When moving the funds to my new BitBox, should I split it or move everything at once? What do you suggest?
Discussion
I’m not familiar with bitbox, but assuming it’s a key manager (wallet), some things to consider:
1) UTXO management is important.
If you send all at once, it will create a new, single UTXO. This is fine, but it has the drawback of allowing others to see your full balance when you spend from it in the future.
The benefit is, it will be large enough to not get REKT by fees when the chain is full
For example, you want to avoid small UTXOS. IMO, I try to keep all UTXOs above 2 million sats.
Consolidating into a single UTXO also will reduce your privacy a bit because it will tie all the spend UTXOs together.
The size of your stack is none of my business, but you could consolidate the portion you plan to NEVER spend into a single address.
Then break the others up into UTXOs of 10 million - 100 million sats.
💯
If you just make one big utxo it’ll be very easy for someone in future to know your full balance
If you move all in one transaction but split it into few utxos it’ll still be easy to know your full balance but not for everyone but yes for those with basic curiosity of making one extra click in the blockchain explorer
If you move it in different transactions but taking care of which utxos are selected in each transaction then you are more protected
Don't forget to test your restore procedure.
Send few sats to your bitbox, wipe it out, restore it from your seed and you should be able to access your coins again.
Not familiar with bitbox.. Does bitbox ship own software?
You can always use sparrow wallet (preferably connected to your node) with your bitbox to manage your funds. In sparrow you can use coin control.
Thanks @ all! 🎉
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