Ubuntu Bitcoin-cli fee problem

I have installed full node on ubuntu server to make a bitcoin payment processor like Bitpay.

I have generated new address for each invoice with $bitcoin->getnewaddress();

As a result, it created new addresses with different private keys.

Each address has around $5 - $20 in it like 50 - 70 different addresses.

When I want to transfer all balance to another bitcoin wallet, I get error -> This transaction requires at least 0.03 Miner fee.

Which is not fair because I already have 0.05 BTC in this wallet, paying 0.03 fee is not logical. Sending $750 is requirind $400 fee.

Any ideas to reduce fee?

Beren Aksoy

Posted 2018-01-10T18:10:42.043

Reputation: 1

Answers

The value of the transaction fee is not at all tied to the value being spent. It is entirely based upon the weight of a transaction as defined by BIP 141, which is based on the size of a transaction in bytes. To pay a lower fee, you need to make your transaction smaller by spending less inputs and creating less outputs. There is no way to spend fewer inputs except to not receive many low valued payments.

If you are receiving those payments by withdrawing from some service, then you should wait for your balance to be higher before withdrawing.

Andrew Chow

Posted 2018-01-10T18:10:42.043

Reputation: 40 910