Nostr View - do everything in your power to hold #UTXOs in your

Nostr View

nostrnaut @nostrnaut - 2y

do everything in your power to hold #UTXOs in your #coldstorage wallet that are - at a minimum - one million #sats think of cold-storage like your freezer; don't store itty-bitty ice cubes covered in freezeburn in your dusty ice cube tray no-one wants in their iced tea instead, turn the freezer into a vault holding ice sculptures of David, The Thinker, and the Venus de Milo; Augustus of Prima Porta, Hermes and the Infant Dionysus, or Winged Victory of Samothrace treat your cold-storage UTXOs like they're ancient artifacts from classical antiquity because one day, they will be regarded as such https://www.neh.gov/sites/default/files/styles/large/public/2018-07/2017_03-OneOff_02.jpg?itok=RT6Tbn6e

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pukka @jared - 2y

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5BKisiel @5BKisiel - 2y

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nostrnaut @nostrnaut - 2y

unspent transaction output

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5BKisiel @5BKisiel - 2y

Just reading about it

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5BKisiel @5BKisiel - 2y

But why does it matter if it is 1mil?

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nostrnaut @nostrnaut - 2y

until now, the transaction fees for sending #bitcoin have been floating between 1-5 sats/vB; every time you send #bitcoin, the fees depend on how many UTXOs (or “chunks”) of #bitcoin you’re sending think of it like this: to buy a toy, you’re gonna maybe break a $20 bill; for a TV that’s thousands of dollars, you’re going to use bigger denominations than $20s - imagine how much more cumbersome this would be if you’re trying to pay in nickels or dimes the same analogy applies to #bitcoin; in the future, we honestly don’t know what kind of fees we’ll face when trying to send UTXOs around we might have a high fee environment where it may very well cost tens or even hundreds of thousands of sats/vB, at which point any UTXOs that make up less than the total sum of the fees would become unspendable Lightning will facilitate fast and cheap TXs going into the future, but it will be a rare thing indeed for people to *actually* settle on-chain UTXOs think of it like moving house; when you do it, you make damn sure you know how much you’re willing to spend, where you’re moving to, and you may only do it once or twice a decade (maybe less)

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nostrnaut @nostrnaut - 2y

I hope to see 10 sats/vB at all, let alone under! we may have had our lot of single digit fees, fren 🫠

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nostrnaut @nostrnaut - 2y

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nostrnaut @nostrnaut - 2y

y’know, there’s an app for that… 👀 https://apps.apple.com/ca/app/block-screen/id1533333210 https://image.nostr.build/d4068d8eccb6bcf4671e074e8616bb44013da8aeed63204ab9a0bccce2036547.jpg

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Chriso🇺🇸🇦🇺🦘⚡️ @chriso - 2y

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Chriso🇺🇸🇦🇺🦘⚡️ @chriso - 2y

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SPERRY @SPERRY - 2y

Would it be good utxo management to move the entire address contents occasionally? If 1 million sats is good, isn't 10 , 20 or 30 million better? Or no? nostr:nevent1qqs9hlvj9es4xl76sy76xhus6as2pyzpspthd2uarpmlte3crrhj8lqpzemhxue69uhk2er9dchxummnw3ezumrpdejz7q3q9updwmcfve4wqahxt04kplcet6mlgj63cuc50f4rwaytl27kpf7qxpqqqqqqz2tlg3v

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980d1 - 2y

I upped my coin size to 2 million utxo

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nostrnaut @nostrnaut - 2y

all I’ll say is I have seven UTXOs, but only two are ~1 million sats the others are considerably higher make of that what you will

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e6ce6 - 2y

They don't necessarily all have to be the same. 🤙

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