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Author Topic: Fees are low, use this opportunity to Consolidate your small inputs!  (Read 1014 times)
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LoyceV
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January 30, 2018, 10:34:05 AM
Merited by mprep (4), pooya87 (3), xdrpx (3), DooMAD (2), bL4nkcode (2), bob123 (2), cissrawk (2), OgNasty (1), QuestionAuthority (1), suchmoon (1), ETFbitcoin (1), lite (1), actmyname (1), onnz423 (1), Adriano2010 (1), Thirdspace (1), khufuking (1), nullius (1)
 #1

Mods: I realize this isn't really a Technical Support question, but it's related to dozens of support request threads that have been made in the past, and it can potentially reduce support requests in the future. That's why I post it here.

Background
Whenever the Bitcoin network gets more congested, fees get higher and higher. Most wallets now use "dynamic fees", which means they start competing with each other for fast confirmations. This results is fees spiraling upwards. Not so long ago, more than 600 Satoshis/byte was needed to have any chance at a fast confirmation.
The result: this board filled up with topics like: "my transaction got stuck for 2 weeks, help me". At the moment, these topics don't exist, which is the reason I open this "opposite" topic.


Example
18 days ago, someone made this 4909 bytes transaction with 33 inputs and 510 Satoshis/byte fee. After paying fees, his 0.033BTC turned into only 0.0079539BTC. If he would make the same transaction now with 20 Satoshis/byte fee, he would have saved 0.024BTC. Instead of just 0.0079539BTC, he would have ended up with 4 times more!


Opportunity
Since about a week, fees are quite low again. Currently even transactions with 20 Satoshis/byte are likely to get confirmed within 3 hours. In the past days, I've seen transactions with fees as low as 5 Satoshis/byte get confirmed.
If you've been collecting faucets in the past, you most likely have many inputs around 0.000xBTC. A few weeks ago, anything under 0.001BTC wasn't even enough to pay for the fee. If you set a very low fee now, you can consolidate inputs as low as just 2000 Satoshis (0.00002BTC).


It's good for everyone
If you make a big transaction with high fees when the network is congested, you take up a lot of scarce block space. This makes the congestion even worse.
By making a big transaction when the network isn't congested, you're prepared to be able to make a much smaller transaction once the network is congested again, without adding much to the congestion.


Consolidate small inputs
If you have many small inputs, now is the perfect time to consolidate them into one new input! If you're not in a hurry to get a confirmation, you can set a very low fee and just wait. Once it's confirmed, your funds can be send in a much smaller transaction, which means you'll safe a lot on fees if you want to make a transaction when fees are high again. If you have enough small inputs, you can safe up to 95% or more on fees!


How
Now the tricky part: it depends on your wallet! The easy way would be to just send your entire balance to a new address in your own wallet. Make sure to manually set the fee!
I prefer to "Enable coin control" in Bitcoin Core, you can do this in Electrum too. Select the inputs you want to use, and leave out very small dust inputs (say 0.00001BTC, it would still cost more in fees than it's worth). Then simply send all selected inputs to a new address of your own.
If you have many different inputs, I suggest to consolidate them in multiple steps. Don't create a 100,000 bytes transaction with 500 inputs, but instead create many transactions with 20-ish inputs.


If your wallet doesn't allow you to set your own fee, and/or to use coin control, you can export your private keys and import them into a wallet that does support it. This, however, is something to discuss in another topic.

Privacy
Consolidating your inputs links them together on the blockchain. This wouldn't be any different when you use the same funds in any other transaction, but you should consider this before doing it.


SegWit
User Wind_FURY found a comprehensive overview of Techniques to reduce transaction fees, including the use of SegWit addresses.


Fee estimators (added February 14, 2018)
1. https://btc.com/stats/unconfirmed-tx
(quite inaccurate for low fees, the minimum it recommends is 40 Sat/Byte)
2. https://coinb.in/#fees (lets you manually select inputs and outputs, note that the Recommended Fee (currently 5 Sat/Byte) aims to be included within the next few blocks. If you're not in a hurry, you can go lower than this)
3. https://estimatefee.com (recommends a fee estimate after you set a number of blocks to confirm within -- thanks lite)

No spam
All my threads are now self-moderated to stop signature spam. I will remove all irrelevant posts. If you quote the entire OP, your entry will be deleted.
Once in a while I'll summarize posts and clean up this thread.


