Help with wallet and address distribution needed

[protrader786]

Hello,

I had previously made an topic for suggestions on How to Introduce someone to the world of bitcoin.

I got a idea that why not give them some satoshis and ask them to try it themselves: send, recieve or store.

Not everyone started with bitcoin by buying it right ? Many people were interested in the technology itself and at the beginning we were able to get it just by running a software on our PC.

Giving them paper wallets and loading it with small amounts of BTC won't help me here, as it won't get them any hands on experience nor does it look like an attractive approach to me.

Also if I try to load let's say 10 wallets with such small amounts, the fee itself will cost me a lot.

I am aware of lightning network and its benifits. This could be of one consideration.

But what I am looking for is :

I see that many exchanges allow free transfer internally, that might be because all the addresses arrive from one private key or some criteria like this. Can I implement something like this ? Is it easy to setup ? What do I need to do so?

There are basically no shops that accept BTC here, nor do I expect them to send it to thier own external wallets. What I expect is that they just try it among one another before getting hold of the approach.

Which wallet do I need to use for maximum efficiency ? How to implement something like this ? Or is LN my only way to go.

If you have other ideas of how I can give them small amount of sats and ask them to send, recieve or store among themselves to know how it all works efficiently without much of the fee, please share here.

Thank you.

[1715021796]

1715021796

[hosseinimr93]

I see that many exchanges allow free transfer internally, that might be because all the addresses arrive from one private key or some criteria like this. Can I implement something like this ? Is it easy to setup ? What do I need to do so?

This has nothing to do with lightening network.
Exchanges store all bitcoins in their own wallet and only display a number as balance for each of their users. Exchanges can allow user A to send user B some fund without making a real transaction.

Let's say users A and B each have 1 BTC on an exchange and user A wants to send user B 1 BTC. Since the fund of both users are stored in the exchange wallet, there is no need to send bitcoin on the blockchain. So, the exchange decreases balance of user A to zero and increases balance of user B to 2 BTC.

Keep in mind that, those who keep their bitcoins on an exchange are not the real owner of those bitcoins.

[protrader786]

Ok, so basically my idea won't work right ? Because, like you said, there is no transaction happening in the blockchain but internally. I get it now, how it works. Other suggestions welcomed.

I assume every time one of my friend or family member sends it would be necessary for it to be registered in the network which will make them scratch thier heads a little and let them know a little more.

[JeromeTash]

You could try sending out the transactions to the addresses at a fee of 1 sat per byte when the mempool has cleared especially on weekends so that they can get confirmed with a few hours. You can also encourage them to carry out transactions on Sundays. It's not a guarantee but the fee to get the transaction confirmed quickly is always much lower on Sundays.

Just make sure your transaction does not have multiple outputs and multiple inputs or else your transaction size might get bigger and you may end up paying more miner fees even at 1 sat per byte

These threads should be able to guide you on how you can avoid paying hefty fees
- [Aug 2020] Fees are low, use this opportunity to Consolidate your small inputs!
- Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

[protrader786]

<...>

Thanks for the reply, yes I can do it at 1sat/b. But even on Sundays it's not reliable. It won't get picked up any sooner. Also, once they have thier hands on coins they wouldn't hesitate to give it a go, asking them to wait for sunday just to demo won't be looking good. Not many wallets allow customising fee, even if they do these people won't be able to set it and eventually end up losing a large portion of it.

I am still looking for a solution.

[JeromeTash]

Thanks for the reply, yes I can do it at 1sat/b. But even on Sundays it's not reliable. It won't get picked up any sooner. Also, once they have thier hands on coins they wouldn't hesitate to give it a go, asking them to wait for sunday just to demo won't be looking good. Not many wallets allow customising fee, even if they do these people won't be able to set it and eventually end up losing a large portion of it.

I am still looking for a solution.

As i said it's not a guarantee but it's worth a shot as it works in most weekends(almost 90% of them). I remember having mine getting confirmed a couple of Sundays back. So long as the transactions are going to be included in the Bitcoin Blocks. It's the only way you can make sure you pay fewer bitcoin transaction fees.

It's part of the learning process. This will help them understand how bitcoin transaction fees are determined and to always go for the best wallet that can allow them to customize fees like electrum.

Anyway i hope you get another easy way out.

[protrader786]

<....>

I have sent myself a transaction with 1 sat/b fee yesterday on my staked adress to check if it was a way, it doesn't look it it is getting confirmed any time soon. Also, I would ask them to install a easy to use on th go wallet. Most of these wallets don't allow you to spend unless the recieved funds are confirmed. Even if I just give the private key and ask them to load it, it will still be a huge fuss for me waiting for these transactions to get confirmed at this rate. I don't want to give them Pvt keys too, but to introduce them, I don't think it will matter since I myself am loading them.

