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Author Topic: What can I do with roughly $5.00 of BTC on a paper wallet?  (Read 68 times)
webby101
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January 09, 2018, 06:11:33 PM
 #1

Hey guys. I'm new to this. As a test, to get a basic understanding of how paper wallets function, I sent 0.00031768 BTC from Coinbase to a paper wallet. I'd now like to move said funds to an exchange. From what I've seen in order to move it I must pay a network fee which is in the neighborhood of $12.00. Makes no sense for me to add an additional $12.00 in BTC to get the $5.00 out. Are there any other options that I'm unaware of that would get the funds back onto an exchange?

Thanks.
Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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DannyHamilton
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January 09, 2018, 06:40:11 PM
 #2

Pay a smaller fee.

Wait a VERY long time.

Hope it gets confirmed eventually.

jnano
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January 09, 2018, 11:38:21 PM
 #3

Include it as an additional input in a multi-input transaction.
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January 10, 2018, 02:30:15 AM
 #4

Hey guys. I'm new to this. As a test, to get a basic understanding of how paper wallets function, I sent 0.00031768 BTC from Coinbase to a paper wallet. I'd now like to move said funds to an exchange. From what I've seen in order to move it I must pay a network fee which is in the neighborhood of $12.00. Makes no sense for me to add an additional $12.00 in BTC to get the $5.00 out. Are there any other options that I'm unaware of that would get the funds back onto an exchange?

Thanks.

You actually have in control on how much you want to pay as miner's fee, with your 31k satoshi, you can send the 30k and the 1k sats will be paid to the miners however the lower the fee, the longer you will have to wait. I will agree to jnano, use the input in a multi-input transaction


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January 10, 2018, 04:35:13 AM
 #5

Include it as an additional input in a multi-input transaction.
I will agree to jnano, use the input in a multi-input transaction
That is not a good suggestion... each input will add at least 148 bytes to a transaction... given current fees of 400+ sats/byte... it will cost a minimum of 148 * 400 = 59200 sats in fees for EACH input you add to a transaction.

OP's input is only 31768 sats (0.00031768 btc)... sending it will result in a net LOSS of 27432 sats (0.00027432 btc)!!?! Shocked Shocked Undecided

HODL until fee rates drop... or use Danny's suggestion and send with a low fee and wait (for a VERY long time).

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January 10, 2018, 04:51:22 AM
 #6

He's out of Coinbase already, so if he doesn't mind waiting a bit for confirmation I don't think there's a need to pay 400/byte.
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