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Author Topic: How do I effectively batch transactions on the BTC blockchain?  (Read 186 times)
Abiky (OP)
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October 29, 2019, 09:10:31 PM
 #1

I've heard that most businesses in the crypto industry, use the technique of "Batching Transactions" in order to save money from Bitcoin's blockchain fees. But I'm afraid that I don't know how to do this yet. I've checked on my "Ledger Live" wallet, and there doesn't seem to be a feature for "Batching Transactions". Bitcoin Core may have it, but it's going to take a while before I'm fully synced to the BTC blockchain. If I could "Batch Transactions" in an easy way without syncing, it would be a blast.

Since I often send transactions to various BTC addresses, this feature would be extremely convenient for me (and other users as well) to reduce costs as much as possible. Any help, suggestions, or recommendations would be highly appreciated. Thanks in advance. Smiley

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o_e_l_e_o
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October 29, 2019, 09:41:23 PM
Merited by pooya87 (1), Abiky (1)
 #2

You can do this with Electrum.

Since you mentioned Ledger Live, I assume you have a Ledger Nano device - you can easily set this up with Electrum and use your current wallets without the need to import your seed or anything like that. First download Electrum from the official site - electrum.org - and follow these instructions to verify your download before installing: https://bitcoinelectrum.com/how-to-verify-your-electrum-download/. Then connect your Ledger Nano, enter your PIN, and navigate to the bitcoin app as you normally would. Launch Electrum, create a new wallet, select "Standard wallet", select "Use a hardware device", and then choose if you are using legacy, nested segwit or native segwit. Your current Ledger wallet should then be displayed in Electrum. More instructions here: https://support.ledger.com/hc/en-us/articles/115005161925-Set-up-and-use-Electrum

Once you have your hardware wallet open in Electrum, you simply go to Tools -> Pay to many. In the "Pay to" field, enter an address followed by a comma and then the amount to send to that address. On the next line, enter the same thing for the next address, and so forth. An example transaction might look like this:

bc1xxxxxxxxxxxxxxxx, 0.3
bc1yyyyyyyyyyyyyy, 0.5
bc1zzzzzzzzzzzzzzzz, 0.04

If you go to Tools -> Preferences -> General, you can switch the units from BTC to mBTC, bits, or sats, if that's what you prefer to work in. Just double check you aren't over or under sending by a factor of 100/1000!
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October 30, 2019, 04:28:40 AM
Merited by Abiky (1)
 #3

in addition to what @o_e_l_e_o said (setting your transaction outputs), Electrum allows you to control your inputs too with great flexibility. you can go to your coins tab (if you don't see it, enable it through the menu > View > Show coins) which contains all your received transactions (aka coins to spend). you can see which address they belong to here too. select multiple inputs or all and right click to select spend. this way you can also consolidate your inputs.
(remember that this might not be favorable in some cases for privacy reasons since you will be combining inputs from different addresses together)

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Abiky (OP)
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October 31, 2019, 11:05:03 PM
 #4

You can do this with Electrum.

Since you mentioned Ledger Live, I assume you have a Ledger Nano device - you can easily set this up with Electrum and use your current wallets without the need to import your seed or anything like that. First download Electrum from the official site - electrum.org - and follow these instructions to verify your download before installing: https://bitcoinelectrum.com/how-to-verify-your-electrum-download/. Then connect your Ledger Nano, enter your PIN, and navigate to the bitcoin app as you normally would. Launch Electrum, create a new wallet, select "Standard wallet", select "Use a hardware device", and then choose if you are using legacy, nested segwit or native segwit. Your current Ledger wallet should then be displayed in Electrum. More instructions here: https://support.ledger.com/hc/en-us/articles/115005161925-Set-up-and-use-Electrum

Once you have your hardware wallet open in Electrum, you simply go to Tools -> Pay to many. In the "Pay to" field, enter an address followed by a comma and then the amount to send to that address. On the next line, enter the same thing for the next address, and so forth. An example transaction might look like this:

bc1xxxxxxxxxxxxxxxx, 0.3
bc1yyyyyyyyyyyyyy, 0.5
bc1zzzzzzzzzzzzzzzz, 0.04

If you go to Tools -> Preferences -> General, you can switch the units from BTC to mBTC, bits, or sats, if that's what you prefer to work in. Just double check you aren't over or under sending by a factor of 100/1000!

So many thanks for this, mate. I didn't thought Electrum was capable of doing this with the Ledger Wallet. A lack of research could've been the case. With this, I'll be able to effectively batch transactions without the need to sync with the whole BTC blockchain. Upon connecting the Ledger hardware wallet, I've noticed that Electrum has full support for Native Segwit Bech32! This is awesome since it'll allow me to save much more on BTC transaction fees.

Anyhow, I'm planning on upgrading to the Ledger Nano X wallet (at a later time) which supports smartphones. It'll be a blast if it's also possible to batch transactions on my phone with this new device. I haven't seen a BTC wallet app with such feature yet, but I'm hoping this would be implemented in the future. As a heavy user of the BTC blockchain, I'd say that this feature is a must for sending payments to various addresses without spending a lot on fees. Smiley




in addition to what @o_e_l_e_o said (setting your transaction outputs), Electrum allows you to control your inputs too with great flexibility. you can go to your coins tab (if you don't see it, enable it through the menu > View > Show coins) which contains all your received transactions (aka coins to spend). you can see which address they belong to here too. select multiple inputs or all and right click to select spend. this way you can also consolidate your inputs.
(remember that this might not be favorable in some cases for privacy reasons since you will be combining inputs from different addresses together)

Thanks for the tip. I'll keep this in mind when using Electrum for batch transactions. I appreciate your help with this, guys. It seems that I need to learn about more BTC, since there are "hidden features" that could prove to be useful for me someday. I've learned something today I didn't know about before. Next up, I'll be learning more about how the Lightning Network works in order to get started making Lightning payments right away. It would've been nice if Electrum or Ledger Live allowed users to interact with the LN, but that's something rather optional than necessary.

Nonetheless, I'll be locking this thread now since my problem's been solved. Smiley

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.
 CRYPTOGAMES 
.
 Catch the winning spirit! 
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PROGRESSIVE
      JACKPOT      
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