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Author Topic: New Bitcoin Rewards Site in Development  (Read 592 times)
bitcoinget
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February 07, 2013, 07:59:08 PM
 #1

I'm working on a site that will let users earn a small amount of bitcoins for their completion of small tasks. Most of it is done, but the part I'm a bit stuck on is figuring out what the best way is to send payments. I would prefer that the user be able to receive payment immediately after completion of tasks and not have to accumulate a minimum balance, but the transaction fee to send payment is often higher than the amount I'm paying to the user. Would sending out multiple payments at the same time reduce fees? If so, is there an optimal number/ratio to send?

Hoping someone here might have experience with sending micropayments. Look forward to hearing from you!

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federicoaa
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February 07, 2013, 08:03:59 PM
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Just group all the payments into daily payment to save on tx fee, as everybody does.
If you are giving me 0.0001 btc for something I won't expect to have it immediately.

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bitcoinget
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February 07, 2013, 09:08:43 PM
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Yeah, that makes sense. Is there any limit or recommended number of addresses that I should stuff into a transaction?

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blockgenesis
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February 08, 2013, 12:34:56 AM
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I'm not aware of the actual limit if there is any, however just take a look at p2pool transactions. Each of them include a pretty huge list of Bitcoin addresses :
http://blockchain.info/tx-index/43689203/5568c9fcf9db336e19b9e2912f8295db733884677dea811489dd4d8810ebef8a

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payb.tc
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February 08, 2013, 12:40:29 AM
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I'm not aware of the actual limit if there is any, however just take a look at p2pool transactions. Each of them include a pretty huge list of Bitcoin addresses :
http://blockchain.info/tx-index/43689203/5568c9fcf9db336e19b9e2912f8295db733884677dea811489dd4d8810ebef8a

this kind of transaction doesn't need a fee though does it? i think it's a different case.


Yeah, that makes sense. Is there any limit or recommended number of addresses that I should stuff into a transaction?

as a rough guide, and this is only in my personal experience, about 15 addresses per tx

just experiment a little there, see what fee you're paying for 10, 15, 20, 25 transactions, etc.



blockgenesis
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February 08, 2013, 08:49:45 PM
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I'm not aware of the actual limit if there is any, however just take a look at p2pool transactions. Each of them include a pretty huge list of Bitcoin addresses :
http://blockchain.info/tx-index/43689203/5568c9fcf9db336e19b9e2912f8295db733884677dea811489dd4d8810ebef8a

this kind of transaction doesn't need a fee though does it? i think it's a different case.


It is a concrete demonstration of a Bitcoin TX with more than a hundred Bitcoin addresses, and many of them receiving micro-payments (under 0.01BTC). I don't know if this transaction requires a fee (blockchain does not seems to show there is a fee though). But considering you can send 100+ payments in one single TX, even if there is a small fee, it's clearly not expensive.

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payb.tc
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February 08, 2013, 10:34:05 PM
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I'm not aware of the actual limit if there is any, however just take a look at p2pool transactions. Each of them include a pretty huge list of Bitcoin addresses :
http://blockchain.info/tx-index/43689203/5568c9fcf9db336e19b9e2912f8295db733884677dea811489dd4d8810ebef8a

this kind of transaction doesn't need a fee though does it? i think it's a different case.


It is a concrete demonstration of a Bitcoin TX with more than a hundred Bitcoin addresses, and many of them receiving micro-payments (under 0.01BTC). I don't know if this transaction requires a fee (blockchain does not seems to show there is a fee though). But considering you can send 100+ payments in one single TX, even if there is a small fee, it's clearly not expensive.

but it seems it's a totally different type of tx to what the OP would be sending simply because it has no inputs.
bitcoinget
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February 08, 2013, 10:59:29 PM
 #8

The site that was referring to is live! Here's the thread where I made the announcement:
https://bitcointalk.org/index.php?topic=141991.0

I've done a couple of sendmany payments and the fees were reasonable! Here was one of the transactions:

http://blockchain.info/tx/fed432072d7ee84cc0154ec24ff058f135230bddf2a8ab4969b12401dd7e688e

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rpgman1
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February 08, 2013, 11:06:17 PM
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Nice, earning BTC watching videos. Might as well give it a try then.
blockgenesis
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February 08, 2013, 11:13:07 PM
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but it seems it's a totally different type of tx to what the OP would be sending simply because it has no inputs.

Right, this is a coinbase transaction. But to my knowledge, the same specification applies to these transactions, except that coinbase output must be == to the block reward + all tx fees in the block. Based on this assumption, (and since it is possible to have many recipients in a standard tx as well), I think it is more likely that this also applies to a standard tx.

Bitcoin spec also does not mention any limits on tx outputs :
https://en.bitcoin.it/wiki/Protocol_specification#tx

But yet, unless someone can confirm, a concrete test would provide a real answer (and would only cost time).

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blockgenesis
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February 08, 2013, 11:15:47 PM
 #11

The site that was referring to is live! Here's the thread where I made the announcement:
https://bitcointalk.org/index.php?topic=141991.0

Congrats! Will try it :-)

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bit365
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February 09, 2013, 01:21:10 AM
 #12

Sounds cool.

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