Post
Topic
Board Web Wallets
Re: btc transfer cost
by
JeromeTash
on 12/02/2021, 21:41:08 UTC
To reduce your fees you should:
1.  Use a SegWit address (starting with bc1 or 3 rather than 1) to receive Bitcoin
2.  Send Bitcoin with a reduced number of inputs by accepting Bitcoin to the same address (this isn't recommended for your privacy but it's good for reducing fees)

1. Basically He should use a wallet that can generate SegWit addresses (Any that start with bc1 or 3). So that in future if he plans to spend the Bitcoin, the transaction script won't have as many bytes as one that has legacy address inputs (addresses that start with 1)
Electrum wallet should be a good choice

2. Wrong. Using the same Bitcoin address to receive Bitcoin payments does not reduce inputs. Once you decide to spend the bitcoins in the wallet, Number of unspent transaction outputs will be equal to the number of inputs for your new out going transaction