Don't wait, carpe diem.. mempool.space
Discussion
More like UTXO’s under 5M sats
Uhmm.. you think that much would be consider dust already in 2035.. i would say 2053 for 5m sats 😅. But will see, bitcoin and free market fees will do its way.
Not dust, but to keep the fee lower than 2-3% of the total amount
I think the ETFs will keep fees low, so I’m hopeful you can get txns confirmed within 24hrs with a ~ 100sat/vB fee in 2035
Ah ok ok, yes I totally agree with that 🤙 thing is many still underestimate their UTXOs management.. they will learn the hard way later..
I finally consolidated late last year around 21 sat/vb. the education and call to action surrounding UTXO consolidation can never be enough. I am worried that there will be so many normies who finally figure out self custody only to realize too late that they should have managed their UTXOs better
It worries me too.
Yes, I have the same worry, and that's because even if I am learning about #bitcoin since 2021, this particular argument is the one that I noticed is the was the treated until fees surpassed 100 sat/vb for some weeks.
I also see UTXO management as a problem, but the problem I see is that people have to commit time and energy into learning about the issue and taking action.
Bitcoin should be accessible to people with a low time preference.
I'd like to think lightning will save us, but that just trades out UTXO management for channel management (or custodial solutions). Hopefully LSPs + a better UX in self-custodied lightning wallets will fix this. Because I think we probably largely agree that requiring 1 billion people to have to worry about UTXO management is not viable (let alone the second billion and beyond).
Spot on Sir. I couldn't articulate it better. 🔥🔥🤙
As bad as this may sound, people should be able to manage a checkbook or a cash drawer. It’s really the same thing, once you get a feel for it.
Think of it this way…“I have (5) $20 bills and it’s springtime, but I know my electric bill will be $100 this summer(3 months away) and my electric company doesn’t have space for $20’s in their drawer so they charge me extra to take them as a way to discourage me from using 5 bill when could use 1. I can take my 20’s to the bank and exchange them for $100 today but the line is long because it’s Friday. Long time = lost wages, = costs more money. But next Tuesday, not many people at the bank so I can get in and exchange my 20’s for a 100 pretty quick, less time = less lost wages and less cost. I just have to plan in advance of when I need it and when everyone else is cashing their checks. With a little planning, it’s not difficult. The difficulty is taking the time to learn and for people that already know how to do it…to teach someone. I’ve said it on NOSTR for long time…each one teach one. 🤙🏻🫂
I like this analogy a lot! I still want a solution that doesn't require learning these things, but until we have that, this is a great way to explain it.
This got me thinking, I bet a similar approach could be taken with lightning channels. It's like opening a tab at the bar. You can spend your money on food & drinks, and only get charged once.
If you wanted to sell your homemade moonshine to the bar, they could either pay you each time you deliver (akin to on-chain payments), or they could open up a tab with you (lightning channel) and settle whenever you want (close the channel).
If your both buying from and selling to the bar, both your tab and theirs could go up and down and may be open for a long time.
Indeed. When fees are low, don’t wait to consolidate.