Who remembers this transaction ?

[theborngeek]

https://www.blockchain.com/btc/tx/a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d

 

[BitMaxz]

Sometimes use "" or double quote with key term inside will find it where this transaction discussed.

Anyway, this is related to pizza thread where the man sold a pizza and receive 10k Bitcoin which is lucky if he still holding it right now and if it's not sold yet. Since the price of Bitcoin right now is around 9k the total amount he has $97,349,599 USD in total which is a big money but it seems the man that has 10k Bitcoin seems already spent it last 2010 after he receives it he transfer it on the same day.

Much better check this thread about this transaction from here https://bitcointalk.org/index.php?topic=137.540

[JeromeTash]

One peculiar thing i noticed about the transaction was the fee, 0.99 BTC in fees 
I know the large amount of fee could have originated from so many inputs as seen from the Tx ID but one thing i would like to know is that, is this kind of thing possible currently?

If yes ,what can one do to avoid paying such large amounts of fees?

[crwth]

If yes ,what can one do to avoid paying such large amounts of fees?

I have searched this and found these techniques that you could utilize

• Compressed public keys
• Payment batching
• P2SH-wrapped segwit
• Native segwit

• Change avoidance
• Consolidation
• Intelligent fee selection

For the Legendary transaction, of course, the Segwit parts are not applicable.


https://en.bitcoin.it/wiki/Techniques_to_reduce_transaction_fees

[seoincorporation]

One peculiar thing i noticed about the transaction was the fee, 0.99 BTC in fees 
I know the large amount of fee could have originated from so many inputs as seen from the Tx ID but one thing i would like to know is that, is this kind of thing possible currently?

If yes ,what can one do to avoid paying such large amounts of fees?

I think those fees was more a tip for miners than the fees required for that transaction, the total of inputs doesn't justify that big amount.

But thanks to your post now i know another interesting data about the first 'bitcoin x product' transaction.

[Maus0728]

I think those fees was more a tip for miners than the fees required for that transaction, the total of inputs doesn't justify that big amount.

But thanks to your post now i know another interesting data about the first 'bitcoin x product' transaction.

Wait what? Why there are so many "input" in that transaction? Does it mean I received 131 transaction in the same bitcoin address? I just want to clarify this thing.

[pooya87]

One peculiar thing i noticed about the transaction was the fee, 0.99 BTC in fees 
I know the large amount of fee could have originated from so many inputs as seen from the Tx ID but one thing i would like to know is that, is this kind of thing possible currently?

If yes ,what can one do to avoid paying such large amounts of fees?

if this wasn't clear, the transaction is from back in 2010 and the sender could send the transaction with zero fee or probably even mine it themselves and get 50BTC block reward while doing it. also considering the price of bitcoin the fee wasn't that big although it looks like it (i think 1 bitcoin was around $0.01 or something like that).

Wait what? Why there are so many "input" in that transaction? Does it mean I received 131 transaction in the same bitcoin address? I just want to clarify this thing.

you don't receive the inputs of a transaction, instead you receive the newly generated output. if the outputs were 131 then yes you would receive 131 transaction outputs, but considering this tx has only 1 the receiver got only 1 new output in their wallet.

[Maus0728]

you don't receive the inputs of a transaction, instead you receive the newly generated output. if the outputs were 131 then yes you would receive 131 transaction outputs, but considering this tx has only 1 the receiver got only 1 new output in their wallet.

I see! So, if I want to have a multiple output in a transaction, I needed to receive bitcoin from different bitcoin addresses as well. And If I have different output in the transaction, I can use those as an input if I have a coin control function in a wallet like Electrum 

Another question, is the transaction fee directly proportional to the amount of bitcoin you are sending? I just noticed that this tx is transferring a large sum of bitcoin and yet also had a large amount of fee.

[20kevin20]

Another question, is the transaction fee directly proportional to the amount of bitcoin you are sending? I just noticed that this tx is transferring a large sum of bitcoin and yet also had a large amount of fee.

No, it's not as easy as the fee being proportional to the amount you're spending. You could send 100k BTC with a very, very small fee as long as your wallet history isn't too complex. Long story short, the fees are proportional not to the amount of BTC you send but to the weight of the transaction you're sending.

The weight gets lower or higher depending on multiple factors - for example, as far as I can see, the pizza guy received his money from 131 inputs. If there was only 1 input instead of 131, there would've been a much lower tx fee than 0.99BTC.

If you have ever visited Bitcoin Fees or made a transaction with custom fees, you might've noticed that you could sometimes input a number of satoshis/byte. That is basically choosing how much you want to pay in BTC fees for each byte of your tx's weight.

Now let's say I gave you 1 BTC and you split it into exactly 1k addresses on a fresh new Electrum wallet, so in the end you'd have 1000 addresses worth 0.001 BTC each. If you ever wanted to spend the 1 BTC I gave you, you'd have to use 1k inputs and that'd turn into a huge fee in the end.

Back when I used faucets, I had about 10k satoshis entering my wallet every now and then. After about an year of accumulating, I wanted to move everything to another wallet. Well, guess what happened! I had around $15k worth of BTC but there were so many inputs that the automated fee calculus told me I had to pay $10 in fees. I ended up sending it with a 0 sat/byte fee and it took a few months to be confirmed.

[gentlemand]

Another question, is the transaction fee directly proportional to the amount of bitcoin you are sending? I just noticed that this tx is transferring a large sum of bitcoin and yet also had a large amount of fee.

You are paying for the amount of data you're moving. It's nothing to do with the amount. Data is added with every input you eventually send back out. Sending 500,000 BTC from one transaction will cost much less than 0.0001 BTC made up from several.

[Maus0728]

Now let's say I gave you 1 BTC and you split it into exactly 1k addresses on a fresh new Electrum wallet, so in the end you'd have 1000 addresses worth 0.001 BTC each. If you ever wanted to spend the 1 BTC I gave you, you'd have to use 1k inputs and that'd turn into a huge fee in the end.

Wth! It looks like I am going to have a high transaction fee when I am going to transfer my funds from a custodial wallet that lacks coin control feature to Ledger Nano S. My wallet only has 1 receiving address and I made lots of transfer in them,thus it carries lots of weight since there are too many input!

[gentlemand]

That's what a lot of people don't consider until they either get walloped with a huge fee or the fee is more than the entire wallet balance, though you can always low ball it and wait a week or two.

When things build up I always consolidate in quiet moments.

Who knows what the future holds for fees.

[mariah.sadio]

Pizza day is here. Ohm so sad, that i dont have time travel machine

[Shame_Game]

I'm not interested in that, so it doesn't matter to me.