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Author Topic: are funds automatically sent to my newest address / fees  (Read 119 times)
joe1234
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September 27, 2018, 03:44:04 PM
 #1

Hello forum

Are received funds sent to one of my "old" address (in Mycellium) automatically trasferred to the newest address?


2.
Does Mycelium ask me if i am willing to pay the transaction costs for that transfer of the funds
to the newest address (that seems to be costly) ?



Thank you!

Joe
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TryNinja
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September 27, 2018, 03:52:53 PM
 #2

Are received funds sent to one of my "old" address (in Mycellium) automatically trasferred to the newest address?
No. They will stay in the old address. But this doesn't matter that much.

Does Mycelium ask me if i am willing to pay the transaction costs for that transfer of the funds
to the newest address (that seems to be costly) ?
Of course. This would require a new transaction (thus, you would need to pay the transaction fees). Sending from the Address A (old) to the Address B (new).

Why exactly do you want to do that?

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September 28, 2018, 09:14:04 PM
 #3

Why exactly do you want to do that?
UTXO consolidation? Huh

Generally speaking, it's unnecessary... especially when transaction fees are so low... but if the fees spike to the 1000 sats/byte level again, having all your coins consolidated into a single UTXO (when fees are 1 sat/byte) helps keep costs down Wink

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September 29, 2018, 03:01:00 AM
 #4

Why exactly do you want to do that?
UTXO consolidation? Huh

Generally speaking, it's unnecessary... especially when transaction fees are so low... but if the fees spike to the 1000 sats/byte level again, having all your coins consolidated into a single UTXO (when fees are 1 sat/byte) helps keep costs down Wink
Not when all he wants is send the coins immediately to a new address. He's not talking about consolidating his UTXOs from time to time.

day 1: Receives 1 BTC in the old address -> Sends to the new address.
day 2: Receives 0.5 BTC in the old address -> Sends to the new address.

Still 2 UTXOs. The only thing that changed is that he paid 2 extra unnecessary transaction fees.

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September 30, 2018, 06:29:39 AM
 #5

Are received funds sent to one of my "old" address (in Mycellium) automatically trasferred to the newest address?

No, why should they ?
If you receive funds to address X, they will stay associated to address X until you create a new transaction using the private key from address X.
Mycelium does not create any transactions without you explicitly tell it to do so.



Does Mycelium ask me if i am willing to pay the transaction costs for that transfer of the funds
to the newest address (that seems to be costly) ?

You will have to pay fees for any transaction you do, regardless of whether the recipient address belongs to you or someone else.
For each transaction you actively create, mycelium asks you for the fee you want to use. Mycelium is not creating any transaction in the background.

joe1234
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October 02, 2018, 03:46:02 PM
 #6

Hello forum


Thank's a lot for the help!

-> NO they will stay in the old address

Ok but what happend if I will buy an item for 1 BTC but none of the old addresses does hold that amount,
does mycelium automatically consolidate my UTXO from my different old addresses?


Thank you!

Joe
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October 02, 2018, 07:51:29 PM
 #7

Transactions consist of inputs and outputs.
You can combine as much inputs to as much outputs as you wish (limited by size, logic, etc..).

If you don't have one UTXO >= 1btc, your wallet will combine as many as necessary to reach the 1+BTC.

For example (ignoring fees):
You have received: 0.1, 0.4 and 0.7 BTC.
Now to spend 1 BTC, your wallet will combine 2 inputs (0.4 and 0.7 BTC) to create 2 outputs (1 and 0.1 BTC).

You'll then have 2 UTXO (2 x 0.1 BTC).


Note that simply 'forwarding' your BTC to the same address, does NOT consolidate them into one UTXO.
Each output (receiving from a transaction) is one UTXO.
To properly consolidate your inputs, you'll have to create a transactions using all of your UTXO to create a single new UTXO.

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October 05, 2018, 04:35:32 AM
 #8

Seems like OP does not have a solid understanding of some of the Bitcoin fundamentals...

I'd suggest that the OP read the following:
https://en.bitcoin.it/wiki/Coin_analogy
https://en.bitcoin.it/wiki/Change

It should hopefully help clarify the way basic Bitcoins transactions work and how inputs and outputs are used/created.

joe1234
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October 11, 2018, 03:35:11 PM
 #9


->Seems like OP does not have a solid understanding of some of the Bitcoin fundamentals...
Your assumption is correct. Thanks for the link!


->but generally when you send BTC from a wallet, it will choose fairly randomly from all of the
->coins in the wallet when deciding which coins to melt down, and will not pay much attention to
->the addresses constraining each coin.


1.
Does that mean, before spending, I dont have to transfer manually some amount from old addresses
to the newest address in order to have one address which holds at least the same amount
as the price of the acticle i intend to buy?

2.
And is this consolidation of UTXOs totally free (no transaction fees)?



Thank you!

Joe

bob123
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October 12, 2018, 08:28:41 AM
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1.
Does that mean, before spending, I dont have to transfer manually some amount from old addresses
to the newest address in order to have one address which holds at least the same amount
as the price of the acticle i intend to buy?


You might want to read what i have wrote earlier:

Transactions consist of inputs and outputs.
You can combine as much inputs to as much outputs as you wish (limited by size, logic, etc..).
[...]


Logically, you therefore don't have to consolidate them first.
Your wallet simply picks some UTXO's for you (e.g. from 'old' AND 'new' addresses) and creates a transaction.

Also.. there is no 'newest' or 'oldest' address. All addresses are equal.


You don't have to move your coins between your addresses at all. Just simply receive coins, and later send coins.
Your wallet will handle everything for you.



2.
And is this consolidation of UTXOs totally free (no transaction fees)?

Of course it is not free. This is a normal on-chain transaction.

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