Oh.. I think I missed the today's #Zapathon 🫥😶‍🌫️

Yep. It should result in a single UTXO output.

You may not even have a real need to consolidate to begin with. You should review your current UTXOs and their value. Fees are also fairly high atm - but always depends on your needs.

Another reason to consolidate is long term storage, if you expect fees to increase significantly in 5-10 years, so that again, you pay less in future fees.

If you only want to consolidate cheaply, await a low mempool fee rate, and send all your Bitcoin to yourself in a single transaction.

Or the more complex way, you can use ‘coin control/UTXO selection’ to pick which ones to consolidate - e.g. all less than 0.0001B. Basically any that are smaller than the smallest transaction size you perform - aiming to only require a single UTXO as a transaction input instead of multiple.

Basically, Bitcoin creates custom notes per transaction and doesn’t use common or fixed size notes. Instead of $5, $10, $20, $50, etc, you actually hold 0.38B, 5.74B, 9.67B, 21.27B.

When you try and pay a 28.00B, you need to use two UTXO minimum (in this example) - 21.27 + 9.67 = 30.94B - 28.00B, which means 2.94B change (ignoring a mining fee).

That’s pretty typical, but pretend you only have 30 UTXOs less than 1.00B. To make the 28.00B, you. Now need 29+ UTXO inputs, which each cost extra blockchain fees (as each adds more data). Instead of 2 UTXO, you need 29+ UTXO.

If you use low mining fee times to consolidate UTXOs, the cost per UTXO can be 20-50 times less. Instead of 100 sats/vB, it can be 5-10, or less.

Anyone ever notice how many libertarians are on the spectrum?

When you spend Bitcoin, you typically have a change output (UTXO). This is because your current UTXOs likely don’t have the exact amount you’re trying to pay.

When you try to spend BTC, you use one or more of your UTXOs and create a payment output and a change output for yourself (based on what you overpaid).

By consolidating UTXOs, you (kind of) turn change/coins into notes, meaning less future UTXO inputs and cheaper Bitcoin transactions (as you pay per data size, and more UTXO is more data).

Other reasons include privacy motives or managing KYC/Non-KYC linked coins. Or migrating to new address types like taproot.

UTXO being an unspent transaction output.

A lightbulb went off for me when it was explained like a $100 bill. 1 UTXO. Make change and you have multiples more. Wako seems to know more words than I do though.

Nostr circular zap economy:

Went to bed with 30k sats

Woke up with 80k

Zapped away 50k

Future possibilities with Bitcoin and social change I can go on and on… right there with you my friend don’t waste my time on your crypto

Cuck bucks - 😀😀

could donate to opensats or some devs have there own pages to donate to

I'm starting to get really excited for #Bitcoin2023. The conference itself is going to be fun, but I'm looking forward to the conference inside the conference. That's what takes place out in the lobby, the halls, in the showroom, and all of the events after the conference hall closes down. I'm excited to hangout with my extended family, my Nostriches and my Bitcoiners.

I'll be at these evening events:

Thursday Evening: Toxic Happy Hour Pleb Party

Friday Evening: Nostrich Karaoke

Saturday Evening: After Party