Bitcoin Forum
October 21, 2018, 05:51:53 PM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [Question ]Moving from non HD wallet to HD wallet. Should I do 1 tx or many?  (Read 39 times)
Lyr2
Newbie
*
Offline Offline

Activity: 8
Merit: 0


View Profile
December 13, 2017, 09:17:34 PM
 #1

Hello,

I'll move balance from one non-HD wallet to one new HD wallet that I've created recently. The old one is not encrypted, the new one it is.

Is there any risk if I move all the balance in one transaction to 1 destination address?
Or it's recommended to split the balance in 4 or 5 transactions to different destination addresses in the target wallet?

(Transaction fee is a very high at the moment, so if multiple transactions are recommended, then I'll wait more time before doing this).

Thanks!
1540144313
Hero Member
*
Offline Offline

Posts: 1540144313

View Profile Personal Message (Offline)

Ignore
1540144313
Reply with quote  #2

1540144313
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1540144313
Hero Member
*
Offline Offline

Posts: 1540144313

View Profile Personal Message (Offline)

Ignore
1540144313
Reply with quote  #2

1540144313
Report to moderator
AdolfinWolf
Hero Member
*****
Online Online

Activity: 826
Merit: 656



View Profile
December 13, 2017, 09:23:13 PM
 #2

Hello,

I'll move balance from one non HD wallet to one new HD wallet that I've created recently. The old one is not encrypted, the new one it is.

Is there any risk if I move all the balance in one transaction to 1 destination address?
Or it's recommended to split the balance in 4 or 5 transactions to different destination addresses in the target wallet?

(Transaction fee is a very high at the moment, so if multiple transactions are recommended, then I'll wait more time before doing this).

Thanks!

I'd say that it would be better to merge everything into 1 output, instead of 5 smaller ones. Reason is that you will pay alot of fees anyway, even more when you keep splitting it up.

Say you divide it over 5 adresses, if you want to spent from those 5 again, you will need to make another big input transaction, while you could also merge everything into 1 tx right now, and only have 1 input the next time you're going to spent anything.

And no, there shouldn't be really any "risk" into submerging all your bitcoin in one transaction, to one adress.

Lyr2
Newbie
*
Offline Offline

Activity: 8
Merit: 0


View Profile
December 13, 2017, 09:30:27 PM
 #3

Thanks for the answer, I'll do it just in two then.
Just in case i stupidly do something wrong....

Is good to know that there's no extra risk in having everything in 1 receiving address, vs different receiving address (in the new wallet).

My idea is to move to this new wallet encrypted and stick with this one from now. And keep the old wallet as a history wallet.
frrrossst
Newbie
*
Offline Offline

Activity: 11
Merit: 0


View Profile
December 14, 2017, 06:02:45 AM
 #4

When you say from non HD wallet to HD wallet, do you mean both within bitcoin core? can you tell me the difference between hd and non hd wallet?
LoyceV
Legendary
*
Offline Offline

Activity: 1274
Merit: 2138


Self-made Legendary!


View Profile WWW
December 14, 2017, 09:19:41 AM
 #5

And no, there shouldn't be really any "risk" into submerging all your bitcoin in one transaction, to one adress.
The risk is your privacy. If you own a total of 0.1BTC, I wouldn't worry about it, and add it all together into 1 address, to safe on fees in the future.
But if you're holding a large amount of money, you should keep different addresses and smaller portions to pay for stuff. You don't want your local coffee shop owner to know you hold $100M in Bitcoins.

To safe on fees now: if you're not in a hurry you can set quite a low fee, and just wait for it to confirm someday. Or check this fee estimator and make the transaction when it says 40 sat/byte again (probably on a quiet Sunday).

cellard
Legendary
*
Offline Offline

Activity: 1162
Merit: 1152


View Profile
December 14, 2017, 05:40:37 PM
 #6

If you want to keep your privacy intact, you need to enable "Coin Control" in your Bitcoin Core wallet (it's in "display" options, enable "Coin Control features" (tick the box) then on send you will see "inputs", click there and then you can choose how you exactly are making transactions.

Send the coins in a proper way that it doesn't jeopardize your privacy.

For example if you are receiving donations in address A which is a public address, and you have a business that has address B which is also public, you don't wan to send A+B in a row because people would know you are taking donations somewhere. This is an annoying aspect of Bitcoin, you must have control of these things, I wish I could simply "click send" and be done with it, but it is what it is.

If you don't care about that, just send it all in a row in a single transaction.

And no, there shouldn't be really any "risk" into submerging all your bitcoin in one transaction, to one adress.
The risk is your privacy. If you own a total of 0.1BTC, I wouldn't worry about it, and add it all together into 1 address, to safe on fees in the future.
But if you're holding a large amount of money, you should keep different addresses and smaller portions to pay for stuff. You don't want your local coffee shop owner to know you hold $100M in Bitcoins.

To safe on fees now: if you're not in a hurry you can set quite a low fee, and just wait for it to confirm someday. Or check this fee estimator and make the transaction when it says 40 sat/byte again (probably on a quiet Sunday).

Well, if you have $100M in a single address and you wanted to pay for something without directly sending from such an huge address, I guess you can create a new receiving address, send a decent amount like $1000 bucks to yourself on there, and use that address from now on to pay for stuff, this way they couldn't prove you own $100M, just $1000.

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!