Replies (26)
Yes
Yes
I do know but it took some time and experimenting to figure it out
You betcha 👍
That’s a huge wallet issue. Very few explain what this is.
additionally, consolidating smaller UTXOs into larger ones is good practice. my smallest UTXO in cold storage is 1M sats.
Nah I just use lightning and don't worry about it
First I’m hearing of this…
1. What is the 30k foot view statement of the problem?
2. What is the solution (especially for normal every day users transacting via a hot wallet and/or cold storage…both self-custody)?
I din't know Google Pay had lightning 😛 jk
yes absolutely.
It's not really a wallet issue. It's how Bitcoin transactions work by design.
Every transaction creates a separate input in your wallet. When you send a transaction the wallet generally takes ALL the inputs, puts them into one output and sends that to the network. Now, if you have received a decent numbers of transactions each input adds to your tx bloat.
Decent wallets (like Electrum) have a coin control option. The way that works is, you select a specific address in your wallet to send from. Then you open coin control and remove all inputs that aren't needed to meet the sum you want to send. Then you broadcast your transaction and it will be cheaper. In some cases A LOT cheaper.
Not surprised 😉
A no would have come as a surprise. 😉
🍻 highly underrated knowledge!
1. not sure what you mean.
2. Make sure you have a wallet that lets you view and select your inputs. Electrum has coin control. So do other wallets.
Those are rookie numbers in this racket.
Sparrow
Also green desktop. Maybe mobile now too.
Some people really haven't had fun playing with their Bitcoins and it shows.
rich gang...
Most people have never used something like Sparrow wallet that gives you this granular control.
A lot of wallets will just select any old UTXOs to satisfy the transaction.
This can have major privacy implications if you have multiple wallet addresses containing UTXOs from different sources that you're trying to keep segregated for privacy reasons.
A bitcoiner should always consider which UTXOs they want to use for a specific transaction.
And consolidating small utxos shows an ownership heuristic. Don't consolidate utxos if you don't have to.
Shouldn’t a decent wallet figure out the cheapest tx on its own?
Iv never looked at a utxo.
But am well aware and keep my cold storage utxos at half a mill or more.
Indeed.
