Quote from: AerialGopher on January 22, 2018, 08:14:06 AM

Quote from: nazzer on January 22, 2018, 07:59:17 AM

Quote from: AerialGopher on January 22, 2018, 07:52:42 AM

Quote from: clgrissom3 on January 22, 2018, 03:16:04 AM

Quote from: kano on January 22, 2018, 02:14:16 AM

Quote from: wavelengthsf on January 22, 2018, 02:08:45 AM

Consolidate your transactions with the low fees!

Indeed - don't wait for the next run of high fees then complain about them Cheesy

Do it! Do it now!

I did and it was confirmed very quickly even with the low fees. Now is the time to consolidate all of your small payouts to another wallet you own! Cheesy

I was going to ask about this very thing... I have had several payments into one address. But I keep hearing of this consolidation. What is exactly meant by it and what benefit is there, or negative if its not done? I know it means to move the funds to another address or wallet ID, is it simply to put them in one block so that when its moved its not being moved from many blocks over the past couple months and that ads up to more fees? Ie satoshi's per kb..

I have had all the payments for blocks on kano since dec 10, and about 1 each week from Nov 21 from Nicehash... except for that last one :-)

Thanks.

Consolidation is turning coins from many inputs into a single output. Since fees are paid based on transaction size, the more inputs you have the more you're paying in fees.

Doing this during low fees is best since you're not paying so much right now in overall fees.

In future if you're sending bitcoin, the smaller transaction size will help you save on transaction fees.

So My wallet creates a new address every time I click receive bitcoin... so I could essentially send it from the address I was using for the last 2 months, to one of these other new addresses on the same wallet ( I know the wallet address is technically a new wallet, I just mean on the same Application I use as the wallet) This will accomplish the consolidation? Is there any pro's or cons to doing it this way? I know I should put my 12 million in bitcoin on an offline wallet... But I like the feel of them in my pocket :-)

You could send it to any address on your wallet (if I'm reading what you said correctly).

Each time you receive bitcoin, it essentially is a new input that needs to be signed if you want to send it out. So sending all that loose change to a single address will achieve consolidation.