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Author Topic: Bitcoin transactions, best approach to reduce fees  (Read 37 times)
bitgamerz
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December 23, 2017, 02:19:15 AM
 #1

Hello,


I have 10 BTC in my wallet and I need to send small amounts to various bitcoin addresses.

I can not send in bulk (paytomany) because transactions are automated (daemon - command line).

Due to bitcoin price and the hike in mining fees, I will be sending at 0.0005 btc per transaction (1 output and 1 input).



My problem is : the first transaction wont be confirmed fast, therefor all the other transactions after it wont get confirmed till the parent one is.

Is there any tip to make transaction confirmations unrelated to their parents ? like using the same change address, or sending the coins using a different approach ?
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ranochigo
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December 23, 2017, 07:43:31 AM
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Due to bitcoin price and the hike in mining fees, I will be sending at 0.0005 btc per transaction (1 output and 1 input).
That's still incredibly low. You might be seeing up to 0.002BTC for your transaction fees for a transaction with 1 input and 1 output.

My problem is : the first transaction wont be confirmed fast, therefor all the other transactions after it wont get confirmed till the parent one is.

Is there any tip to make transaction confirmations unrelated to their parents ? like using the same change address, or sending the coins using a different approach ?
Not possible. The rules will always apply.

You're going to end up paying a lot extra in fees if you're spending inputs in the chain, doesn't make sense economically at all.

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December 23, 2017, 09:10:30 AM
 #3

I have 10 BTC in my wallet and I need to send small amounts to various bitcoin addresses.

I can not send in bulk (paytomany) because transactions are automated (daemon - command line).

Due to bitcoin price and the hike in mining fees, I will be sending at 0.0005 btc per transaction (1 output and 1 input).
At the moment, 0.0005BTC is literally worthless. It requires about 4 times more in fee to send, so if someone would use it, it would actually cost him money.
If you still want to send this small amount many times, you'd better change your system. Outputs are much smaller than inputs, so 1 transaction with 10 outputs takes a fraction of the fee compared to 10 transactions with 1 output each.

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My problem is : the first transaction wont be confirmed fast, therefor all the other transactions after it wont get confirmed till the parent one is.
If the fee is high enough, all your transactions can be included in the same block. But the fee will have to be at least 4 times the amount you're sending.

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Is there any tip to make transaction confirmations unrelated to their parents ?
No. A workaround would be to use different inputs for each transaction. But still, fees are too high to send small amounts, it's better to find a different solution.

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