Nostr

how doth one go about #stackingsats #sats #bitcoin #asknostr ⚡?

Just buy small amounts of bitcoin. 1 sat = 1 satoshi = 0.00000001 BTC = less than a penny right now.

Of course people don't stack individual sats at such a price, they just buy as much as they can afford, as much as they feel comfortable with buying and make sure it is somewhere they think is safe.

If you are collecting your sats in an exchange, this is okay but once it is more than you might carry in your pocket, move it to a bitcoin wallet that you have full control over. Coinbase wallet, Binance wallet, Exchange XYZ wallet, these are not bitcoin wallets, BlueWallet, Sparrow Wallet, Phoenix Wallet, Samurai Wallet, these are Bitcoin wallets.

Do spend some time looking up the differences between the wallets, do ensure you are keeping "open source" and "self custodial" as the most important features before things you might want like "lightning payments", "coin joins", or "multiple accounts" etc.

You won't get a lightning address from a custodial wallet other than nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5 as far as I know, but do shop around, do experiment and find the best one for you.

Anyway, the stacking part is easy. I hope you got it.

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Discussion

kuiperbelt 1y ago

Also be careful about getting UTXO dust. Someone needs to explain UTXO dust to him

Big Barry Bitcoin 1y ago

Rule of thumb, just be sure to withdraw at least 10000 sats each time you withdraw from an exchange for future fee reasons.

Trying to withdraw smaller amounts may lead to larger than expected fees when you try to use bitcoin in the future. It's just one of those things we have to learn about as we start to understand the nuances of this new type of money.

If bitcoin was like everything else, it wouldn't be interesting or useful, but being different also means having different limitations to learn how to work around.

As a quick example of a problem cash has that you probably don't see as a problem today, you can't just hand someone a $5.99 coin, you have to make it up from a $5 note, and a bunch of coins.

These problems will become second nature in the future for bitcoin too.