even though i've done it many times before, UTXO consolidation always makes me feel a bit nervous. i don't know why...
Discussion
Maybe it has to do with how (or wherher) you labeled them and a fear of combining the “wrong” ones?
i wanted to put something in the 20 vbytes/sat range but i don't know if that will get confirmed, so i picked 31 vbytes/sat. im certain it will get confirmed in a couple blocks. *shrug*
Oh yeah i know what you mean. Consolidation transactions really add up and it sucks to overpay on top of that
If it makes you feel better i helped brother in law consolidate and chose mid 40’s and it just got confirmed in the past 24 hours after pending for almost a month
That's a long while, but we know that it will eventually work out if we wait long enough. And if you're not planning on spending or selling, you have all the time in the world to wait.
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Could it be that you don’t quite understand this? 😂
oh no, i absolutely understand it. it's just that feeling in the back of your mind. we've all fucked up before doing something.
Ha, yes. This is true. But, our future selves will thank us!
It happens to responsible people, the unconscious are quiet.
What’s the point of UTXO consolidation? If I think about it like cash, why would I want a bunch of hundred dollar bills? Aren’t $5, $10, and $20 bills more useful?
Because at some point fees may become so expensive that the fee to transact would cost more than the UTXO itself, making it unspendable.
Here’s a quick primer https://www.discreetlog.com/utxos/
Anytime I send more than like a hundred dollars of Bitcoin I get a sphincter pucker, so I get it.
Can confirm the pucker. Me watching fees double since I broadcast my transaction has me feeling this way.
Ooof. I had to send a very significant amount of Bitcoin to a different wallet the other day and oooh man. I still triple check an address even if I copy and paste it.
Ironically enough, I know that it's because the Bitcoin network works too well that I'm paranoid to send it somewhere that's not under my control. A mistyped key or a non-capital letter somewhere in the address will completely screw me over.
Could you point me to a source of information as for what to consider when looking at one's utxo?
I've often seen that one should consolidate your utxos, but according to what strategy?
There's a lot of buzz around your post.
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