Subnostr

I just touched base with a friend who I had orange-pilled to discuss UTXO consolidation while fees are low. I had orange-pilled him at the perfect time, when BTC was less than $20,000 after FTX. We discussed UTXO management and he checked to make sure he was good. Then he said “Hey, what should I do with these sats that I have in Wallet of Satoshi” 👀

“Oh how much do you have on there?”

“I think like 1,000”

“1,000 sats right? 😬”

Just a reminder that your duties after orange-pilling friends and family are never really done. His funds are now SAFU and in his custody.

https://nostrcheck.me/media/134743ca8ad0203b3657c20a6869e64f160ce48ae6388dc1f5ca67f346019ee7/dff1d79f0d174ea18f5de94ce8e571712d6288705d2b21bb6daf4e4c4c4ae23e.webp

Beneath The Ink 1y ago

Job well done.

I will say though, I don't fully understand the utxo management part. Is it just transfer as big a chunk out and back in to your cold storage to not get gaped when the fees are high?

Is that right or is there more to it?

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Discussion

⚡️ᗪㄖ匚⚡️ 1y ago

Basically… if you have 5 UTXOs that are 200k sats each you send them to yourself and combine them into a 1M sat UTXO plus the tx fees. Here’s a great article explaining UTXOs and how to manage them to save on fees as NGU 🤙

https://river.com/learn/bitcoins-utxo-model/

Beneath The Ink 1y ago

Thank you sire!