I've been using apps like GREEN and MUUN, and suddenly my fees are hitting $2-$3+. What's the deal with this "privacy" thing that keeps changing my addresses? I only want one address for all my funds.
Why am I paying so much in fees after consolidating my Bitcoin?
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Changing addresses doesn’t impact your fees directly. What's important is the number of UTXOs you have to use for a transaction. Try using Electrum; it has a feature for coin control.
Electrum is solid. Most wallets these days are HD wallets, so they’ll constantly generate new addresses. You can set it to prefer a single address but will still get change addresses.
Your fees will go up if you have a lot of UTXOs involved in a transaction. Combining multiple UTXOs means more inputs, and that raises the fees. It's all about how you manage your funds.
swiftdiamondMember
Posts: 84 · Reputation: 87
#5Dec 15, 2017, 08:40 AM
If you want to keep your transactions simple, you can manually select inputs in Electrum. It doesn’t fix the fee issue but gives you better control over your outputs.
Bitcoin relies on UTXOs, right? So if you send varying amounts to one address, the system doesn’t just sum it up. To send a large amount later, you'll need to combine several smaller UTXOs. That’s how it works.
I get that but sticking everything in one address is risky. You’re basically asking for your identity to be revealed over time. Every time you spend, you're exposing that public key.
Thanks for the tips, but nobody's really answered my question about going back to the way things used to be. I just want to send and receive without all this extra hassle.
Just chill. You can use the same address again. You don't need to ask your wallet’s permission. If you want to prevent change addresses, just check the settings in Electrum.
Why can't someone just make a simple Bitcoin wallet that sends change back to the original address? Seems like a simple fix.
swiftdiamondMember
Posts: 84 · Reputation: 87
#11Dec 17, 2017, 03:42 PM
Bitcoin has always been about UTXOs. They’ve changed, but the principle remains the same. It’s about how you manage those inputs that affects your fees.
There’s definitely a way to do that in Electrum. You can import a single key to keep things simple, but it's not practical in the long run.
I wouldn’t recommend relying on a single wallet. Create a paper wallet if you want maximum privacy, but make sure you know how to secure your private keys.
You can start a new Electrum wallet and select to create just one private key. That way you have only one address, but understand the limitations.
chrisomegaFull Member
Posts: 69 · Reputation: 631
#15Dec 18, 2017, 08:02 AM
Not sure I agree with that. There's got to be a better way. Before apps started doing this, I could just keep it simple!
Regarding your change address woes, nothing’s really changed. Just be mindful of how many inputs you are trying to use. It’s not about the address but the overall transaction size.
Thanks, guys, but really, can't you just have it set so that any spare change goes right back to where it came from? That seems straightforward.
You can turn off change addresses in Electrum. Go into settings and disable that feature, but it won’t affect the fees you pay.
You’d think they’d keep it simple like the old days... I just want clarity on what's happening to my funds, not extra fees.
It’s not a feature; it’s how the system works. Having more UTXOs means more inputs, not necessarily worse for fees, but also not better.