Disclaimer
Use this information at your own risk. At all times, think before each action, especially when you're dealing with private keys. When in doubt, don't do it!
I'm human, I make mistakes. If something is incorrect, please let me know.

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January 30, 2018, 12:33:24 PM
 #2

It's always a double edged sword. As you mentioned, joining all of your inputs in a single address is a big mistake privacy wise. Anyone accepting Bitcoin payments across different websites for example, doesn't want to join all of their payments in a single address or else it could be known that you control all these websites. You want to have each website as a separate entity.

I think until we have schnorr sigs, the problem of big sized transactions due many inputs will remain a latent one. I believe schnorr sigs will lower the size of these joined transactions a lot. Maybe you will save more money by doing these joined transactions once it's available.

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January 31, 2018, 02:34:32 PM
 #3

Although I also though about consolidating the inputs these days, I was not smart enough to make a proper thread and increase awareness. I somehow wanted to wait more, until the fees drop even more. You made this thread, well done!

Just imho you've missed something and I would like to ask you make the first post a bit bigger, including this info (in the way you chose to present it) :
When the fees are big, people pay too much for too reasons: inputs not consolidated and wallet not supporting yet SegWit. The users should consolidate their inputs, as possible, directly into SegWit wallets.
Maybe the "bc1" wallets are not recognized by exchanges and people would prefer to stay compatible, they have then option for the "3.." SegWit wallets.


Edit: I use 3.. SegWit address lately, but I don't do many transactions. The 2-3 transactions I've done went out nicely. Thanks for your answer and covering this point too, the linked article is indeed well made, hopefully enough people will spend the time to read it. I will also read it to consolidate the chunks of knowledge I have from here and there.

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January 31, 2018, 03:24:57 PM
 #4

@cellard
I've read the term Schnorr signatures before, but never fully understood it. It seems to be under development since a few years. I'm not waiting for it, fees can also just keep rising.

@NeuroticFish
I've added a small note on SegWit. I didn't cover it yet for two reasons:
1. The effect on the fee is much smaller than what you can safe by consolidating at the right moment.
2. I still haven't setup a SegWit wallet by myself (it on my TODO list though), so I can't speak from experience.
Wind_FURY's link explains it much better than I ever can.

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February 01, 2018, 01:49:46 AM
 #5

@cellard
I've read the term Schnorr signatures before, but never fully understood it. It seems to be under development since a few years. I'm not waiting for it, fees can also just keep rising.

These two links should help give a conceptual grasp of what Schnorr signatures do and why you’d want them.  I myself want them so badly I can taste them, so to speak.  Though no, you are correct, it would be as yet quite impractical to wait for them.

https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c

https://medium.com/@nopara73/privacy-and-schnorr-signatures-e2175d27f022

2. I still haven't setup a SegWit wallet by myself (it on my TODO list though), so I can't speak from experience.

Oh, I strongly encourage you to bump that up the list!  If you use nested “3” addresses, that’s a drop-in replacement for what you use now.  If you use Electrum, I could walk you step by step through setup of either type of wallet; I took a bunch of screenshots and planned a guide, but never quite got around to assembling it.  That’s probably the easiest option right now.

Core v0.16 is coming soon, with Segwit support in the GUI and change addresses.

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February 02, 2018, 12:59:19 PM
 #6

These two links should help give a conceptual grasp of what Schnorr signatures do and why you’d want them.  I myself want them so badly I can taste them, so to speak.
Thanks for the links. It seems to fit this thread, and I'll read them later.

Quote
If you use Electrum, I could walk you step by step through setup of either type of wallet; I took a bunch of screenshots and planned a guide, but never quite got around to assembling it.  That’s probably the easiest option right now.
I think I know the basics (import seed words for an S-address, or go native Segwit with Bech32). I was planning to make a guide too if I install it, but I appreciate it if you make one.

