Large number of unspent outputs / Consolidate some outputs message

[Rambler76]

Hi

I keep getting this message when trying to transfer some bitcoins from my blockchain wallet.

I'm also getting an insufficient funds message (value needed 10.03 BTC, amount available 0.069 BTC) even though I have 10.03 BTC in my wallet.

I don't quite understand what this means or how to resolve it.

Any help would be much appreciated.

Thanks

[Akka]

That's the price you pay for bloating the blockchain with Satoshie Dice 

Like you said in you subject, you probably have many very small unspent outputs (1 Satoshi loose confirmations?). Yor Wallet always needs to spend the first confirmed output first. First in First out principle.

You will be able to spend more with enough confirmations again, but you will have to pay ridiculous high fees.

[Rambler76]

Yes, I'm new to this and have been stuffing around in pay per click sites so there's a lot of mBTC transactions.


How long will it generally take to get confirmation and be able to access the 10 BTC?

[Akka]

I don't know exactly how Blockchain handles fees, I don't use it myself. Basically, with enough fees you are able now.

For the future, use an extra address (you can have as many addresses as you want) for free BTC sites to not have some large outputs behind some very small.

[Rambler76]

Basically, with enough fees you are able now.

Thanks for the responses. Much appreciated.

I'm quite new to this and don't understand the fee side of things. Do I pay the fees ?

Also why is my blockchain wallet stating that I only have 0.69 BTC ?

I hope I haven't burnt through my coins with those stupid mBTC transactions (my fault).

[Akka]

I will explain it very simply.

Bitcoin always has to spend the whole amount of an output. That's like when you get a 10 Dollar Note. In order to spend it you will have to spend the whole 10 Dollar note and will get Change back.

Now if you send a 10 Dollar note to someone that is very cheap. But if you only have 1000 Pennys sending this 10 Dollars might get quite expensive.

It's the same with Bitcoin. And the sender pays the fees for sending, too.

I don't know how the Blockchain wallet handles fees, but I can say for sure your coins are not gone. And you are still able to spend them. Maybe someone else will answer this.

For now, add some more addresses to your wallet (you can do this under receive coins), name them and use them for receiving for different purposes.

1 "Fee BTC" address
1  "Mt.Gox" address
and so on.

This way you Wallet has different addresses to choose from when sending coins. If you don't specify a specific address when sending coins Blockchain will choose which (or which combination) fits best.

[solex]

I found that explanation very helpful too.

Question. If someone has lots of mBTC "1000 pennies" and manages to send them all as 10 BTC (perhaps with fees). Then presumably the 10 BTC are now at one address with the multiple-outputs problem gone away.

[Akka]

I found that explanation very helpful too.

Question. If someone has lots of mBTC "1000 pennies" and manages to send them all as 10 BTC (perhaps with fees). Then presumably the 10 BTC are now at one address with the multiple-outputs problem gone away.

Yes. That's correct. The receiving address now has only 1 new unspent output with 10 BTC.

[flower1024]

an easy way to solve this is: import your privkeys to mtgox and start a new wallet.
then withdraw all your btc to your new wallet...

[Rambler76]

Hi again.

Firstly thanks for your replies and assistance in helping me resolve this issue. I also hope it helps other new users revolve the same issue if they come across it.

I've decided to go with flower1024's recommendation and start a new wallet with Mt Gox as I need to withdraw 10BTC as soon as possible.

I've done the following:

In my Blockchain wallet
1) Import/Export > Export Encrypted Private Key
2) Copy the private key

In my Mt Gox Wallet
3) Funding options > add funds > redeem private key
4) Paste private key copied from blockchain wallet
5) Redeem key.

Now the following has happened:

6) Blockchain wallet show no BTC and no transactions.
7) Mt Gox wallet shows no BTC.

Have I followed the correct procedure ?

Thanks again.

[Akka]

Sounds about right, except that I think Gox needs the unencrypted private key.

If you want post your address, then we could look if there are still BTC in it.

[Gabi]

Note that the fees does not go to blockchain.info, they are to make the transaction, and miners will get them.

[Rambler76]

I must be doing something wrong with ther unencrypted key.

In Blockchain:
1) Import>Export
2) Export Unencrpted
3) Select Private Key Format>Base58
4) Copy
5) Paste into Mt Gox>Add Funds>Redeem Private Key
6) Following error from Mt Gox:

Private address added to your virtual wallet with address XXXXXXXXXXXXXXXXX. There was no coins in there, maybe you did a typo?

[Akka]

Easiest way is instead of using Base58, just create a paper wallet (its listed there, too) and copy that private key.

[Rambler76]

Ok, AKKA is correct.

It needs to be exported as an unencrypted private key with the key in a 'Bitcoin-Qt Format'.

I copied the "priv" details from the unencrypted key into Mt Gox and recieved confirmation that 10.033648 will be transferred.

Theres still BTC in my Blockchain wallet and none yet in my Mt Gox Wallet.

The wait is on.

Edit:

AKKA, I did a paper wallet export and the private key is listed there as well as you said.

[piuk]

Send the 0.069 BTC to yourself (generate a new address) to consolidate some inputs, you may be able to spend the full amount after that or if not send another transaction to yourself until you are able to.

[Rambler76]

Send the 0.069 BTC to yourself (generate a new address) to consolidate some inputs, you may be able to spend the full amount after that or if not send another transaction to yourself until you are able to.

Ive just been able to send 0.068 BTC (rounded) to my Mt Gox Wallet.

The second transfer comes up with:

"Insufficent funds.
Vaklue needed 1.00 BTC
Availiable amount 0.06916666"

Do I keep sending 0.068 BTC (rounded) until I can send the full amount?

[piuk]

Send the 0.069 BTC to yourself (generate a new address) to consolidate some inputs, you may be able to spend the full amount after that or if not send another transaction to yourself until you are able to.

Ive just been able to send 0.068 BTC (rounded) to my Mt Gox Wallet.

The second transfer comes up with:

"Insufficent funds.
Vaklue needed 1.00 BTC
Availiable amount 0.06916666"

Do I keep sending 0.068 BTC (rounded) until I can send the full amount?

Yes, keep sending in smaller amounts. You must have a serious amount of 0.0001 BTC inputs to make up 10 BTC. Would you you mind posting your bitcoin address?

[Rambler76]

Send the 0.069 BTC to yourself (generate a new address) to consolidate some inputs, you may be able to spend the full amount after that or if not send another transaction to yourself until you are able to.

Ive just been able to send 0.068 BTC (rounded) to my Mt Gox Wallet.

The second transfer comes up with:

"Insufficent funds.
Vaklue needed 1.00 BTC
Availiable amount 0.06916666"

Do I keep sending 0.068 BTC (rounded) until I can send the full amount?

Yes, keep sending in smaller amounts. You must have a serious amount of 0.0001 BTC inputs to make up 10 BTC. Would you you mind posting your bitcoin address?

Hi,

Ive got about 250 mBTC transactions and the rest are larger BTC transactions.

1mCs4bfGXxyU7UbZgx1N2eEGpErFMNTwk

[Rambler76]

Hi again,

Ive been transferring BTC across from Blockchain to Mt Gox.

Most of the transactions are confirmed and have shown up in my wallet, with a "Mt Gox" address book reference.

Whats a concern is that I have a few large BTC transactions with unfamilair wallet addresses and these arent confirmed.

Amounts are

3.30949 BTC
3.192 BTC
1.11889 BTC

Can anyone explain this?

Thanks