What size do you think minimally? 1,000,000 sats?
Discussion
That's what people who are smarter than me are saying. Miners sell block space, it is even more finite than Bitcoin. In the past 6 months we have seen 15sats/vbyte jump to 500.
This pod with nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z talks about it around the 1hr mark. In that we are just reaching full demand for block space ₿ob uses an apple tree as a metaphor
I didn’t actually realize UTXO was a thing until 3 years into this journey. Most of my UTXO’s are 1,000,000+ but I do have maybe like 10 transactions that are 300,000-1,000,000. Have thought about consolidating them but I can’t tell if it’s a bigger headache/security risk as opposed to just leaving them be. Thanks for the info dog
Well i listened to people for 2 weeks took the plunge and now have a single utxo that would have been harder to detect if it was 10 so i just try and pass the info.
Sounds like we jumped in at the same time.
Think this one is useful ...
Extremely! Thank you
You're welcome 👍
At the smallest I wouldn’t go under 0.02 BTC, and ideally keep all UTXO >0.05 BTC
If I took the contents of my wallet and sent it to another wallet, then sent it back, that would consolidate my UTXO’s, yeah?
Yes, but you have to pay two fees. Just send it to yourself with a unused address
PS this is super easy to do in sparrow wallet
I will be honest, I am not the most tech savvy and I get really nervous moving my sats. I have seen some talk about sparrow wallet but doesn’t that require a desktop? At the moment I’m just using my jade
Yes desktop. If you have a desktop can connect your Jade to access your wallet without exposing your keys.
If you are using your Jade with a phone then you are not going to be able to break up your stack into multiple UTXOS. But if you just want to consolidate all of your stack into a single UTXO then just hit receive to generate a new address and send to yourself using that address
So I can just generate an address the same way I would if I were to receive sats from Strike, and then send my bitcoin from my jade to the address I generated, and I will efficiency send my sats from one address on my jade, to a new address on my jade? I’m probably mansplaining this but I am really not super savvy with this
Yes.
Can you mansplain to a man? 🤔 idk
But so you understand. I’m assuming that you are using segwit. You have a “prime” wallet address (xpub) and you can derive millions of addresses from it. All of the different addresses are yours.
Check it out and hit receive in your wallet. Close it and hit receive again and notice that it is giving you a new different address than you got last time. It’s still all variations of your wallet address. This gives you a measure of privacy. If someone gets a hold of your xpub then they would know every single address tied back to your wallet.
Consolidate your UTXOs to a new address in your wallet but be aware that it is now super easy to see that new address has X amount of bitcoin. This is why people generally create several large UTXOs that each are associated with a different address in the same wallet.
In the future just DCA in strike until you have a decent amount and then transfer it to your wallet to keep larger UTXOS.
Does this make sense? Hard to explain via text
If you can’t figure it out then just send your bitcoin to me and I’ll hold on to it for you. When you want it back just let me know and I’ll send it to you
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Doesn’t really avoid the double fee problem either though. 😂
But he gets an expert to safely hold his coins for him. Just like FTX
so this about the percentage payment
I wonder if eventually NGU takes care of this? Like at sat/cent parity or something like that, where 1 million sats would be quite a sum for casually moving about 🤔
You have to think in Bitcoin.
If you had X sats and due to high fees it cost you 80% to move it. You lose that purchasing power. Doesn't matter if it equals $100 or a million.
Cause if it costs a million dollars to move your money a car could cost hundreds of millions