Compressing Bulk Transactions into single confirmation

[Arcas]

Would it be possible to allow people to send a large group of transactions at one time, and bunch all these transactions into one neat package to be confirmed at one time? For example, if a single transaction out of the group is rejected, the whole package would be rejected. This could allow for exchanges and companies like gambling sites and faucets to send very large packages of transactions for the fee of one transaction. It could also cut out a lot of the repeated data in the blockchain that each transaction needs to have, as well as stop sites like SatoshiDice from slamming the blockchain with huge tiny transactions.

Is my idea even remotely feasible? My first post on this board, so please be gentle .

[gyverlb]

Would it be possible to allow people to send a large group of transactions at one time, and bunch all these transactions into one neat package to be confirmed at one time? For example, if a single transaction out of the group is rejected, the whole package would be rejected. This could allow for exchanges and companies like gambling sites and faucets to send very large packages of transactions for the fee of one transaction. It could also cut out a lot of the repeated data in the blockchain that each transaction needs to have, as well as stop sites like SatoshiDice from slamming the blockchain with huge tiny transactions.

Is my idea even remotely feasible? My first post on this board, so please be gentle .

Look at the button on the bottom left of your bitcoin-qt client when you send coins...

[Arcas]

Would it be possible to allow people to send a large group of transactions at one time, and bunch all these transactions into one neat package to be confirmed at one time? For example, if a single transaction out of the group is rejected, the whole package would be rejected. This could allow for exchanges and companies like gambling sites and faucets to send very large packages of transactions for the fee of one transaction. It could also cut out a lot of the repeated data in the blockchain that each transaction needs to have, as well as stop sites like SatoshiDice from slamming the blockchain with huge tiny transactions.

Is my idea even remotely feasible? My first post on this board, so please be gentle .

Look at the button on the bottom left of your bitcoin-qt client when you send coins...

I don't see anything. Mind clarifying?

[gyverlb]

Would it be possible to allow people to send a large group of transactions at one time, and bunch all these transactions into one neat package to be confirmed at one time? For example, if a single transaction out of the group is rejected, the whole package would be rejected. This could allow for exchanges and companies like gambling sites and faucets to send very large packages of transactions for the fee of one transaction. It could also cut out a lot of the repeated data in the blockchain that each transaction needs to have, as well as stop sites like SatoshiDice from slamming the blockchain with huge tiny transactions.

Is my idea even remotely feasible? My first post on this board, so please be gentle .

Look at the button on the bottom left of your bitcoin-qt client when you send coins...

I don't see anything. Mind clarifying?

On Bitcoin-qt 0.8.1 there's a button "Add Recipient", following found with a google image search:

[Arcas]

Does this allow you to send different amounts to different people with one fee? I have never used that function.

[gyverlb]

Does this allow you to send different amounts to different people with one fee? I have never used that function.

This is exactly what it does. Your fees won't always be reduced using this as fees are computed based on both transaction size and input age (how long did the coins sit in your wallet), but in most cases they will and if you don't have to use dust (very small inputs) to build your transaction they can still be the minimum fee even with several recipients.

[Arcas]

Thank you! (>^.^)> <(^.^<)

[Herbert]

This is also available as commandline command "sendmany".