Just worked out how many sats I have lost (spent) on transactions over the years. Made me quite sick 🤢 when it was all added up. I really didn’t understand the transaction fees until 8months ago or so.
Discussion
What would you do differently now you know? I just bought liquidity off someone else for my first lightning channel but now I'm questioning if I really needed to do that
I think maybe I would have left more on exchange until I had a decent amount and moved in one big utxo. I was moving every buy and then when I learnt about utxo management I started consolidating on @sparrow but I didn’t understand fees. So I probably could have saved a few by being a bit more patient and smarter.
Have you spent more or less on fees than the amount you might now consider leaving on an exchange? That money could disappear at any time. It stings but in the meantime you had self custody the whole time, losing bitcoin you trusted with a third party really does make you feel sick 😬
Yeah that’s what makes me withdraw. I guess if the price jumps then it’s going to take more to get a decent amount to withdraw. The good thing is there are plenty of smart people who will no doubt share their wisdom/best practice and I can follow.
self custody lightning is getting easier, this helps with smaller DCAs
True that. Which lightning wallet has the cheapest fees to move on chain? They all seem to set a fixed fee (well the ones I’ve used)