I have a large amount of money in a lot of small coins in my wallet (most of them like 0.0002 BTC). But whatever I do, I loose about 15% due to transaction fees, because transactions are too large. Is there any tool for optimization of transactions, which could combine those coins into transactions with minimal or zero fee?
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I made the transaction and wasted 15% of bitcoins. There remained a few coins with value of 0.00005 BTC, thus I attempted the uno-wallet's access by private-key and created a transaction with zero fee. It obviously was pending a week in the queue and after that it disapeared. I'll try that once again. From now on, for dust transaction I'm using Inputs.io, which is able to consume single satoshis and add them to my account:)– V-XCommented Oct 14, 2013 at 10:22
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3 Answers
If the coins are in the same wallet then you should be able to send your "large amount of money" in one transaction.
If your coins are spread across multiple wallets in the same client then you would need to take the 15% loss. Or not pay a transaction fee and hope your coins get validated by a very friendly miner. (I would advise the former.)
In the event that your coins are spread across multiple wallets, you should bite the bullet and send them all to a single wallet so you don't continue losing money in the future.
It also might be a good idea to have slightly larger transactions, so you don't pay as many fees.
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I created a transaction with fee a bit lower than the advised value and the transaction has been accepted. But is pending with 0 confirmations and it is not visible in blockchain. Where is such a transaction? Is it only on my local system? Can I get rid of that by droping my wallet or my local blockchain copy?– V-XCommented Oct 8, 2013 at 12:31
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That's because your transaction has been 'sent' to the network by your client, but has not been added to any blocks. This is because your transaction fee is lower than normal, and miners don't want to add your transaction for free. Which is why I suggested cutting your losses and putting your coins in one address. Now you need to hope there's a miner out there willing to add your transaction to their block, otherwise your coins will be in limbo.– KJ OCommented Oct 8, 2013 at 15:11
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I'm a little confused by your terminology. I think most people consider a "wallet" to be a collection of private keys for several addresses belonging to the same person. In this case, the asker has many coins in different addresses within the same wallet. Since each address needs to be mentioned in any transaction to spend them, the fact that they are all in the same wallet doesn't help with the transaction size. Commented Oct 8, 2013 at 15:30
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@Nate I believe it's the OP who is confused. He's saying he has "a large amount of money in a lot of small coins." To me, that means he has a lot of wallets, in one client. To me he seems to be mixing up a client, and a wallet.– KJ OCommented Oct 8, 2013 at 15:39
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So I'm telling him to put them all into one address, so that he can place larger transactions, and, subsequently, lower fee percentages. Though I could be misunderstanding him.– KJ OCommented Oct 8, 2013 at 15:41
Lets assume you want to consolidate a lot of small unspent Inputs that are signed for use by addresses located on a few clients.
For every client, create a raw transaction with the unspent Inputs you want to spend (send to another address). Somehow join all the raw transactions, and start signing with the first client. Every client will have to sign before the finished transaction is broadcasted to the network.
I'm not exactly sure how to accomplish this, but all the bits of the puzzle exists:
To try this were going to use brainwallet.org with "correct horse battery staple". Then were going to http://brainwallet.org/#tx with that private key to create a raw transaction.
The private key is known and used by a lot of users, so there is "dust" we need to remove with "Edit Inputs". I saved the first and the last unspent outputs, to make this example shorter.
Think of these two unspent outputs belonging to different addresses. Then you need to sign with both to make it an valid transaction.
Take a look at Gavins example for signing a 2-of-3 transaction, notice how the hex is getting longer for every signing and returns "complete: true" when the transaction is valid for broadcast.
The last part is figuring out what fee is required, look at the JSON Transaction and notice "size":xxxx. Now use what you learn here to calculate an appropriate fee. (You need to include the fee before signing)
Import all your private keys with dust to Electrum and use them to pay the fee in your normal tansactions prioritizing them when making payments.