Quote
Core v0.16 is coming soon, with Segwit support in the GUI and change addresses.
As a Core user, I am waiting for this upgrade. I don't really want to switch to Electrum as a main wallet.



Note: fees are a bit higher at the moment. You now need 180 Satoshi/byte for a fast confirmation, but this thread is not about getting it confirmed fast.

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February 02, 2018, 03:02:08 PM
 #7

Thanks for the links. It seems to fit this thread, and I'll read them later.

Happy to help.  If you have any questions, please don’t hesitate to ask.

If you use Electrum, I could walk you step by step through setup of either type of wallet; I took a bunch of screenshots and planned a guide, but never quite got around to assembling it.  That’s probably the easiest option right now.
I think I know the basics (import seed words for an S-address, or go native Segwit with Bech32). I was planning to make a guide too if I install it, but I appreciate it if you make one.

Import of seed words for backward-compatible “3” addresses has two small extra steps in the middle for which non-Bitcoin-expert users should really have screenshots (selecting a BIP 39 mnemonic, and changing the derivation path to m/49'/0'/0').  That’s why I thought to make a guide with screenshots; I wouldn’t otherwise, given how userfriendly that program (mostly) is.  The process is neither complicated nor difficult; but I think visual instruction is warranted in a money-related matter, where users might be understandably nervous about potentially entering the wrong thing in the wrong box.

The major hold-up is a bit embarrassing, and totally off-topic here.  (Lack of free, Tor-friendly image hosting with a UI convenient to me for keeping a few dozen screenshots organized.)  If/when I get that together, for which forum do you suggest it would be most appropriate?  The Electrum subforum, Help, here, or somewhere else?  It’s a special case—not so much an Electrum thing as a “Segwit the easy way/reduce your fees” thing.

Core v0.16 is coming soon, with Segwit support in the GUI and change addresses.
As a Core user, I am waiting for this upgrade. I don't really want to switch to Electrum as a main wallet.

Good call.  The desire to use one’s own full node (without using JSON-RPC as the UI!) is probably the only good reason anybody could have for not using Segwit at this point.  Unfortunately, it is a good reason—until v0.16!

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February 03, 2018, 11:44:17 AM
 #8

Excellent post with good information for both old and new users. I'd recommend consolidating your bitcoin into a segwit enabled wallet for further savings on fees, also future proofing yourself to enable use of the lightning network when it is implemented at your exchange/favourite store.

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February 04, 2018, 07:05:26 AM
 #9

I took advantage of low fees to send all my bitcoins to a new address bc1. I had 31 inputs.
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February 04, 2018, 02:37:25 PM
 #10

The major hold-up is a bit embarrassing, and totally off-topic here.  (Lack of free, Tor-friendly image hosting with a UI convenient to me for keeping a few dozen screenshots organized.)  If/when I get that together, for which forum do you suggest it would be most appropriate?  The Electrum subforum, Help, here, or somewhere else?  It’s a special case—not so much an Electrum thing as a “Segwit the easy way/reduce your fees” thing.
I think it would get most exposure here on Bitcoin Technical Support. The Electrum board would be more fitting, but it's not listed directly on the main page. I barely go there.


Today, I consolidated 4 inputs. The transaction with 8.356 sat/B took 12 minutes to confirm.
The first block after I made the transaction had 1.3 BTC in fees. The second block was found just 1 minute later, and had only 0.07 BTC in fees. This is the sweet spot of low fee opportunity this topic is aiming for! It included a transaction with 1.478 sat/B fee (600 Satoshis).
My transaction was confirmed in the second block. In retrospect, I could have paid 80% less fee (I am in no hurry to use the funds).

Earlier today I received a transaction with only 5.018 sat/B. This one confirmed in 3 minutes.

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February 08, 2018, 10:37:01 PM
 #11

Transactions with around 5 Satoshis/byte are getting confirmed again, and the number of unconfirmed transactions is still quite low.

