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Author Topic: Transaction batching  (Read 204 times)
coderman0
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March 07, 2018, 07:19:07 PM
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Hello guys. Please i need an instruction how to make Transaction batching as now making Coinbase , ShapeShift
I have many btc wallets (about 500 pcs)  with a little amount and i want to combine payments and pay a little fee.
I want send from multiple addresses with little balances to one wallet by paying a one time fee
Thanks!


Batching, a process by which multiple transactions are bundled into one TXID to be collectively transferred on the blockchain, significantly reduces the aggregate number of Bitcoin transactions on the network. This has the consequence of enabling the sender to spend less in mining fees, and enables the broader network to find a lower equilibrium mining fee for confirmed transactions (thereby benefiting all participants of the Bitcoin network).
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RGBKey
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March 07, 2018, 09:15:09 PM
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What wallet software are you using? Keep in mind that Bitcoin transaction fees are based on size, not amount. This means that the kind of transaction you're describing would likely be quite expensive fee-wise (but still cheaper to do it now while fees are low).

Also note that what you're describing is not transaction batching, but utxo consolidation. Transaction batching is when you take many amounts you are already sending out and send them in the same transaction. UTXO consolidation is when you take many inputs that belong to you and consolidate them into a single one.

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March 07, 2018, 10:15:48 PM
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Hello guys. Please i need an instruction how to make Transaction batching as now making Coinbase , ShapeShift
I have many btc wallets (about 500 pcs)  with a little amount and i want to combine payments and pay a little fee.
I want send from multiple addresses with little balances to one wallet by paying a one time fee
Thanks!


Batching, a process by which multiple transactions are bundled into one TXID to be collectively transferred on the blockchain, significantly reduces the aggregate number of Bitcoin transactions on the network. This has the consequence of enabling the sender to spend less in mining fees, and enables the broader network to find a lower equilibrium mining fee for confirmed transactions (thereby benefiting all participants of the Bitcoin network).

If you are using services such as Coinbase, because you mentioned it, then I guess it would not be possible to combine your inputs and make one transactions (if this is what you want to do from my understanding). You might have to have wallet that support this feature such as electrum or if you run a node.
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March 08, 2018, 12:03:23 AM
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If you have access to the private keys for all these 500 "wallets" (I assume you actually mean addresses)... Then they can easily be imported into a wallet like Electrum or Bitcoin Core... You can then simply "send" them in one transaction to the address of your choice to consolidate the small UTXOs into 1 "big" UTXO.

Bitcoin Core and Electrum both give you the advantage of fully customisable fees... If you don't already have Bitcoin Core installed and synced, then Electrum is probably your best option as it does not require the full 170+gig blockchain download.

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March 08, 2018, 03:15:50 PM
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batching is combine multiple Bitcoin payments into a single transaction.
The concept of batching was derived from the fact that the amount of bitcoin sent does not specify the number of fees but the inputs/outputs.

let’s imagine one bitcoin = 1$.

without batching
You want to buy a shirt for $ 5 or 5 BTC and have one transaction worth 10 BTC in your wallet.
you make 1 transaction input (10 BTC) and 2 output (5BTC for market and 5BTC back to your wallet).
148 + 10 + 34 +34 = 226 bytes
Now you want to tip market for its service:
adding another 226 bytes to the blockchain (452 total or 0.00018080 BTC fee).

with batching
only single input and 3 outputs:
148 + 10 +34 +34 +34=  ( total 260 bytes or 0.00010400 BTC fee)


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March 08, 2018, 07:42:49 PM
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Hello guys. Please i need an instruction how to make Transaction batching as now making Coinbase , ShapeShift
I have many btc wallets (about 500 pcs)  with a little amount and i want to combine payments and pay a little fee.
I want send from multiple addresses with little balances to one wallet by paying a one time fee
You may want to check this: Fees are low, use this opportunity to Consolidate your small inputs!

I assume you mean 500 different addresses, not 500 different wallets. I wouldn't do them all at once, I'd say start with 50 addresses, create a 10 kbyte transaction, and set 1 sat/byte fee (total less than a dollar).

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March 09, 2018, 11:00:52 AM
 #7

Hello guys. Please i need an instruction how to make Transaction batching as now making Coinbase , ShapeShift
I have many btc wallets (about 500 pcs)  with a little amount and i want to combine payments and pay a little fee.
I want send from multiple addresses with little balances to one wallet by paying a one time fee
Thanks!


Batching, a process by which multiple transactions are bundled into one TXID to be collectively transferred on the blockchain, significantly reduces the aggregate number of Bitcoin transactions on the network. This has the consequence of enabling the sender to spend less in mining fees, and enables the broader network to find a lower equilibrium mining fee for confirmed transactions (thereby benefiting all participants of the Bitcoin network).
If you are using services such as Coinbase, because you mentioned it, then I guess it would not be possible to combine your inputs and make one transactions (if this is what you want to do from my understanding).

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AdolfinWolf
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March 10, 2018, 01:13:29 PM
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Transactions

Transactions are defined using a Forth-like scripting language.Transactions consist of one or more inputs and one or more outputs. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output in the blockchain. The use of multiple inputs corresponds to the use of multiple coins in a cash transaction. Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer.Any input satoshis not accounted for in the transaction outputs become the transaction fee.

Why are you copy pasting from https://steemit.com/bitcoin/@omarf/bitcoin-for-dummies-part-4, and also what you are saying is almost completely irrelevant to the question asked here. I'd recommend you to remove your rubbish before someone reports you for copy-pasting.
Transactions

Transactions are defined using a Forth-like scripting language.Transactions consist of one or more inputs and one or more outputs. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output in the blockchain. The use of multiple inputs corresponds to the use of multiple coins in a cash transaction. Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer.Any input satoshis not accounted for in the transaction outputs become the transaction fee.

And that's partially if not all copied from http://www.taketheprofits.com/Bitcoin%20Design.htm #Transactions..


What are you trying to accomplish here?

vit05
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March 10, 2018, 04:58:26 PM
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You can combine multiple addresses into one single wallet easily and use that wallet. But what you want is to transfer funds from different addresses into one address.
I do not think you can use transaction batching in this operation, you could use it if you wanted the opposite.

in Electrum you need to do that: 'Tools' >> 'Pay to many' and you'll have to option to add multiple addresses or load them from a CSV file.

The way I know that you could easily combinate the funds

Select "Addresses" from the "Settings" section of your wallet. To the right of "Imported Addresses" you will see a blue button that says "Transfer All." Press this and you will be brought to a transaction screen. From here you'll be able to select which part of your wallet you'd like to move your funds to. The default is the main account. Please note that the higher the number of imported addresses you are sending from, and the more inputs contained at each address, the higher the fee will be.

https://bitcointechtalk.com/saving-up-to-80-on-bitcoin-transaction-fees-by-batching-payments-4147ab7009fb

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