transaction fees down is to minimise the number of inputs required. I consider it good practice to use coin control and manage the UTXO set. I combine smaller UTXO's into larger UTXO's when the system is less busy, and I am prepared to wait for it. When it comes to needing a fast transaction during high demand, then I need only one input on the high fee transaction, thus saving fees in the long run.

TIP: Core haven't fully removed the coin amount * coin age weighting in transaction priortisation yet, and there are pools out there that still use this in addition to the higher fee prioritisation. If you have a large enough UTXO with enough confirms on it, you can combine UTXO's for only 1 sat/Byte. During low demand the confirm might be in the next block, or may only take a couple of hours.

Scaling and transaction rate: https://bitcointalk.org/index.php?topic=532.msg6306#msg6306
Do not allow demand to exceed capacity. Do not allow mempools to forget transactions. Relay all transactions. Eventually confirm all transactions.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!