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February 11, 2018, 08:59:28 PM
 #12

Thank you for making this thread, LoyceV.  You’ve saved me real money.

Since I first saw this, I’ve been doing transactions with fees far lower than I would have otherwise even considered attempting, much less dared to try.  This is not to consolidate anything (I mostly avoid coin-merge), but just for ordinary transactions.

Of course, it should go without saying, I’ve been exclusively using Segwit addresses for months (both nested and native).  That also helps significantly.

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February 15, 2018, 06:17:43 PM
 #13

Bump! Fees are still low.

I stumbled upon https://coinb.in/#fees as a brilliant fee estimator! I forgot who posted it (sorry), so can't give credit.
It currently recommends 3 sat/byte for a fast confirmation. In the spirit of this topic, when you're not in a hurry, you can go lower.

Where's the 3 Sat per byte one? I see 112 (sorry, wanted to see where it was to get an estimate on transferring one piece of dust just to get it out of one of my wallets).

That's a really great link as well. The dynamic sliders are quite good and give a great estimate for the fee, credits to the developer for the great site!

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February 15, 2018, 07:00:08 PM
 #14

Where's the 3 Sat per byte one? I see 112 (sorry, wanted to see where it was to get an estimate on transferring one piece of dust just to get it out of one of my wallets).
It currently even recommends 1 sat/byte. Fees vary depending on how long it takes to find a block, I'd say consolidate your "one piece of dust" with another input now. Pay about 800 sat fee, and wait.

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February 15, 2018, 08:11:10 PM
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 #15

Where's the 3 Sat per byte one? I see 112 (sorry, wanted to see where it was to get an estimate on transferring one piece of dust just to get it out of one of my wallets).
It currently even recommends 1 sat/byte. Fees vary depending on how long it takes to find a block, I'd say consolidate your "one piece of dust" with another input now. Pay about 800 sat fee, and wait.
It keeps fluctuating lol, currently it recommends 4 sat/byte. i've moved my bitcoins to segwit address as soon as it was implemented on trezor. Smiley  thanks for the thread anyways, should be helpful to newbies.

I wanted to share this good tool(maybe add it in op?) (https://estimatefee.com), helps in estimating within how many blocks the tx will get confirmed, also calculates fees.
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February 15, 2018, 08:19:08 PM
 #16

Fees going down is essential for Bitcoin being used normally again like it once was... past months have just been too pricey to send smaller input
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February 15, 2018, 08:26:32 PM
 #17

Where's the 3 Sat per byte one? I see 112 (sorry, wanted to see where it was to get an estimate on transferring one piece of dust just to get it out of one of my wallets).
It currently even recommends 1 sat/byte. Fees vary depending on how long it takes to find a block, I'd say consolidate your "one piece of dust" with another input now. Pay about 800 sat fee, and wait.

Next time I need to move all my keys I might just do it then. It's 0.0001BTC but it's just stuck in a wallet on it's own (fairly dissappointing).

Where's the 3 Sat per byte one? I see 112 (sorry, wanted to see where it was to get an estimate on transferring one piece of dust just to get it out of one of my wallets).
It currently even recommends 1 sat/byte. Fees vary depending on how long it takes to find a block, I'd say consolidate your "one piece of dust" with another input now. Pay about 800 sat fee, and wait.
It keeps fluctuating lol, currently it recommends 4 sat/byte. i've moved my bitcoins to segwit address as soon as it was implemented on trezor. Smiley  thanks for the thread anyways, should be helpful to newbies.

I wanted to share this good tool(maybe add it in op?) (https://estimatefee.com), helps in estimating within how many blocks the tx will get confirmed, also calculates fees.

That's a great tool. Next time I need to consolidate my other transactions into one, I'm going to try the 1004 blocks recommendation and see how it does (providing it doesn't get rejected by the network as I think there was a protocolled minimum for most miner nodes now).

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February 17, 2018, 08:21:01 AM
 #18

Fees are still low.

I stumbled upon https://coinb.in/#fees as a brilliant fee estimator! I forgot who posted it (sorry), so can't give credit.
It currently recommends 2 sat/byte for a fast confirmation. In the spirit of this topic, when you're not in a hurry, you can go lower.

