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Author Topic: Is there any way i could centralize my bitcoin addresses to one address ?  (Read 132 times)
cryptorampage
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January 16, 2018, 10:07:56 PM
 #1

Actually i am trying for a while how to centralize bitcoins through few addresses to one address with less transaction/mining fees , Please suggest me a way out if possible , also give me the link for best wallet to do this .Thank you. 
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January 16, 2018, 10:17:46 PM
 #2

The only way to consolidate Bitcoins is sending them all to the same address in one transaction.
Basically any wallet can do this, what wallet are you using now, or better: how are your Bitcoins stored now?

If you use a wallet that lets you set the fee, you can choose any fee you want. If it's too low, you can take a long time (up to "forever") to confirm, so choose wisely.

If you want lower fees in the future, you should create a new SegWit wallet.

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January 16, 2018, 10:39:45 PM
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The only way to consolidate Bitcoins is sending them all to the same address in one transaction.
Basically any wallet can do this, what wallet are you using now, or better: how are your Bitcoins stored now?

If you use a wallet that lets you set the fee, you can choose any fee you want. If it's too low, you can take a long time (up to "forever") to confirm, so choose wisely.

If you want lower fees in the future, you should create a new SegWit wallet.

I am using Blockchain.info , there i can create different wallets and different addresses , But i really dont understand the difference , If i want to centralize all the bitcoins in single address , how it is possible with small fee ? If you have better solutions , please suggest me .
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January 17, 2018, 04:45:23 AM
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The only way to consolidate Bitcoins is sending them all to the same address in one transaction.
Basically any wallet can do this, what wallet are you using now, or better: how are your Bitcoins stored now?

If you use a wallet that lets you set the fee, you can choose any fee you want. If it's too low, you can take a long time (up to "forever") to confirm, so choose wisely.

If you want lower fees in the future, you should create a new SegWit wallet.

I am using Blockchain.info , there i can create different wallets and different addresses , But i really dont understand the difference , If i want to centralize all the bitcoins in single address , how it is possible with small fee ? If you have better solutions , please suggest me .

Loyce basically gives the answer to your repeated questions, send all your bitcoins to one address but if there are lots of input in the transaction don't expect to be asked to pay low fees

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January 17, 2018, 07:45:10 AM
 #5

The only way to consolidate Bitcoins is sending them all to the same address in one transaction.
Basically any wallet can do this, what wallet are you using now, or better: how are your Bitcoins stored now?

If you use a wallet that lets you set the fee, you can choose any fee you want. If it's too low, you can take a long time (up to "forever") to confirm, so choose wisely.

If you want lower fees in the future, you should create a new SegWit wallet.

I am using Blockchain.info , there i can create different wallets and different addresses , But i really dont understand the difference , If i want to centralize all the bitcoins in single address , how it is possible with small fee ? If you have better solutions , please suggest me .

Loyce basically gives the answer to your repeated questions, send all your bitcoins to one address but if there are lots of input in the transaction don't expect to be asked to pay low fees

Yes i though so , but as number of outputs varies the transaction fee , it should vary in case of number of inputs too. Actually this subject is very critical.  Thanks anyway.
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January 17, 2018, 08:24:27 AM
 #6

Loyce basically gives the answer to your repeated questions, send all your bitcoins to one address but if there are lots of input in the transaction don't expect to be asked to pay low fees

Yes i though so , but as number of outputs varies the transaction fee , it should vary in case of number of inputs too. Actually this subject is very critical.  Thanks anyway.

You are correct. Your transaction size (in terms of data used) is affected by outputs and inputs. In your case, you want to consolidate all your inputs into one single address. The only way to do this, as Loyce and others say, is to spend all of the inputs in your wallet in one transaction, with one output to the address you own.

Note that every time you receive coins into that address, they enter as separate inputs... so having only one receiving address doesn't mean you save on fees in future. Regardless of whether the inputs are stored on one address or across multiple addresses in your wallet, they will all have the same size.

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January 17, 2018, 10:33:11 AM
 #7

The only way to consolidate Bitcoins is sending them all to the same address in one transaction.
Basically any wallet can do this, what wallet are you using now, or better: how are your Bitcoins stored now?

If you use a wallet that lets you set the fee, you can choose any fee you want. If it's too low, you can take a long time (up to "forever") to confirm, so choose wisely.

If you want lower fees in the future, you should create a new SegWit wallet.

Is it possible to do with Blockchain wallet ?
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January 17, 2018, 12:34:38 PM
 #8

Is it possible to do with Blockchain wallet ?
I don't think it allows you to set a very low fee (people will complain their transaction doesn't get confirmed). But you can of course just try it: try to send your entire balance, and before signing the message, check carefully how much fee it makes you pay.

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January 18, 2018, 12:38:33 PM
 #9

can blockchain's one account house several addresses? I think you're good to go with the first answer.
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January 18, 2018, 03:31:08 PM
 #10

Why do you want to do this anyway? There is no advantage of having a single address.



