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Author Topic: Coin Collection Tools to cut down on transaction fees  (Read 319 times)
domob
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March 24, 2013, 02:30:04 PM
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Hi!

I've already been some time into Bitcoins, but this is the first time I want to "officially" turn towards the community. Wink  I've used (and am using) a lot of give-away sites, not because I think they really pay off but more because this is kind of addictive and also fun.  However, due to that and lots of small transactions building up my funds, I was shocked one day to find a transaction ate up about BTC 0.05 in transaction fees....

In order to help prevent accidents like this in the future, I wrote some small scripts that can be used to create transactions "combining" your unspent transaction outputs into larger pieces, until in the end your whole balance is made up only of a single transaction output that can be used to send coins for free and with a small transaction.  The scripts are not intended to be used by people not understanding exactly what they do and I wrote them mainly for my own use, but also want to share them here in case someone finds them interesting and useful:

  http://www.domob.eu/projects/coinCollection.php

However, use at your own risk!!!

I'm happy about comments and ideas, although I'm currently not planning to spend many more time working on them.  But who knows?

Yours,
Daniel

PS: I think some people might consider these kind of scripts to be "spamming" the blockchain, but since Bitcoin is decentralised, the nodes collectively decide upon a policy for determining which transactions to accept and which to reject because they may be spam.  The whole purpose of these scripts is to build only transactions that are considered acceptable, and they are also not intended to automatically run and generate transactions all the time but rather be called manually only from time to time, so that not too many transactions are generated at a time.

Use your Namecoin identity as OpenID: https://nameid.org/
Donations: 1domobKsPZ5cWk2kXssD8p8ES1qffGUCm | NMC: NCdomobcmcmVdxC5yxMitojQ4tvAtv99pY
BM-GtQnWM3vcdorfqpKXsmfHQ4rVYPG5pKS | GPG 0xA7330737
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