I can transfer > 100 k #sats from #cashApp to #bitKey .. at no fees .. How ? #askNostr
Samething from #coinbase to #bitkey shows 91 dollars network fees ! Am I right ?
Discussion
cash app and similar exchange companies use batch payments for it's users to withdraw bitcoin on chain, something like this:
https://mempool.space/tx/99cad6409f59e3e7ee6065bb807e358288a3f708fbe666605eea64e7a6f1b394
the fee is paid by cash app and it calculates that the cost of the "free withdrawal" service, is paid for by the purchase fees and customer loyalty.
So the thing that is different here is not the bitkey, it is the 100k+ withdraw service policy from the cashapp exchange.
What happens if customers end up with a bunch of small UTXOs over time? Does the Bitkey app allow customers to send multiple UTXOs to themselves to consolidate them?
Now that I have better understanding of your question - utxo consolidation ; I don't see any such options in the #bitkey app ..
However , it allows you to connect to a custom electrum server .. I guess that would let you consolidate the UTXOs ..but I am not sure ..
Hmm .. my test transaction is still showing unconfirmed.. almost 18 hours later :-)
Yes .. it is exactly like the transaction screenshot you shared ! .. Showing ETA of one hour .. and I do have an option to accelerate it ..
I guess I don't mind the wait for a small test txn .. but I were to put all my bits in this wait could be pretty daunting
nostr:npub1ttc8j3sx59d4vs0zt23r6p90fjcd040x3vgu4j68u44ydx8u4rzqkxm0da hey man yeah this is what the other guy was asking about: https://youtu.be/Mqe0QCxjKpI?si=KctKQB5n8TS_DVc3
UTXO management. Make sure to check out this video, you'll find out more about how the UTXOs work =)
Fees are coming back down, I think your transaction should confirm soon.
Very informative.. #UTXOs are basically the denominations .. more I learn about #bitcoin , deeper gets the rabbit hole :-)