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.
$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.
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.
Your strategy for buying is fine. You just need to be careful about sending small amounts to an on chain address.
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.
Post about it or do some research.
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.
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.
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.
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?
Well some of us aren't very smart then 🙄
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
I had to do some research first, but from what I've found you are setting yourself up for some very costly transactions when you do finally want to access your piggy bank.
Each transaction you receive creates a separate UTXO (unspent transaction output), and each one of those costs additional miner fees to spend later. If all your UTXOs are for 100k sats, and you want to send a 1m sat transaction, it will take 10 of your UTXOs to combine into that one transaction and will cost 10x the miner fee to do so.
At the current fee levels it could cost you almost $2 per UTXO to send your Bitcoin anywhere. Since you have so many small UTXOs that will add up quickly. In 10 years miner fees are likely to be much higher too.
What you should do is send your entire balance to a new address at the lowest miner fee you can get to combine all the UTXOs into one. Then save up your DCA in the app for a month or two before withdrawing so each withdrawal is a larger UTXO. This will save you a ton on miner fees later.
If you need any help or have more questions post about it here publicly and I'm sure people will be happy to help. Don't talk to anyone trying to help you with this that messages you privately.
Ok thank you. Someone has been posting their daily DCA and they withdraw on chain every time. She needs help!
So someone withdrawing $30 worth of Bitcoin or less daily is setting themselves up for a very costly consolidation later on down the line? Even if they are using the same address, right?
Does anyone know if sending #Bitcoin on base layer to the same address multiple times will combine the coin into one UTXO?
Very cool. I hope things never get so bad that you need to use it though!
Are these all making separate UTXOs? This could be very painful to spend or consolidate if layer 1 fees remain high.
Oy! You got a loicense for that ham?!