Fam, many of you are not paying attention.
Please consolidate your UTXOs and open lightning channels before the halving.
Discussion
What is the smallest UTXOs that should be moved?
Does this question even make sense?
I keep hearing that there is an amount of satoshis that could be too low to move in the futureš§ is there a specific number we should be focused on?
Thank you!
#asknostr
The truth is that there's no perfect sized UTxO because you don't know what you'll need in the future. A mix is good.
Many have consolidated unnecessarily.
I consider any UTXO under half a million sats (0.005 BTC) to be small. Having a handful of small UTxOs is fine.
If a good portion of your stack is made up of small UTxOs, consider consolidating them.
You don't want to be forced to use those small UTxOs when fees are high because they increase the size of the Tx a lot.
Thanks!
We should keep reminding peeps this detail šš»
1000s of 5-8 sat/vByte transactions likely to get confirmed in next 300-500 blocks. Act accordingly.
1m sat UTXO should be the minimum. Probably bigger if possible.
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Ready to go. Consolidated and have a fat channel open on nostr:npub148qm45zettnf6ekgkatnyfadunxwjpu8sy88mjdsgwc5f202d93qmejra7
How many channels and how large, in your opinion?
Im mot an expert but if you need to, now is a good time.
If you donāt then just chill.
Isnāt consolidating utxoās a privacy concern?
Idk how to open lightning channels
It can be. Depends on the details of your situation.
You also want to have reasonably sized utxos so that you are not stuck with unspendable dust utxos
What is considered ādust.ā Is there some threshold people try to reach, or is the bitcoin network a constant never ending game of consolidating utxoās?
Dust is when the UTXO value is lower than the fee to spend it.
I would think of the utxo in terms of % of the network. You want your utxo to be a big enough % of the total that you donāt need to worry about getting priced out of spending.
Itās not easy by any means.
Do all medium / low value transactions eventually get priced out? Say I have a utxo that is currently $100 USD in value. Bitcoins value increases such that it is now $1000 USD in value. Is it possible that this becomes ādustā because it might cost $500 in transaction fees to spend it?
Is it also possible that my ability to stack bitcoin and consolidate it is is too slow such that the increase in transaction fees outpaces my ability to stack and consolidate utxos, such that all of my bitcoin de facto gets turned to dust and there was nothing I could do about it in the first place except be rich?
If you look at bitcoin price and bitcoin fees both are always trending up in fiat terms and always trending down in sats terms.
With that being said, at any given time, you want to have sufficiently large utxos in sats terms because fees are priced in sats.
The science of UTXO management is still very nascent.
What minimum sats value would you recommend for UTXO consolidation?
Idk im sure there is a scientific answer but i think .01 is a safe floor if people can afford it.
Thnx #ckā¦.great practical adviceš