Re: Are transaction fees lower if I keep all my bitcoins in 1 address?
I'm confused about transaction fees.
I recently sent a payment of .001 BTC from my Armory wallet that had 4 addresses totaling about .0025 BTC.
.001 went to its destination, .0001 was set for the transaction fee, the balance went to another address in a different wallet.
I was surprised when Armory suggested a transaction fee of something like .004! It said the block/data size was too big for the fee I was offering.
I sent it as it was, and it was accepted, but it took a really long time ( over 2 hours) to show up in the blockchain.
Many places I have read that we should use a new address for every transaction, but that leads to lots of addresses with small amounts.
Wouldn't it be faster and cheaper to have fewer inbound addressees?
you can get lower fee by using many address because the fee computed by how many transaction has been accepted on your address.I recently sent a payment of .001 BTC from my Armory wallet that had 4 addresses totaling about .0025 BTC.
.001 went to its destination, .0001 was set for the transaction fee, the balance went to another address in a different wallet.
I was surprised when Armory suggested a transaction fee of something like .004! It said the block/data size was too big for the fee I was offering.
I sent it as it was, and it was accepted, but it took a really long time ( over 2 hours) to show up in the blockchain.
Many places I have read that we should use a new address for every transaction, but that leads to lots of addresses with small amounts.
Wouldn't it be faster and cheaper to have fewer inbound addressees?