If you have your own keys, do you know how to UTXO consolidate?
I can assist with “best practices”
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Replies (50)
Like I send you all my Bitcoin in one transaction and you send it back to a new address? 🤣
I always ask myself what is a good utxo size. In my opinion it is something like 500000 sats.
1M maybe?
at crazy fee environments 1M is the better choice, you are right
Well this chart from @River is a ₿anger
Almost you create a wallet, then delete it, once you can reload it from the keys you send over multiple UTXOs to create larger ones (hopefully 1 million sats +) but don’t combine it all into one UTXO as it will stand out as target on the blockchain
I think it’s good to vary sizes.
Hey, thank you for the sats, totally appreciate it. I am a massive language guy, I chuckled when I saw "Grammer Chef" in your profile. Come on man, laughter.
consolidating utxos... this is something I'm just now staying to wrap my head around. gotta learn how to do it.
planning to search YouTube to see if I can find a good how to video or two.
seem legit?
Well of course you should start with @npub1rxys...hnp8
https://www.btcsessions.ca/post/avoid-bitcoin-fees-utxo-management
Thanks yes indeed!! Very helpful!
sweet thanks for the link! ⚡
A metaphor for you
I like to think of UTXOs as chucks of metal you slowly buy parts from friends and the store, each is unique and different. One day you're like let's make a sword. So you go to a blacksmith and they say no problem, but every time you toss a chunk of metal in costs you. So you decide to make a bunch of short swords light and easy to work with. In my case, I missed that last part and have a double-handed longsword. It's powerful but makes me an easy target for attack. I should have forged/ consolidated into smaller arms to protect myself.
I know my weaknesses, this was the driest read I have ever plowed through.
Amazon
Amazon
Any best practices or rules of thumb when consolidating coinjoined utxos? Bad idea in general or is there a good way to do it? Bunch of 100k sat coins that I’ve been wondering if I can consolidate without undoing the privacy gains…
Was just talking with hubby about this last night.
can you please help me understand why a larger utxos makes you more obvious to attack? what kind of attack?
sorry I'm not understanding this part. I thought it was all only about not getting your stacks of SATs stranded bc the cost of moving them outweighs their value.
how is there a risk of attack? what kind of attack? thanks in advance
That’s useful. You might also want to share the link to this.
Don't mix your kyc with non kyc. Consolidating them into new wallets, would be a best practice. It will be a lot to manage if you're stacking hard.
That way on chain all it looks like is a consolidation and you can slowly spend one larger utxo.
Saylor commented that in the future once a year you will go to your cold storage and transfer a years worth of spending into your lighting or hot wallet so your id would only be tied to your spends on that single utxo it won't reveal your other stacks as they have never mixed
I stole this image from a pleb. It was a peice of uxto consolidation that no one told me. It's now my soapbox.
My wallet is now a single utxo. If you were a nerfarious individual who wanted to $10 wrench attack, you would scour the blockchain looking for large utxos. You are going to watch how the utxos are spend and see if you are spending from UTXO once a week at a place its possible to hang around there and wait for the potential spender.
However if you are spending full wallets its harder to track as theres no way to tell if you are one or many individuals.
I'm needing to learn as well so this helps a lot.
Looks like folks are following your guidance 😉 
Sauce?
Personally I think fees will continue to rise in dollar terms but will continue to fall in sats term over longer period.
But it’s better to be prepared for worse.
The real question is @River when Nevada?
😆
The average transaction cost has been pretty much the same since the block chain started. I remember Adam Beck saying its been around 33 or 333bytes?
In the end the question is what do miners sell? Blockspace.
It's rare and once filled it will be expensive.
Adam Beck 
Transaction cost has certainly not been “the same.” Your reference to bytes suggests you’re referring to Transaction SIZE? Maybe.
Cost, no.
Cost, denominated in SATS has gone DOWN over time. Cost, denominated in DOLLARS has gone UP over time.
"I'm a loser baby..." 
I had no choice 
I prefer sub sauce, it's a very amazing Canuck thing
Hahaha awesome 🤣 I was getting my kids lunch ready so I didn't have time to make an edit. This is perfect 😂😂
I view blockspace as community not scarcity. It’s gets produced every 10 min and will be produced for ♾️ time. So whenever there is congestion, it incentivizes newer protocol to develop which in-turn removes the congestion from the block.
Also if worlds gets priced in bitcoin, it will eventually price out low economic value transactions on base chain (like $100 transactions at that time) as sats will be more valuable than dollars then.
He was on what bitcoin did…
Laugher intensify?
Oh you mean there’s another guy actually named adam beck?
Unchained, not River
How to prevent small UTXOs from becoming bitcoin dust - Unchained
I don't know who these yahoos are. I consume immense amounts of podcasts. I think he's started a fedi and a side chain called liquid which seems like extra steps
Yeah that’s adam back 😂
Lol
@Aaron van Wirdum
Can we get Dan a copy of your book?
THE GENESIS BOOK – BY AARON VAN WIRDUM
😁🤭🫂
? I mean thank you, any reason in particular?
Well said, thinking the same ✌
Ah, an early adopter and contributor. I will say he speaks from knowledge when I have listened to him
Andreas 👑 Antonopolous has a video about this. He covers your question beginning around 9:50.
I do 3M says now for any long term storage. Usually let it accumulate on@strike till I have enough and do a no fee withdraw. I used to do 500K but think that is too low now as I expect fees to rise with network adoption