If You Understand THIS, You'll Be Ready For Runes
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- čas přidán 15. 05. 2024
- READ THE DESCRIPTION! ⬇️⬇️⬇️
This video will go through what UTXOs are, how they function within Bitcoin, and how to prepare them for Runes. I'll also be answering a few questions that people had from my previous video.
There are a few things I would've liked to add on, but to save some of your time it'd be better to add it within the description. Here are the items:
- In case my explanation for a Rune mint was misunderstood, 1 Rune Mint will require 1 UTXO, but the cost won't be the entire UTXO. Just like when I showed my UTXO example, depending on how high you set your fees, you may receive change back. My goal with this video is to show you how to prep your UTXO with enough sats so that you receive enough change back to create a second mint (assuming we have a fee rate of 700 according to the example). This will save you more on fees when you split your UTXOs since there will be less inputs (aka less data) in the transaction.
- I primarily focused on UTXO splitting in this video due to it being more Runes-focused, but the opposite of that would be UTXO consolidation. Why would someone consolidate their UTXOs? The simple answer is that it would cost less in transaction fees because you'd only be using a few large UTXOs.
- Try to consolidate/split your UTXOs during low fee times.
- Privacy is another thing to consider when it comes to UTXO Management. If you'd like to learn more about how privacy is affected I recommend checking out this video (I've no idea who these people are, I just like their explanation): • Bitcoin UTXOs Explained
Ordinal Faces Discord: / discord
Join the Ordinals Discord Server for more help: / discord
Twitter: / pazngmi
Resources 📚 :
Xverse: www.xverse.app/
Luminex UTXO Splitting Tool: luminex.io/runes/split-utxos
Magisat: magisat.io/
BitcoinCore: bitcoincore.org/en/releases/2...
Ordinal/Rune Docs: docs.ordinals.com/
Ordinals Github [DOWNLOAD THE LATEST VERSION 0.18.1 as of 4/12/2024]: github.com/ordinals/ord
Mempool [+Signet]: mempool.space/ mempool.space/signet
Shared Delusion Index: ordstuff.info/indexes/
Timestamps:
00:00 - Intro
00:29 - Answering Bitcoin Core Version Question
01:03 - Answering Ord Version Question
01:22 - Answering --index-sats Flag Question
02:00 - How To Replace index.redb Ord File
03:19 - What Are UTXOs?
05:56 - How UTXOs Play A Role In Runes
07:27 - How Much Will Fees Be?
08:46 - Runes Fee Calculation Estimate
12:00 - How To Split UTXOs [Xverse]
14:12 - How To Split UTXOs [Ord Wallet]
16:51 - Outro
Thank you very much for this. Connected a lot of dots here for me and its a lot clearer now. Appreciate you!!!
Thanks Paz, had no idea about Magisat, will check them out! Appreciate you and loved the Jason shout-out!
Thanks for the fire vids on Runes!
Legend! Love your videos!
Thanks for the vid! Also where can i find the e-paper display you are using in the background, it looks great!
Thank you
You is The best, thanks
what about CBRC-20 / Motoswap?
What projects are you in! I would like to join your community!
fire my G! such a big help! imma join ur discord!
Wow thanks bro you’re channel got me started with brc20s
Can i do the division manually? meaning like, send 5 different transactions from my xverse wallet to my ordinals wallet and get like 5utxo with the ammount sent in each of them?
I think will cost you more fees that way, instead of using the luminex tool for example
yep, true
i managed to split in luminex using unisat with my ordinals wallet that's running on the node
tks bro@@daimendvisser2662
I really want to be into this, but it so hard to understand, pls can you send me a docx link so i can read?
Can you explain why runes are a gamble?
Cause they're basically memecoins on BTC
Why did you say 30 mints if you were splitting in 15 UTXO?
2 mints per utxo I believe, 140'000 * 2
@@SoccerTutorialHDit’s one mint per UTXO
turn wolum eup bro
we just need for gas fees? will runes cost anything?
Does this work with Mac?
Isn't Runes just a meme? Or there will be legit project that will solve real world problems.
Just 1st meme on rune, just hype, not worth it
@@ddd-hd1xi hype=money to be made; don t wanna skip this "hype"
@@ddd-hd1xijust 1? You sure?
@@andreiutztaia hype=money to be made or lost...
There might be legit projects as legit as they are on Ethereum. But memes are easier to build quickly.
Watch runes break the Sat/VB record to over 2k
Hey hermano, cuando el canal en español? haha, aun me falta mucho para aprender ingles.
Bro where can i buy a interactive frame like you ?
I didn't get how to make 2 mints with just one UTXO 13:20