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February 18, 2018, 08:01:41 AM
 #19

Usually, Sundays are the best days to make transactions with low fee. I just made this transaction: 3 uncompressed legacy inputs, 1 output, 582 bytes, and 0.00001BTC (0.01mBTC / 1000 Satoshis / $0.11) fee (1.718 sat/B). It confirmed in 4 minutes.

The same block also included many transactions with 1 sat/B fee, and many good examples of what this thread is all about: this 8907 bytes transaction with 1.106 sat/B fee confirmed after 4 days. One dollar in fees to consolidate 0.19BTC!

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February 20, 2018, 04:50:10 AM
 #20

i found out that the best option to choose fees is using this website: https://jochen-hoenicke.de/queue/
so far bitcoinfees.earn.com is inaccurate and leads to higher fees. coinb.in is better but i haven't checked it in long term to see how it performs under different circumstances.

https://jochen-hoenicke.de/queue/ is simply the representation of transactions in the memory pool and the amount of fees they are paying.
set the interval to 24 hours and look at last chart (Mempool size in MB). mouse over the last point(s) and see how much size is on how much fee. for example in below picture 2.4+ MB is paying 2+ fees. that is 1130 transactions. bitcoin blocks are currently around 1-1.2 MB so anything above 2 Satoshi/Byte has a high chance of giving you high priority.
i use size (last chart) instead of count (first chart) because sometimes mempool is filled with small transactions and sometimes large ones. so you don't know if 100 tx paying 5 s/b is going to fill the block or only take up 10% of it for example.



hopefully we see Electrum 3.1 sooner and see other wallets and websites implement this method instead.

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February 25, 2018, 01:05:06 PM
 #21

I've never seen this: https://btc.com/stats/unconfirmed-tx recommends 0 Sat/byte fee! I haven't found a recent confirmed transaction with 0 fee yet.
https://coinb.in/#fees still recommends 1 Sat/Byte, but several big transactions with less than 1 Sat/Byte fee got confirmed in just minutes. Blocks aren't even full!

I'm not sure what causes this reduction in transactions, it could be people make less transactions since the high fees (I do!), it could spam attacks ended, it could be Bitcoin is less hyped since the price isn't going up fast anymore, it could be caused by less merchants accepting it since fees were this high, or it could also be people refusing to pay very high transaction fees at exchanges (up to 0.002 BTC is still quite common).
Whatever the reason, this is still a great opportunity to consolidate your small inputs! I have no doubt fees will rise again at some point in the future.

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February 25, 2018, 06:47:49 PM
 #22

I sent a 1225 byte transaction today... (737 "virtual" bytes thanks to SegWit)... I used the "0.00001000 BTC/kB" minimum fee in Bitcoin Core, so it attached a fee of 0.00000737 BTC... 737 sats! That's 7c at current "google" exchange.

I got next block confirmation!!?! Shocked Shocked

#trueStory

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February 25, 2018, 07:23:40 PM
 #23

I used the "0.00001000 BTC/kB" minimum fee in Bitcoin Core
I wanted to go lower, but I bumped into that minimum fee too! Older versions of Bitcoin Core could send transactions without fee too, so I guess the few transactions with less than 1 Sat/Byte fee are made with those.

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February 26, 2018, 07:22:14 AM
 #24

I used the "0.00001000 BTC/kB" minimum fee in Bitcoin Core
I wanted to go lower, but I bumped into that minimum fee too! Older versions of Bitcoin Core could send transactions without fee too, so I guess the few transactions with less than 1 Sat/Byte fee are made with those.

Missed the next block confirmation, but dang - I've got it confirmed in the second block after the tx created:
Virtual Bytes size was 260 with a rawtx Size of 489 bytes.
Fees 0.00000860 BTC
Fees Rate (BTC / kVB) 0.00003496 BTC
Feeling extremely happy that old days are back when we used to pay fees in cents, but what I wish to know is - as these costs are currently down (this must be on miners' consent, right?), will it continue to be the same for at least a few years just like a new beginning, or mempool may get congested back once again if any spam attacks take place?

