Don't get me wrong, it's good advice 🤣
Discussion
Is this talking about emptying wallets into one wallet?
It can be done in the same wallet. It's referring to sending multiple smaller UTXOs into a larger UTXO.
Do you know how to do it on cold card with nunchuck?
I haven't used Nunchuk, but assuming you're consolidating UTXOs that are already in addresses controlled by your Cold Card, you would simply create a new receive address and then send those UTXOs to it.
As an example, let's say you had previously received the following 5 transactions to different addresses on your Cold Card: 50k sats, 100k sats, 200k sats, 300k sats, and 350k sats. Each of those transactions exist as a separate UTXO until you spend them. To consolidate them, you simply spend them to yourself. So you would creat a new receive address on your cold card, and send a transaction to that address that uses those 5 UTXOs. The result would be a new single UTXO of 1M sats (minus the on chain miner fee).
Good advise. Spent a lot of time today doing so.
Consolidating UTXOs is only a good idea if you do not value your privacy.
Change my mind!
Trying to change an idiot's mind is never fruitful. Good luck to you.
😂 that’s one way to handle it
Lol. Pro tip: Anyone who ends their statement with "change my mind" does not actually want to change their mind.
😂😂 good to know
Did not know this. Always thought "change my mind" would start an informed debate instead of just getting you insulted.
I prefer donating small UTXOs instead of linking them together.
Your point still stands: transact while fees low.
What's an informed debate on the internet? You just be new. 😂 As for consolidation, you don't have to consolidate everything into one gigantic UTXO. Combine small UTXOs into sufficiently large amounts so you won't be rekt by fees when they get so high that half your UTXOs are unspendable on their own. Whether you link them together when fees are low (consolidating) by sending them to yourself, or link them together when you spend them to someone else later on, there is no difference in privacy. Eventually either way you link them together. There are other tools to help with the privacy aspect, but consolidating to save on fees later is just smart. But hey if you are dumb and want to simply donate UTXOs, feel free to send a few to the address below. 😂
Also do coinjoins
