How big should Bitcoin UTXOs be?
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- čas přidán 17. 07. 2024
- This video is my framework to explain how big your Bitcoin UTXOs should be. Everyone is different but this framework will work to help you size your UTXOs no matter what your age, investing goals, or general financial situation is.
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UTXO Management 0:00
The Problem 0:43
The Framework 2:23
Create Your UTXOs 4:24
Maintenance 7:46
Please do not stop these videos
Eye eye captain 🫡
Amazing video. Thank you! 🙏🏻
Happy to help Jarol :)
Useful content...thanks
Happy to help ✌️
What's considered a low and high transaction fee? What range should we be looking for?
1 is the lowest, I think anything sub 10 is great.
It has gotten as high as hundreds for a sustainable period of time which would be great to avoid but you can’t always avoid that.
If I am using the same deposit address to send multiple sats to my wallet. Do those consolidate into 1 utxo since I am using the same wallet address? I understand it’s not recommended to use the same address each time you send yourself sats, just curious. Thank you
No they're still separate UTXOs even if you use the same address. Using the same address is bad just because of privacy. Each person you give that address to will be able to see the cumulative balance
Thanks!
Thanks 🙏 happy to help :)
let's say one purchased BTC on an exchange. Say $3000 each 3 times so the total value is $9000 and I presume there are 3 UTXO. If one moved that BTC to a wallet, would that effectively consolidate into one new UTXO? assuming $9000 was moved all at once to a wallet?
Correct - when you move that $9000 off exchange at one time you will have a single UTXO in your wallet.
However, when you're buying $3000 at a time on the exchange no UTXOs are created because the exchange is not making trades happen on chain. UTXOs are only exist on chain.
When trades execute, the exchange is just moving money around in different user accounts within their database if that makes sense.
Can you do UTXO management in Blue Wallet?
Yeah they have a coin control feature - I haven’t used it bluewallet.io/features/
Rhett is a genius and A very helpful person. Thank you, Rhett
I agree 😎😎
So each timeframe would have its own wallet with the appropriate amount of UTXOs?
No, each UTXO would have it's own address in a wallet. To be honest this video is not a very clear presentation on UTXO's. I realize he's trying to make a comparison to savings but there are other videos & articles online that give a better explanation of how UTXO's work.
@marty590 You could do it either way. Each timeframe has it's own wallet or each UTXO within a single wallet has a timeframe (a little more complicated but possible).
I prefer each timeframe has it's own wallet - that way you can have spendable bitcoin in a lightning / layer 2 wallet or keep bitcoin that you want to trade over the course of a year on an exchange. Then medium term savings gets a hardware wallet and long term gets a multisig. That's just one example you could set it up however you wanted to though.
In my example, my
@TOMinPDX - To his point, I explain UTXOs in a little more depth here: czcams.com/video/MjNLvhmu4uI/video.html and here: czcams.com/video/BPZSbmFj_lI/video.html
This video was really meant to answer the question: how big should my UTXOs be.
A lot of the guidelines tell you to just never hold less than 1 million sats which I think is a good baseline to start from but doesn't really answer the question.
You should really be try to understand how often you'll be moving any of this money and determining size from there.
Legend
Gang gang
Hello sir
Sorry for an offtopic question.
Would you suggest using a dedicated old laptop with Linux OS for stock brokers (IBKR,etc) for security against hacker ?
I fear for my stocks getting stolen by hackers
Any suggestions?
I don’t think your stocks will be stolen especially in a centralized platform.
Make sure you have a strong password (use something like Apple Keychain or 1Password) and two factor authentication on your account with Authy or Google Authenticator.
Whatever laptop you use make sure it’s using a recent operating system and taking updates
Loved your humility 😂😂🎉 kidding :)
Thnx boss 😎
Merci
We back
I feel like this is a bug and makes Bitcoin worthless if not fixed
I disagree
Im just buy bitcoin etf . Confused
Yeah good idea
U killed this video
Also cant believe you're a 94' baby hahah
RIP 94 babies this year 🫠
This video, and the complexities of UTXOs and the ever increasing fees, just tells me that self-custody BTC will never be more than a fringe thing. Sorry, but 99.9% of all humans simply do not have the time to learn all this. I do, but most don't.
I agree unfortunately. There need to be major strides in UX for everyone to properly self custody.
Rhett you think everyone is rich. And makes 100k annual
I don’t think everyone makes $100k
$100K/yr isn't remotely close to being "rich". $100K wouldn't even cover bills and living expenses in many parts of the country, much less leave any extra for savings.