Unspent outputs, higher fee

[Majox]

Hello,

I am using blockchain wallet for a year, now I need to send some coins to another adresses, but it appears message:

This wallet contains a very large number of unspent outputs. Please consolidate some outputs

I know, that is because lots of mini amounts of bitcoins was send to my wallet adresses. Now everytime wallet ask me about higher fee.

What to do now? How to fix this problem? How to consolidate these outputs?

I really do not know, what to do.

Thanks for help, have a nice day!



Majox

[1715689332]

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[1715689332]

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[1715689332]

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[1715689332]

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[steven0021]

Consolidating means creating a transaction with all the outputs you're trying to consolidate to one output. So you'll have to pay the fee anyway.

[Investforprofit]

I do not undertand that blockchain why need to put everything in one output.In other bitcoin wallets like coinpayments we do not need to do that,maybe I am not sure yet I did not saw that somebody writed that it needs to be done in that wallet.

[Majox]

Consolidating means creating a transaction with all the outputs you're trying to consolidate to one output. So you'll have to pay the fee anyway.

Thanks and can you please tell me how to do that?

Because, only text message appears without any details, where to find them and how to consolidate them?

And another thing, when I pay something with igher fee it will consolidate, or not?


Thanks a lot!

[achow101]

I do not undertand that blockchain why need to put everything in one output.In other bitcoin wallets like coinpayments we do not need to do that,maybe I am not sure yet I did not saw that somebody writed that it needs to be done in that wallet.

This is not just limited to blockchain.info. This happens to all wallets because of how Bitcoin works. If you make a large transaction (typically ones with many inputs), you will end up paying a high fee. It is generally better to consolidate your Bitcoin periodically so that you do not have an obscenely large transaction when you actually want to spend money. Note that outputs are not addresses. Receiving all of your Bitcoin in one address will not make a difference.

Thanks and can you please tell me how to do that?

Because, only text message appears without any details, where to find them and how to consolidate them?

Unfortunately Blockchain.info does not give you the ability to do some more advanced things, so this is more difficult to do with precision. Just send your Bitcoin to another address in your wallet. If it does not allow you, decrease the amount until it does.

And another thing, when I pay something with igher fee it will consolidate, or not?

The fee has nothing to do with output consolidation.

[Majox]

Unfortunately Blockchain.info does not give you the ability to do some more advanced things, so this is more difficult to do with precision. Just send your Bitcoin to another address in your wallet. If it does not allow you, decrease the amount until it does.

I see, that I can send btc to my own adress in the same wallet, but it still asks about higher fee, how large amount I must send to consolidate things?

Decrease the amount of what?

Thank you for help!

[achow101]

I see, that I can send btc to my own adress in the same wallet, but it still asks about higher fee, how large amount I must send to consolidate things?

It will always ask about the high fee until you send. In order to consolidate, you must send, and thus you must pay the fee.

Decrease the amount of what?

Decrease the amount you are sending.

[Majox]

I see, that I can send btc to my own adress in the same wallet, but it still asks about higher fee, how large amount I must send to consolidate things?

It will always ask about the high fee until you send. In order to consolidate, you must send, and thus you must pay the fee.

Thanks for a fast reply

And that means when I send from my wallet to my wallet some amount it will consolidate unspent outputs? It will fix everything, or I am missunderstanding it?

[kolloh]

I see, that I can send btc to my own adress in the same wallet, but it still asks about higher fee, how large amount I must send to consolidate things?

It will always ask about the high fee until you send. In order to consolidate, you must send, and thus you must pay the fee.

Thanks for a fast reply

And that means when I send from my wallet to my wallet some amount it will consolidate unspent outputs? It will fix everything, or I am missunderstanding it?

Yeah, when you send from your wallet to the same wallet, it will consolidate the small inputs but you will have to of course pay a higher fee due to a lot of inputs. You may need to do this in several rounds depending on how many inputs your wallet has in total to avoid hitting the limit.

[achow101]

And that means when I send from my wallet to my wallet some amount it will consolidate unspent outputs? It will fix everything, or I am missunderstanding it?

So long as the amount that you are sending requires multiple outputs, then yes, the outputs will be consolidated.

[Majox]

Thanks, I can do it in more than one transaction with higher fee? Or just one?

This consolidation works only when I send btc to the same wallet, no to another, right?

Everything you said means, that if blockchain wallet add higher fee, it must consolidate unspent transactions?

Thanks

[kolloh]

Thanks, I can do it in more than one transaction with higher fee? Or just one?

This consolidation works only when I send btc to the same wallet, no to another, right?

Everything you said means, that if blockchain wallet add higher fee, it must consolidate unspent transactions?

Thanks

It would really work if you sent it to any address. Consolidation is simply combining the many small inputs into a larger input. The fee is higher due to the large number of inputs and once you consolidate, you won't run into that issue. You might have to use more than one transaction to consolidate due to the large number of inputs that you have. You may have to do it in smaller chunks in this case or my sending a smaller amount so less inputs are used.

[Majox]

Thanks guys for help, it helps me a lot.

I try to do that, and now everything works well.

Thank you

[AmoreJaz]

i would have to say that if you would make an account in one of the several exchanges this probably would not happen!
online wallets are always subject to delightful things but exchanges  have the issue covered from day one!

[Anillos2]

Hello,

I am using blockchain wallet for a year, now I need to send some coins to another adresses, but it appears message:

This wallet contains a very large number of unspent outputs. Please consolidate some outputs

I know, that is because lots of mini amounts of bitcoins was send to my wallet adresses. Now everytime wallet ask me about higher fee.

What to do now? How to fix this problem? How to consolidate these outputs?

I really do not know, what to do.

Thanks for help, have a nice day!
Majox

I have recent experience on that:

I had a wallet with some addresses with lots of tinny and large inputs (~600 in 3 addresses), so Blockchain.info suggested me a very high fee (~20 mBTC). Instead on paying a lot of money, I tried to set my own fee with the "advanced" option. I could move these Bitcoins using less than 5 mBTC. The transactions took a bit more time but I could sent that money to a more secure (I hope) paperwallet. Tre fee depends on the number of unspent inputs, start with 0.1 mBTC for 200 inputs and if the transaction is rejected, click on "back" and increase the fee (if you are emptying the address, decrease that amount on the destination address).

Note that very tinny dust will be ignored (I had loose satoshis!), because they need ~180 bytes and each byte could cost at least 1 satoshi.

[Investforprofit]

I also see now that bitcoin wants bigger fees to be paid from bitcoin users but I really dont know which is the reason for that so I am interested if maybe somebody here know?

[Lauda]

I also see now that bitcoin wants bigger fees to be paid from bitcoin users but I really dont know which is the reason for that so I am interested if maybe somebody here know?

Fees are determined primarily by the market supply (block space) vs. demand. The current demand is quite larger than the supply, therefore people are including higher fees in order to prioritize their transactions. Therefore, the required fee to get included in a block grows. You're also wrongly talking about Bitcoin as a singular entity from what I gathered in your post.