EDIT: 1 more transaction made recently with just $0.04 as fee, and guess what!?
I've got it confirmed the next minute.
Details here:
Virtual Bytes size was 110 with a rawtx Size of 191 bytes.
Fees 0.00000384 BTC (Only 2 Sats/byte)
Fees Rate (BTC / kVB) 0.00003491 BTC    Cheesy

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February 26, 2018, 08:51:05 AM
 #25

what I wish to know is - as these costs are currently down (this must be on miners' consent, right?), will it continue to be the same for at least a few years just like a new beginning, or mempool may get congested back once again if any spam attacks take place?
Miners don't set fees (unless they engage in spamming the network), users set fees. Or in most cases: wallets set fees! Last week, my Android app Mycelium recommended a few Sat/Byte as standard fee. Mycelium is now back to 93 Sat/Byte as a recommendation to be confirmed within 30 minutes. If I set it manually, I can't go lower than 3.
Meanwhile, https://btc.com/stats/unconfirmed-tx recommends 1 Sat/Byte, and https://coinb.in/#fees goes as low as 0 (note: I don't recommend to send zero-fee transactions anymore; they might round 0.49 down to zero).

The best way to stop high fees forever, is awareness. As long as people are willing to pay $20 per transaction, a very small increase in the number of transactions leads to a very strong increase in fees.
Anyone who just accepts the fee recommended by Mycelium (or many other wallets) pays 100 times more than needed!

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February 26, 2018, 11:13:15 AM
 #26

Miners don't set fees (unless they engage in spamming the network)

One other way they attempt to set fees is by not including transactions below a certain level. For example, F2pool is ignoring anything below 5 sat/vbyte.

https://btc.com/00000000000000000038714687ae289db0d6d4a5beaa2f338108e78a37e0133b?page=1&asc=1&order_by=fee

Several other pools including Antpool were doing it recently although they seem to have given up now and excepting low fees are here for a while.

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February 26, 2018, 11:23:25 AM
 #27

One other way they attempt to set fees is by not including transactions below a certain level. For example, F2pool is ignoring anything below 5 sat/vbyte.
I noticed that indeed. As long as only a few mining pool do this, it's just their loss: I give my $0.05 to another miner. It would be a problem if many miners do this, but in the end they too need a working Bitcoin network for it to keep it's value.
Long-term, it's irrational to ignore transactions because it's only a small amount.

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February 26, 2018, 05:54:25 PM
 #28

One other way they attempt to set fees is by not including transactions below a certain level. For example, F2pool is ignoring anything below 5 sat/vbyte.
I noticed that indeed. As long as only a few mining pool do this, it's just their loss: I give my $0.05 to another miner. It would be a problem if many miners do this, but in the end they too need a working Bitcoin network for it to keep it's value.
Long-term, it's irrational to ignore transactions because it's only a small amount.

I used the wrong word "miners" in my said post, but what I meant was similar to TheQuin that if the pools decide to go against the users by refusing to take their low fee transactions and once an end-user goes helpless, he/she will need to keep it as high as they want it to be, right?
If awareness is the only thing that was needed, where were those miners then when the network was filled with such low-fee transactions and these pools manipulated the fees to such ridiculous levels that currently made us regret for our deeds - by transacting at their asked values.

How can you exactly say that every user is now aware of the fact that they can decide not to choose what's recommended by their wallets?

You can still check that there are still some limited number of transactions with as much as 100 sats/byte (ref: https://bitcoinfees.earn.com). Should I consider them those who're currently unaware about this?

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February 27, 2018, 04:21:42 AM
 #29

Meanwhile, https://btc.com/stats/unconfirmed-tx recommends 1 Sat/Byte, and https://coinb.in/#fees goes as low as 0 (note: I don't recommend to send zero-fee transactions anymore; they might round 0.49 down to zero).

the problem with fees lower than 1 satoshi/byte is propagation. thanks to one of bitcoin core's recent updates (i think was 0.15) you can no longer set it lower than that because majority of the network will reject your transaction!
otherwise if you can get your transaction to the miners, most of them will mine it 0.684 sat/B

same with 0 (free) transactions. even when this PR was merged, there were miners still mining 0 fee transactions

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March 01, 2018, 06:22:37 PM
 #30


No-one has said what is the minimum amount of inputs that would benefit from consolidating inputs?

