This is the danger of pushing self custody too hard. This young lady has been withdrawing her DCA on-chain daily and creating tons of small UTXOs that will cost her a significant amount in miner fees to spend later. Self-soveriegnty is amazing, but requires a lot of knowledge to do safely and economically. We need to be careful about making sure people understand what they are doing when they take custody. #Bitcoin
Discussion
No it's not.. she's good.. some of us don't care about fees.
Well some of us aren't very smart then 🙄
Because we do t care about fees like you.. thats why the halving happens as well fees get cut as well.. we do t care about the utxo stuff we poor and we know we will have so much h purchasing power in 10 15 years and fees will be cut every 4 years as well
At $1.50 per UTXO she is paying 5% of her Bitcoin to send it anywhere. In 10 years when fees are 10 times as much, she will be losing 50% of her Bitcoin just to send it anywhere. Does that sound like something she shouldn't care about?
No she's not.. this is how I stack and I move big amounts out and I pay regular fees bro all this utxo coinjoin talk is all noise.. GIRL JUST STACK SOMEIMES THEY MAKE STUFF WAY TO COMPLICATED WHEN ITS REALLY NOT..
I never mentioned coin join so I don't know what the fuck you're on about. If you want to make extra donations to miners that's up to you. But how about you mind your own business when I am trying to help someone? I'm not trying to screw her over or anything. I am trying to save her from some very serious pain in the future. I'm sorry that you don't get it because you're a dumbass stoner.
Please do share some knowledge on how should i save my money without trusting anyone including you. I'm listening.
Post about it or do some research.
You don't have to trust me. You don't have to do what I'm saying. I'm just trying to make you aware of what you are doing so you can make a more informed decision.
Well, my plan is to dca 100k plus sats daily seeing the RSI weekly is 40 above. I plan to dca big amounts like near all in when RSI weekly goes to 30 to 25 and below.
Your strategy for buying is fine. You just need to be careful about sending small amounts to an on chain address.
So how? How to be careful if you will not guide me?
Also, this is not an emergency that you have to deal with this very moment. Take your time to learn about this stuff so you can do it with confidence and you don't need someone holding your hand. You can do this stuff without having to trust anyone.
I literally buy $1 an hour with strike. I just save it up for a month or two before sending it to my on chain wallet so that it's all in one big UTXO.
Ok so you're saving like 30 usd monthly worth of sats. Cool. What if in the middle of the month, strike collapses? Your sats will be gone. How cool is that.
$1 an hour is $24 a day. $350+ a month. If strike collapses then I will lose a few hundred dollars. It's not the end of the world.
Strike has no market buying for me now. There's no p2p and all. There's no way to cash in directly. And i will not be storing any of my bought sats in a centralized app or exchange no matter what. I prefer just buying one time big amount when RSI weekly goes to 30 to 25 below. It's either i dca small amounts daily and send all of it to my self custody wallet or i don't dca daily at all. For now, the option i have of buying sats is from an exchange and the layer1 fee is fixed unlike lightning. You can't adjust the fees in an exchange.
I'm sorry, I have to go to work. If you need more help, I suggest you make a new post about it and seek advice from some other people.
You rang the bell and you want me to seek advice from others? That sounds rude.
You have to go to work? I thought you were just working now.
Helping people on nostr is not my job. I have to drive for a living. I will not be able to respond for a few hours. I'm happy to keep helping you, but you seem concerned about trusting me and so I am advising you to seek a second opinion.
Well, you should not be hurt at all if someone don't trust you. You're a Bitcoiner right? As one, we should understand that people should not trust, but verify. It's a good thing.
I want to hear what you have to say. If you wanna save me, tell me your great advice now. I'm all ears listening.
Fees do not get cut by the halving by the way. Fees are only going to be going up as space on the blockchain becomes more valuable over time.
Ok share some advice on how to save my money.
You are going to want to consolidate your UTXOs into one address. Make a transaction for your entire balance and send it to a new address in the same wallet. Set the fee to something low like 10 sats per vbyte. It will take a long time to confirm, but it should go through eventually. Once you have one big UTXO you will only be paying the minimum miner fee to spend from it later when fees are likely higher.
Just try creating the transaction now to see what the fee is going to be. You don't have to send it yet, but it will give you an idea for what you are dealing with.