Hey could we talk about #UtxoManagement while we #draintheexchange
I now have +15 utxos, all mine but in small chunks
Discussion
Last night I saw the fees go down sub 70 for a short while. It’s a gamble
did some UTXO management a few days ago, and it costed me quite a bit!
nonetheless, it will be worth it in the long term. I fear that having a bunch of small UTXOs will render those transactions completely useless in a decade or so when transaction fees will be in the thousands
Thousands of dollars or thousands of sats?
both
as activity on the main chain increases, fees naturally will follow. by 2030 most mining rewards would be coming from fees
if you aren't in a hurry you can always use the lowest, if it falls off the mempool try again later
I can. My point is a individual with 1/10 my fiat luxury could be in a bad way
you must have at least 2x my "fiat luxury" if that's the case because that level you speak of is very close to being homeless
Just cause you sold your chair isn’t my problem, i was trying to be diplomatic. I come from a nation where my minimum wage is a weeks pay in others. I am lucky by birth and luckier to be open to bitcoin. I hope to take as many with me as possible
lol, sold my chair?
Its a comment that you can never have enough bitcoin so you start selling your tv, your extra furniture, until you finally sell the chair you’re sitting on. Cause the bitcoin is worth more to you
ah yeah, seen memes about that
I speak in tongues here, ask if you see something cause i either am commenting heavy or its a spelling grammer issue.
I think Ai will have trouble with establishing meaning from slang and double meanings. I am practicing lol
the more complex our expression the higher the cost to the WEF transhumanists to simulate us
I don't keep anything on exchanges. I haven't for years.
But dealing with something similar with my lightning node I utilize liquid to consolidate UTXOs.
Yes! Good topic Dan. For example. I emailed Strike and confirmed that my hourly DCA is not broken into individual UTXOs but only a single UTXO when I make a withdrawal.
Is there a way someone can self coin join using multiple wallets or wallet address?
- Use times of low fees to consolidate UTXOs < 1 million sats.
- never consolidate non kyc with kyc UTXOs.
- don’t consolidate too much, since you don’t want to reveal your full stack whenever you send sats.
This is the way.
Oh that last one sounds like a good idea… for next time lol
I like UTXO chunks of 5-10 million sats. This way you won’t run into fee problems but you also don’t reveal too much of your stack, when you send sats
One more thing:
It’s best to consolidate UTXOs from the same source.
If i re boradcast with a higher rate v rate it would void previous broadcast still in memepool?
Yes, it’s called replace by fee (RBF). I suggest to watch quick tutorial before you do it, because you have to flag it as such
I have heard a good rule is to keep utxos greater than 1M sats. It might need to be larger in the future for fees but you want them in chunks you might want to withdraw if needed. Better to withdrawal a complete utxo than many or have a lot of change to deal with.