[coupable]

If your intention is to introduce someone to the bitcoin technology, why don't you use Bitcoin Testnet ?
It's an alternative blockchain to the bitcoin blockchain made for devs and testers to expriment wthout using real bitcoin.
Bitcoin testnet can be obtained for free from any faucet or just ask someone to send you some. It's easy to setup a wallet and get coins and start teaching about the technology. Those links would help you a lot if you are really interested:
https://en.bitcoin.it/wiki/Testnet
LEARNING HOW TO USE BITCOIN: A BEGINNER’S GUIDE TO USING THE BITCOIN TESTNET

And this great topic made by tranthidung: Bitcoin Testnet. Activate, experience it, but don't trade and get scammed.

[pakhitheboss]

A general introduction which covers the Pros and Cons about Bitcoin would be sufficient. To explain them with an example you can use Bitcoin lightening Network. Wherein you can transfer 1 satoshi from one wallet to another in a second without any fee. The best wallet for LN is Blue wallet and it is available only for mobile devices. You can visit their website here.

[erikoy]

This has nothing to do with lightening network.
Exchanges store all bitcoins in their own wallet and only display a number as balance for each of their users. Exchanges can allow user A to send user B some fund without making a real transaction.

Let's say users A and B each have 1 BTC on an exchange and user A wants to send user B 1 BTC. Since the fund of both users are stored in the exchange wallet, there is no need to send bitcoin on the blockchain. So, the exchange decreases balance of user A to zero and increases balance of user B to 2 BTC.

Keep in mind that, those who keep their bitcoins on an exchange are not the real owner of those bitcoins.

Ok this make sense why one should not store btc in an exchange. And it is best to have a bitcoin wallet itself which generate bitcoin public key and its private key and can add public key to that certai  wallet. The seed phrase of wallet is one of the important feature of thar wallet that should not be lost. Anyway, OP should not force everyone to join cryptocurrency. The blame will going to put in him especially in this high risk investment that will have the chances lose in it. I can't handle someone blame me because I was the one introduces the bitcoin which let them failed.

[nakamura12]

<....>

I have sent myself a transaction with 1 sat/b fee yesterday on my staked adress to check if it was a way, it doesn't look it it is getting confirmed any time soon. Also, I would ask them to install a easy to use on th go wallet. Most of these wallets don't allow you to spend unless the recieved funds are confirmed. Even if I just give the private key and ask them to load it, it will still be a huge fuss for me waiting for these transactions to get confirmed at this rate. I don't want to give them Pvt keys too, but to introduce them, I don't think it will matter since I myself am loading them.

That's because the transaction fee is 1sat/b so, getting your transaction confirmed will take time to complete. That is why the faster it is confirmed the higher the fee is. I don't know any platform that support sending funds to different wallets at the same time so try to find one and maybe there is a feature to lower the transaction fee.

[NeuroticFish]

I got a idea that why not give them some satoshis and ask them to try it themselves: send, recieve or store.

Since doing these operations on Bitcoin network is either expensive, either slow, there are 2 other directions I'd think of:

1. Teach the users play with testnet. Both Bitcoin Core and Electrum do work with testnet and one can see how everything works.
2. Try the operations on the network of a cheap altcoin that works pretty much similar to Bitcoin. For this I'd recommend Dogecoin.

Of course, the downside is that the users don't play with the real thing, the so much valuable Bitcoin.
Still, it's an idea...

[protrader786]

<....>

Ok, I will now study about testnet and it's whereabouts.

I could experiment with giving them small amounts of eth, or some token too for a matter of fact. But it will distract their thoughts about bitcoin and will make them think about this and not bitcoin. Bitcoin is the only real crypto currency that will last above all, I think all others just copied the way of functioning and came up with some useful thoughts introducing some shitcoin and made money off it. I want to introduce they only to bitcoin and it's nerwork.

[khaled0111]

Ok, I will now study about testnet and it's whereabouts.

If you are really intetested in learning more about testnet, I suggest you start with this topic:
https://bitcointalk.org/index.php?topic=5215716.0
it explains in details how to switch to the test network on both bitcoin core and electrum.
I just noticed that coupable shared the same link in his reply.

I could experiment with giving them small amounts of eth, or some token too for a matter of fact. But it will distract their thoughts about bitcoin and will make them think about this and not bitcoin.

Besides distracting them, it may create some confusion as ethereum doesn't work the same way as bitcoin. Also, eth transaction fees are too high right now.

[JeromeTash]

I could experiment with giving them small amounts of eth, or some token too for a matter of fact.

No need of even bothering with Ethereum. Their transaction fees are currently higher than that of Bitcoin's and it's even much worse when you are transferring Tokens.

By the way i managed to carry out a transaction of 2 sats per byte today. Some transactions with a fee of 1 sat/byte were confirmed too