For you robosats users… what’s the most you feel comfortable buying at a time? Is it better to split up a larger purchase? #kycFree
Discussion
Good question and I wonder how it ties into managing utxo’s.
I get the sense if you have options it’s generally better to buy in more bulk when you can 🧐🤷😂.
Yea but Im more worried about counterpart risk in this situation.
Fair point. #[3] any thoughts 💭?
There is very little counterparty risk with buying Bitcoin via RoboSats, because until you’ve confirmed that you’ve received the BTC, the contract is still open, and the funds are still in escrow. I would recommend buying whatever amount you need, just as you would via a centralized exchange, although you’ll need a corresponding sell offer for that amount to do so. Just be sure that you do not confirm that you’ve received the funds until you have indeed received them. If there is some issue, the case goes to arbitration, though this very rarely happens. Haven’t heard that happen to anyone myself, and even then you’ll likely get the funds back after arbitration. Final note: always good to mix your sats once you’ve received them to preserve your privacy.
And for those wondering what robosats is…. Obviously there is a wonderful tutorial by #[1] 😛
More a question of dry powder than comfort level
Although in USA, transactions greater than $600 over fiat rails tend to get flagged. So maybe that’s a good number depending on your situation
I do a couple hundred bucks at most at one time, then whirlpool into larger utxo lump once i got multiple buys.
I rarely see people selling more than 1k worth of btc at a time, which if you use lightning is pretty low risk imo