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Author Topic: Help with choosing best fee  (Read 49 times)
makkachin
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December 29, 2017, 03:07:54 AM
 #1

Hey there guys!

I have a long-term wallet that I used to receive donations on, with only 7 receive addresses on it. Today I went on to transfer the funds to a different wallet and found out to have around 31 inputs!
Considering all of them, the final transaction hovered 4600 bytes, which was VERY expensive (around 100 dollars of fee for around 150 satoshi/b)...

Does anyone have a better idea of fee that can be used, as long the transaction doesn't get into the limbo?
I don't really care if it takes even a day, as far the most amount is preserved...

Thanks in advance! Cheesy
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RGBKey
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December 29, 2017, 03:17:38 AM
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Unfortunately the fee per byte hasn't dropped below 100 satoshis in a while. I would check to see if you have any very small inputs that might be just increasing the size of your transaction. Inputs so small that they cost more in fees than they're worth. You need to make a very large transaction, and that just isn't cheap anymore, sorry. If you don't want to spend that much money, your best bet is to wait.

And if you can, start accepting donations on a segwit address. The fees for you to send out of segwit addresses are cheaper.

Ayanamirs
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December 29, 2017, 08:14:58 AM
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Unfortunately the fee per byte hasn't dropped below 100 satoshis in a while. I would check to see if you have any very small inputs that might be just increasing the size of your transaction. Inputs so small that they cost more in fees than they're worth. You need to make a very large transaction, and that just isn't cheap anymore, sorry. If you don't want to spend that much money, your best bet is to wait.

And if you can, start accepting donations on a segwit address. The fees for you to send out of segwit addresses are cheaper.

If in the 31 inputs only 2 ~ 5 have a decent amount of bitcoins. What can be done? Extract the private key from them only?
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December 29, 2017, 09:52:45 AM
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Depending on your wallet you might be able to select just those UTXOs (Unspent Transaction Outputs) when creating a transaction using what is known as "Coin Control"... Bitcoin Core supports this, as does Electrum. Not sure what other wallets provide.

If your wallet does not support "Coin Control"... and the 2-5 UTXOs of value are the ONLY transactions on a given address, then extracting that private key to another wallet would allow you to just spend those UTXOs... if there are other UTXOs on the same address as one of the "decent" UTXOs, then that won't work.

In which case, your best bet is to just import your private keys into a wallet that supports Coin Control and you can then use Coin Control to just spend the "decent" amounts

Ayanamirs
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December 29, 2017, 07:03:56 PM
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Depending on your wallet you might be able to select just those UTXOs (Unspent Transaction Outputs) when creating a transaction using what is known as "Coin Control"... Bitcoin Core supports this, as does Electrum. Not sure what other wallets provide.

If your wallet does not support "Coin Control"... and the 2-5 UTXOs of value are the ONLY transactions on a given address, then extracting that private key to another wallet would allow you to just spend those UTXOs... if there are other UTXOs on the same address as one of the "decent" UTXOs, then that won't work.

In which case, your best bet is to just import your private keys into a wallet that supports Coin Control and you can then use Coin Control to just spend the "decent" amounts

I can use Electrum for that.

Can you explain better how someone can do that? With images please? Step by step?
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