Join 60,824 users and earn money for participation

BCH | Sending BCH with Low Fees (UTXO Simplified Video)

7 55 exc boost
Avatar for idiosyncratic
Written by   111
2 months ago

As you know very well, Bitcoin Cash transactions are nearly free and if you are paying a lot of satoshis while sending your Bitcoin Cash, it's due to the UTXOs. To make it simpler, you can see them as mini wallets that are forming your BCH Wallet.

2 days ago, I spent 3 hours understanding the rationale of these transactions. Because I was pretty sure that there was a problem with the transaction in which I paid more than $0.50, I investigated the case deeply 🕵🏻‍♂️

Let's talk about UTXOs

Honestly, you do not need to understand them... The reason is that when you are using Electron Cash Wallet, all you need to do is to click on the UTXO to initiate the transaction, that's all. So, you can count UTXOs as sub-wallet, mini-wallet that are ready to take part in the transaction.

  • You can choose a specific one to initiate the transaction (For example I choose the ones with higher amount of satoshis and pay 183 sats per transaction)

  • You may send them all at the same time and pay 180+ sats for each of them.

As I mentioned above, it's not logical to initiate all of them at the same time.
If you have 800 sats in one of your sub-wallets and pay 180+ sats to transfer it, does it sound logical? Nope, let it rest in your wallet and send the higher amounts with lower fees 😌

2 weeks ago on my Noise.Cash post, I was blowing fire around because of the fee that I had to pay. It was merely because of the fact that I did not know about the UTXOs and the initiation of them once I try to send Bitcoin Cash.

Simply, while using some other wallets in exchange of Electron Cash Wallets, they may not provide you changes to specify the ones that you want to trigger. So, the wallets try to send every single satoshi that you have at the same time. While using the wallets, make sure that you checked the facilities while sending your Bitcoin Cash.

More Technical Guidance

At that point, idiosyncratic is out 😂

Here are the crucial points explained by @Telesfor

Time to Explain in 2 minutes Video

In the video,

00:21 you will see that it requires 0.0013+ BCH as fee if I send them at once.

00:58 you can see how to find your UTXOs in Electron Cash Wallet

01:31 you can choose specific UTXOs to initiate transaction (183 sats per UTXO)

While Importing Your Wallet:

1- 12 words Mnemonic phrases

2- Choosing Derivation Path

m/44'/0'/0' ( for the wallets by Bitcoin.com)
m/44'/145'/0' (for Atomic, Exodus etc)

To reach your wallet. If you write the derivation path wrong, you cannot see your balance. In this case, go back to the first step and write the other derivation path option.

Final Words;

In reality, there is no problem with the wallets as service providers. They are sending you the whole balance at once. Yet, while doing so, you are paying 180+ sats for each UTXO being initiated. But for paying fees for small balances, you can choose the once that you want to send with nearly no fees.

Every single satoshi is unique. It's not easy to earn, thus, do not waste your satoshi for transactions. If you need further help, just contact me.

I tried to keep it as simple as possible. Thanks for your attention.

Regards,

5
$ 1.25
$ 1.05 from @TheRandomRewarder
$ 0.10 from @tired_momma
$ 0.10 from @lordneroo
Sponsors of idiosyncratic
empty
empty
empty
empty
Avatar for idiosyncratic
Written by   111
2 months ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

Thank you for sharing. Maybe I was too happy just to send my BCH and didn't pay attention to the charge. But I had a similar question about my fee last week.

$ 0.05
2 months ago

I also had the same problems dear, I hope this way can be beneficial for you, too :)

$ 0.05
2 months ago

Yes it is and thank you for that.

$ 0.00
2 months ago

Atomic wallet charges me $15 to send BCH!!! The issue is that all those small inputs from noise will take more space in the Block that's why it will increase the fee, it's how it works for BTC-derived coins and you can find this information on the web. here is the proof: https://noise.cash/post/138jxnjz#highlight=1m8wk0xp I can`t hear the myth of low transaction fees for Bitcoin Cash anymore!

$ 0.02
2 months ago

To cope with this problem, I purposefully choose the transactions of UTXOs and send BCH balance from only these adresses. Otherwise, it costs a lot for a person to move the whole balance.

Some people are using Coinbase or Nexo to receive the mini tips, you may also consider these options 😌

$ 0.00
2 months ago

Thanks for your reply, I am using Binance now for noise to avoid these high fees. I mean even sending Ethereum is cheaper.

$ 0.00
2 months ago

Hahaha wise choice 😌

$ 0.00
2 months ago