Batching Transactions \ stacker news ~bitcoin

30 sats \ 5 comments \ @random_bitcoiner 8 May 2023 bitcoin

So with fees as crazy as they are now and considering that PSBT support is quite widespread now (electrum, specter, etc) it occurred to me that we could shave off some sats of mining fees, or maybe pay the same but obtain a higher fee rate if we were to batch transactions somehow.

I'm not saying building an automated service for this (although this could work) at this point, but rather just creating a telegram channel when we would post PSBTs and a deadline, other participants are free to join until that deadline and then we finalize the PSBT, craft the fully signed transaction and broadcast it.

The savings are not amazing, but considering that every tx carries 10 vbytes of overhead (version, input count, output count & nLockTime) we're probably looking at ~7% of overhead cost. The idea would be to split this overhead cost.

Is anyone doing this already?

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21 sats \ 3 replies \ @03365d6a53 8 May 2023

why telegram? centralised, shitcoin, requires a phone number.

if it were matrix, nostr or simplex I'd be game

telegram / whatsapp whatever, no way

0 sats \ 2 replies \ @random_bitcoiner OP 8 May 2023

I proposed Telegram because it's simple and has a huge network effect, tons of bitcoiners already use it and that's what you'd look for. You can buy a phone number with silent link, ignore their shitcoin and start using it today.

Nostr would be a nice alternative, but last time I checked group message discussions were still in development.

I also think matching txs might be too much of a hassle for a small 3 to 5% discount. Although if fees continue like this and you transact a lot on-chain it might add up.

Also I was just testing the waters, seeing if there would be any interest in doing this at all.

0 sats \ 1 reply \ @03365d6a53 8 May 2023

loads of people use facebook too, doesn't make it right 😎

true, group chat in nostr isn't there, but simplex would work really well and matrix servers are easy to spin up

I'd be interested to take part, if only as an experiment

anything involving a phone number just encourages users to put sim cards (or esims) in their mobile devices

which is horrible from a privacy perspective

0 sats \ 0 replies \ @random_bitcoiner OP 8 May 2023

npub172flhqp8m445lv3v55ayk4qlhfyuyk72sknf5pg9pfkfhd63tgxqptwahq

This is a new nostr pubkey I created just for this purpose. DM there, I'll probably have a few txs this week.

3 sats \ 0 replies \ @aljaz 8 May 2023

this could be something similar than https://github.com/0xBEEFCAF3/munstr, but instead of coordinating signers it coordinates participants