LoyceV mentioned that he consolidated 3 inputs.

Is it necessary to consolidate 2 inputs? How about 3 or 4?

How much savings would that make, if the fees go back to high levels?

My Address: 121f7zb2U4g9iM4MiJTDhEzqeZGHzq5wLh
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March 01, 2018, 07:05:03 PM
 #31

No-one has said what is the minimum amount of inputs that would benefit from consolidating inputs?
Any number of inputs larger than 1 can be benefit.

Quote
Is it necessary to consolidate 2 inputs? How about 3 or 4?
It depends on how fees develop. Fees have been more than 0.001BTC per input. If you consolidate 3 inputs now, and you need to make a transaction if fees are that high again, you'll safe $10 or more per input you consolidate now.

Quote
How much savings would that make, if the fees go back to high levels?
Play around with the sliders on https://coinb.in/#fees , it tells you exactly how many bytes you can safe.

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March 15, 2018, 11:58:12 PM
 #32

what is going on with the network tx fee?
I checked btc.com and it shows Shocked 100 Satoshis/vbyte | 0.001 BTC/KvB as Current best transaction fees
it sometimes suddenly jumped to 1k+ txs and drop back again to 400s txs
is someone trying to drive the tx fee high like last december again?
with not so many transactions queued, tx fee could be set as low as 1s/B and still get confirmed in the next block
 
Code:
Unconfirmed Txs Count 438
Transaction Accelerator Size 153,625 - 153.63 KB
24h Tx Rate 2.45 txs/s
Median block size of past 2 weeks 1,055,604 Bytes
Current best transaction fees 0.001 BTC/kVB(virtual)

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March 16, 2018, 04:07:51 AM
 #33

what is going on with the network tx fee?
I checked btc.com and it shows Shocked 100 Satoshis/vbyte | 0.001 BTC/KvB as Current best transaction fees
that may be a bug in btc.com fee estimation system because everywhere else is suggesting 10-20 satoshi/byte and if you check the memory pool yourself you can see less than 10 S/B is a good amount right now. check my previous comment here to see how i do it.

Quote
it sometimes suddenly jumped to 1k+ txs and drop back again to 400s txs
you mean number of unconfirmed transactions? that is normal! it usually is around 2000-4000 ones in the memory pool and when a block is found, it drops down.

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March 19, 2018, 07:24:00 AM
 #34

I think the main advantage for me is that I am more inclined to make more tx's to mixer services and grouping money together now that the fees are lower. When the miners fees are high, you are more hesitant to do some house cleaning, because you are confronted with the high miner fees and the extra fees that you have to pay the mixer service.

I can now sort money received from different sources at a fraction of the price, before I send it through the mixer service. This hides the end destination of those funds.

Great idea OP, it pushed me to do some house cleaning.  Cheesy

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March 26, 2018, 04:21:25 AM
 #35

It is very encouraging that the fees are low, and they can be used to consolidate small entries, because when I first started my $ 5 on the stock exchange commission was 10 percent.

the withdrawal fees of exchanges have always been high and it has little to do with bitcoin transaction fees. after the fees went up they all increased their already high withdrawal fees and some of them decreased it recently but it is still pretty high. for example there are exchanges charging 0.0015BTC=$12-$13 for a withdrawal.

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April 13, 2018, 02:59:08 AM
 #36

Fully endorse this... Consolidation of UTXOs and switching to SegWit is a "Good Idea"™

This is how quickly the fees can start to spike when BTC goes on a wee pump... Someone decided they needed to pay 1400+ sats/byte fee! Tongue


#theFOMOisReal

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April 18, 2018, 12:01:42 PM
 #37

Consolidate Bump!

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