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January 18, 2018, 05:01:43 PM
 #11

No you couldn't centralize your bitcoin addresses into one address but you can send your all btc onto one address and collect them.but i couldn't understand that why you want to centralize your address?.
I think there is no profits into centralize your btc and even you have to pay transaction fees to send your all btc on one address.so i suggest you to don't send all btc on one address then as your wish.

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January 18, 2018, 07:45:35 PM
 #12

Why do you want to do this anyway? There is no advantage of having a single address.

What do you mean?

It is wayy cheaper to use 1 UTXO on 1 adress than to have 10 UTXO's on 10 different adresses.
Transactions will be significantly cheaper, especially if you're using low amounts (dust).

can blockchain's one account house several addresses? I think you're good to go with the first answer.

Simply go to manage -> new adress. https://support.blockchain.com/hc/en-us/articles/207746403-Addresses


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January 19, 2018, 12:05:59 PM
 #13

address,and there will be a cost in the process.Insted,keep in mind that you have a couple of wallets in bitcoins
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January 19, 2018, 12:28:53 PM
 #14

Why do you want to do this anyway? There is no advantage of having a single address.

What do you mean?

It is wayy cheaper to use 1 UTXO on 1 adress than to have 10 UTXO's on 10 different adresses.
Transactions will be significantly cheaper, especially if you're using low amounts (dust).

While its true what you are saying, this doesn't necessarily mean its an advantage using just one address.
It doesn't make any difference whether you have 10 UTXO's on 1 address or on 10 different addresses.

So if you are going to recieve payments regularly, it doesn't make any difference in size/fees whether you recieve them to the same address or to a different one each time.

Consolidating several UTXO's into one UTXO does make a difference (in the positive way) when sending btc's.
But generally using the same address doesn't make a difference compared to using a new address every time.

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January 19, 2018, 08:13:01 PM
 #15

Actually i am trying for a while how to centralize bitcoins through few addresses to one address with less transaction/mining fees , Please suggest me a way out if possible , also give me the link for best wallet to do this .Thank you. 
Which is the reason?
All that wallets are yours. I think you are doing this to have all more ordenated on your wallet.
blockchain.info create a new wallet everytime you buy new coins, so it's normal that you have a lot of wallets, but they are all your.
Creating a new address and sending all to this address is not suggested now because you would pay innecessary fees(and now fees are very high) to send coins basically to yourself.

I suggest invest 80 dollars in a ledger nano and store your bitcoins there, you'll pay the fee only for 1 transaction from blockchain.info to your ledger and your coins will be safe.

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January 21, 2018, 04:32:40 PM
 #16

Actually i am trying for a while how to centralize bitcoins through few addresses to one address with less transaction/mining fees , Please suggest me a way out if possible , also give me the link for best wallet to do this .Thank you. 
Which is the reason?
All that wallets are yours. I think you are doing this to have all more ordenated on your wallet.
blockchain.info create a new wallet everytime you buy new coins, so it's normal that you have a lot of wallets, but they are all your.
Creating a new address and sending all to this address is not suggested now because you would pay innecessary fees(and now fees are very high) to send coins basically to yourself.

I suggest invest 80 dollars in a ledger nano and store your bitcoins there, you'll pay the fee only for 1 transaction from blockchain.info to your ledger and your coins will be safe.

All the bitcoins will be transferred to a single address on the ledger nano so the fees would still be high.



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January 21, 2018, 05:08:01 PM
 #17

Why do you want to do this anyway? There is no advantage of having a single address.

What do you mean?

It is wayy cheaper to use 1 UTXO on 1 adress than to have 10 UTXO's on 10 different adresses.
Transactions will be significantly cheaper, especially if you're using low amounts (dust).


Why do most wallets recommend creating a new address for a new transaction?
Because it offers more privacy. This way a user can't see how much you own in total, but rather only a single piece of it.


For the fees it doesn't really matter anyway. If you have 2 UTXO'S on 1 adress, or 2 UTXO's  on 2 adresses, the fees will still be the same, see bob's reply.

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January 21, 2018, 05:09:59 PM
 #18

Why do you want to do this anyway? There is no advantage of having a single address.

What do you mean?

It is wayy cheaper to use 1 UTXO on 1 adress than to have 10 UTXO's on 10 different adresses.
Transactions will be significantly cheaper, especially if you're using low amounts (dust).


Why do most wallets recommend creating a new address for a new transaction?


They create new a new address each time because of 'privacy' reasons.
Since it doesn't matter whether you have several UTXO's 'laying on' 1 address or 10.
The size of a transaction is depending on the amount of UTXO's, not on the amount of 'input addresses' of a TX.


Edit: To slow.. but yeah.. I suggest reading this: https://en.bitcoin.it/wiki/Transaction#Input to understand how TX's work.
The picture at the right side explains it quite descriptive.

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