Honestly analyzing this Bitcoin transaction… It looks like 84 BTC ($5 Mill) moved, but it’s a classic UTXO spend. 84 BTC was used as an input (the fat line on the left) but only 5 BTC was actually spent (the top transaction on the pic towards the right) 79 BTC was just change returned to the sender on a new address (bottom fat line towards the right) The multiple small outputs are likely batching (sending to multiple people) or wallet management (most likely automatically done by wallet software) So after analyzing this transaction they spent about 5 BTC out of an 84 BTC UTXO and the rest went back to the person as change.

There are people like this on the internet 😩

I just created a “Whale Alert” on my website (link in bio) Sign up for free and you can get email alerts when someone moves huge amounts on the Bitcoin Blockchain! Since it is new the first email might go to your spam or junk folder. Just move it to your main inbox so you don’t miss a whale alert! Go to my site (link in bio) to check it out! Thanks!

I will zap all new followers for the rest of the night!

Cool, you have a whole coin…. But is it all in 1 UTXO though?

How Cold Storage Wallets Work: A cold storage wallet doesn’t have just 1 address, what you really have is a master key system. Your 12 or 24 word seed phrase is the master key to all your addresses. That seed mathematically generates a master private key snd master public key. Your private key controls your Bitcoin and your public key generates all your addresses. And your wallet uses the private key to sign transactions. Your wallet has a XPUB which mean extended public key. It’s like a view only master key. It allows you to generate all your receive addresses, track balances, and build the full tree of addresses. So your seed phrase gives you full control, your private key spends funds, and your XPUB sees everything and generates addresses but cannot spend. Modern wallets use something called HD wallets (Hierarchical Deterministic Wallets). It means that all addresses are derived from the same seed and your wallet creates a new address for every transaction. This means you can have thousands of addresses for each time you receive Bitcoin and they’re all tied to the same seed. This is done for privacy. If you just had 1 address anyone could track your entire balance. So there is a branching structure to wallets. Where the master seed is at the top and your receiving addresses and change address are branched underneath it. (Change addresses are where your change is sent when the leftover bitcoin (change) is sent back to you after you send Bitcoin somewhere) Finally the way to think of it easily is: Seed phrase - Master root (controls everything) From it - You have infinite private/public key pairs From those - you have infinite addresses XPUB - lets you see all branches without control. If someone gets your seed phrase it’s game over and they can take everything. If your XPUB is leaked they can track everything you have in all your wallet addresses. Follow An Honest Node for more post about a Bitcoin!

How I look at Bitcoin once my direct deposit from work hits!

I just created a Whole Coin progress bar that you can save the image and post on social media! Check it out on AnHonestNode.com

Who needs a credit score when you have Bitcoin

I learned two things about Bitcoin today… 1. That you could create your own hardware wallet with a raspberry pi, a seed signer, and a coldcard firmware. 2. If you’re producing hashes but not producing your own blocks you are not really a miner. You are a hash provider.

Not your keys not your coins…. …OH LOOK 👀 Fannie Mae one of the biggest contributors to the mortgage crisis is accepting Bitcoin as collateral for mortgages!

Half in Bitcoiners might say things like you should diversify into the stock market as well. But to me that’s investing into the same system that created all the issues that Bitcoin is trying to fix. You’re either trying build a more just system or else you’re not.

One of my goals is to get a mining rig and have a company host it so I can get clean non KYC bitcoin on a hardware wallet.

Buying a tiny amount of Bitcoin like one dollar or 1,400 Sats and immediately sending it to your cold storage isn’t really a good idea. Right now, sending an on-chain transaction costs around 0.3 to 2 Sats per byte, but that could be much higher in the future. What that means is if you try to withdraw that $1 you put in a while back and it’s now worth a lot more in fiat, it might cost 1,400 Sats just to move that chunk of Bitcoin, which is called a UTXO. If that happens, you could end up with basically nothing and all that money would be gone. This is what people mean when they talk about UTXO management. The cost of sending Bitcoin depends on vBytes, and the more UTXO chunks you have, the higher the fees. You want bigger chunks of Bitcoin, not tiny 1,400 Sat pieces. It’s smarter to save up more before sending it to your cold storage, or you can consolidate your UTXOs in your hardware wallet by sending all your Bitcoin to yourself. That creates one big UTXO and can save you from losing a lot of Satoshis later. One thing to remember is that consolidating UTXOs this way lowers your privacy because it exposes your public key. If you want to avoid that, you can get another hardware wallet and send your Bitcoin there instead. That way your public key on the new wallet stays private. The main takeaway is don’t send a bunch of tiny transactions to your hardware wallet. Learn UTXO management and save as many Satoshis as you can.

Bitcoin BIP-39 created seed phrases in 2013! What a great upgrade to the protocol

Bitcoin is freedom!

Bitcoin is my favorite subject! Follow me if you love Bitcoin!

Decentralization is cool! #introductions