Just some friendly advice: Remember to withdraw your sats from exchanges if you haven’t already. Most of them limit withdrawal in fiat terms, so as “number goes up” you’re not able to withdraw as many sats at a time. Also, liquidity issues happen in times of high demand.
Discussion
Good advice
This is killer if you're trying to maintain a good UTXO threshold. It's why I didn't use strike for the longest time until they finally did away with these limits.
Yea. A good way to mitigate this, if your exchange supports lightning withdrawals, is to withdraw smaller purchases to your own lightning node and then swap those sats out to on-chain once you have enough for a good size utxo. This can also help a bit with the privacy of your resulting utxo before sending it to cold storage.
Fold has a minimum of 30k sats for onchain withdrawal. For an app used by beginners I’m surprised they don’t have a warning on why a 30k utxo would NOT be smart.
This would be Strike?
Cash App already has this problem. No issue with Srrike now or in the future. Once the fiat used to buy the bitcoin settles on Strike it all can be withdrawn. On Cash App, even if you send bitcoin, that bitcoin is then unable to be removed in its entirety if it is larger than a certain amount. Very frustrating and their support does nothing about it.
Just checked and Cash App for on chain limit for withdraw is $2000 daily and $5000 per week while Lightning is a puny $999.
@strike has no limits.
Are you sure?
Strike raises it by usage. Overtime the limits are increased. Reach out to Jack on Twitter (he runs the Strike account) or on the support thing in the app and they will get it raised for you.
But yes, they are licensed in US and require KYC to operate too.
Cash App will not increase limits at all. If you happen to send 0.5 BTC to Cash App, you can’t even access all 0.5 BTC of it. You have to send it out piecemeal since it too is suspectible to the spending limits. It is absolutely absurd given that BTC is final settlement.
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