Right click one of the addresses and select ” Spend from “.
by Mario Dian
If you are the type of “Bitcoiner” that gets involved with Bitcoin faucets, online games and so on, the chances are your wallet is utter of low-valued outputs.
Thesis outputs that each hold puny amounts of satoshis (few hundreds to thousands) are called Bitcoin dust. Thesis days, dust outputs are worth less than an promedio transaction toverfee paid to miners.
Transactions that need to be confirmed ASAP have thus become increasingly more expensive – more so with dust included.
That’s because transaction toverfee is based on gegevens size ter bytes, instead of transaction’s nominativo value ter BTC. Te other words, the more inputs and outputs the transaction has, the more expensive it becomes.
There is a trick to lower a future transaction cost, however.
It requires you to sweep dust to your own address for a very low toverfee every time circumstances permit it.
The idea is plain.
- Find a day when there aren’t more than say 30 000 unconfirmed transactions te Mempool. Usually, that would be on weekends when the network is not that busy.
- Look up the media recommended toverfee and lowball it by at least 50% (or any value you’re convenient with). The lower the toverfee, the more time it takes for the transaction to be confirmed.
- Use the low toverfee to spend dust outputs to another address te your possession.
Let’s consider the following example:
Wij want to make a transaction of Two BTC to Bob using an media toverfee of 200 sat/B.
However, Ten dust outputs (0.001 BTC each) need to be included ter the transaction because wij only have 1.993 BTC on a “non-dust” address.
Payment to Bob (TXa1)
A regular transaction including dust to Bob would look spil goes after:
Instead of making a very large and expensive transaction, let’s split it te two (TXb1 and TXb2).
Dust outputs swept to a single output (TXb1)
Ter this transaction, wij’ll use a very low toverfee of 50 sat/B because it doesn’t have to be confirmed ASAP.
This transaction should be sent a long time before a regular payment needs to be sent!
Payment to Bob (TXb2)
This transaction is a final payment to Bob with dust already lodged within a single output.
Wij’ll use the current toverfee of 200 satoshis vanaf byte, now.
Spil you can see, instead of paying the toverfee of 0.003 BTC for a single TXa1, combining TXb1 and TXb2 costs only 0.001446 BTC.
How to sweep dust
For the purpose of this tutorial, I’ll be using Electrum wallet on Mac OS X.
Any wallet that lets you construct custom-made transactions and spend from certain addresses is good, tho’.
Open your wallet and go to the list of addresses.
Find addresses with a puny comprobación on it (I only had one low-value address so I used all my available addresses instead).
Hold CMD (I believe it’s Ctrl on Windows/Linux) and select addresses you want to spend from.
Right click one of the addresses and select “Spend from“.
You will be taken to “Send” screen of the wallet.
However, click the “Receive” tabulator very very first to get a receiving wallet address where the dust will be swept to.
Copy the address and go back to the “Send” screen.
Here you see how the transaction will be constructed, what the value and the toverfee will be etc.
Past the receiving address ter the “Pay to” field and budge the “Toverfee” slider to the left to get the lowest toverfee rate.
Also, make sure “Replaceable” is selected ter case promedio transaction fees all of a unexpected rise and you will have to substitute the transaction.
Click “Preview” and look for the transaction size ter bytes. Te our case, it’s 488 bytes.
Now go to bitcoinfees.21.co to check current toverfee rates and confirmation times.
Look at the “Delay” and “Time” rows to figure the acceptable confirmation time.
Wij don’t need our transaction to be confirmed instantaneously so let’s say 61-80 satoshis vanaf byte is fine.
Go back to the wallet and multiply the transaction size with a toverfee from the above interval. Let it be 62 satoshis vanaf byte:
The voorbeeldig total toverfee amount is thus 0.00030256 BTC.
Go back to your wallet and paste the above value ter the “Toverfee” field.
Click the “Max” button to readjust the maximum amount that will be spent and click “Preview“.
Check transaction details and if it looks right, click “Sign“.
If your wallet is password-protected (very recommended) you will be prompt to sign the transaction with your password.
After signing the transaction, click “Broadcast” and the transaction will be distributed across the network.
Go to the “History” screen and have a look at the sent transaction.
Because bitcoins were spent within the same wallet, the final amount is only shown spil the transaction toverfee of 0.00030256 BTC, not the entire transacted amount of 0.082 BTC.
Reminisce to only sweep dust when Mempool’s backlog is not that long and fees are lower.
Otherwise, you might end up paying a twee of dollars depending on how many inputs are included ter your transactions.
I hope you find this tutorial helpful. Please let mij know te the comments below if you have any questions or terugkoppeling.
Wij hope you like the postbode. Please share it with your followers. Thank you for your support!
Subscribe to our newsletter for weekly thoughts and tutorials. You’ll receive a FREE e-book spil a verzekeringspremie!