Replies (23)
I first was exposed to the need to consolidate UTXO’s when the fees were up in the $12-$20 range at the end of 2023 (?). I was panicking a bit. Anyway waited and the fees came down to $1.xx and I got it done.
I feel for those who do their $20 DCA right to their HW wallet and don’t clue in to this issue until it’s too late.
What size DCA buys were they? Sub $20? You must have consolidated 30-50 utxos for that price.
I consolidated last week, nothing smaller then 500k sat UTXOs, nothing bigger then 2million sat UTXOs for privacy.
Tutorial on UtXo mgmt?
Yup.
Good on ya my friend.
Your future self will thank you BIG TIME
When I cleaned my miner for the first time I was in a rush and put one of the fans in backwards. Turned it on and almost overheated immediately. Thought I had broken something when cleaning it. Took me a day of just thinking and calming down to then dawn on me it must be the fan. Fixed it and now it’s working better than ever.
Quit my node after rebalancing became a nightmare.
I lost money big money.
Never again fam, till something better comes along.
around 1 mill sats am not sure why is in channels anymore. May sell them.
GODSPEED BRAH!
I only withdraw when I reach a minimum threshold of around 1 million sats.
Beginner Question: if you have 1000 $5 buys on an exchange and withdraw, is that 1 UTXO or 1,000?
I learned this lesson as well. I had 138 utxo’s because I was dca’ing and I hadn’t gotten around to learning about utxo management. Luckily for me it was a low cost at the time to consolidate. But it was a potential horror story in the making.
You’ll end up with only 1 UTXO if you withdraw after the 1k buys. It’s not a good idea to send small amounts to cold storage.
That would be 1000 UTXOs
So you’d pay the current transaction fee x1000 if you ever wanted to consolidate them
UTXO management is a Bitcoin feature that feels like a bug.
Good number.
42
I could see 1M, 2.1M, and 4.2M being standard UTXO sizes.
😂
Only if he withdrew each one individually after buying. While it's still on the exchange it's just an IOU and even if you buy 1000 times before withdrawing the exchange will lump all the buys into one UTXO when you do finally withdraw.
Maybe your exchange operates differently and sends your buys immediately or has an auto withdraw option. Most exchanges allow you to stack up multiple buys before withdrawing.
That's bullshit. See my post below..💀🦍
$boost
The problem is that miners just aren't following the full #Bitcoin protocol. #Satoshi said there should be some free transactions.
The Virtuous Full #Nodes and Bitcoin #Loyalist will have to enforce the rest of the protocol. Miners will have to be required to process a quota of free transactions with every block, for the privilege of mining Bitcoin..🧡😊🦍
