noisevault on Nostr: If you self custody... and you understand why #UTXO management is important, you will ...
If you self custody... and you understand why #UTXO management is important, you will want to look at the current #fee requirements for transactions. At this moment you can get your transaction in the NEXT BLOCK for between 1-2 sat/byte.
This is almost as low as it can possibly get.
And if we are indeed on the eve of nations buying bitcoin for their #reserves then we will not likely be seeing 1-2 sat/byte fees for very long. And even if that was not the case other degens will want to buy #blockspace for whatever silly thing they are "minting". Though I honestly think we will not see that nonsense for a while.
Either way #blockspace is ON SALE...
We are in a VERY fortunate environment for doing these sort of utility transactions currently.
Why do you want low fees to do transactions on the base layer?
Well, there are utilitarian reasons. For example opening, or closing lightning channels. If you are running a lightning node NOW is the time to set up your new channels and close the ones that are under-performing.
But even if you are using cold storage... Now is the cheapest time to situate your UTXOs to your advantage. This is a more nuanced topic. But to simplify, if you have a lot of small UTXOs sitting in wallets you might have to spend a LOT of #sats to bundle them into a transaction. And who wants to have to pay high transaction fees when they want to move bitcoin just because they had a mess of little UTXOs sitting around that made the transaction larger than it had to be?
So you can do that now for cheap! And also be ready when you want to buy something large, or move large amounts.
Then again... having UTXOs to spend from that do not reveal your entire stash is also valuable... So if you wanted to break up large UTXOs into smaller ones... again... this is the time.
The nuance here is tricky... but you should be thinking about it in my #humble opinion. (lol I hashtagged humble...)
So:
-What do you plan to do with your accumulated sats?
-Are they in big clumps or broken into lots of teeny ones?
-Would it benefit you to consolidate? (usually)
-Would it benefit you to break then up? (sometimes!)
Well... NOW is the time.
That said... congrats that this is a problem/opportunity for you!
Now is the time to act.
Love, cAPS
This is almost as low as it can possibly get.
And if we are indeed on the eve of nations buying bitcoin for their #reserves then we will not likely be seeing 1-2 sat/byte fees for very long. And even if that was not the case other degens will want to buy #blockspace for whatever silly thing they are "minting". Though I honestly think we will not see that nonsense for a while.
Either way #blockspace is ON SALE...
We are in a VERY fortunate environment for doing these sort of utility transactions currently.
Why do you want low fees to do transactions on the base layer?
Well, there are utilitarian reasons. For example opening, or closing lightning channels. If you are running a lightning node NOW is the time to set up your new channels and close the ones that are under-performing.
But even if you are using cold storage... Now is the cheapest time to situate your UTXOs to your advantage. This is a more nuanced topic. But to simplify, if you have a lot of small UTXOs sitting in wallets you might have to spend a LOT of #sats to bundle them into a transaction. And who wants to have to pay high transaction fees when they want to move bitcoin just because they had a mess of little UTXOs sitting around that made the transaction larger than it had to be?
So you can do that now for cheap! And also be ready when you want to buy something large, or move large amounts.
Then again... having UTXOs to spend from that do not reveal your entire stash is also valuable... So if you wanted to break up large UTXOs into smaller ones... again... this is the time.
The nuance here is tricky... but you should be thinking about it in my #humble opinion. (lol I hashtagged humble...)
So:
-What do you plan to do with your accumulated sats?
-Are they in big clumps or broken into lots of teeny ones?
-Would it benefit you to consolidate? (usually)
-Would it benefit you to break then up? (sometimes!)
Well... NOW is the time.
That said... congrats that this is a problem/opportunity for you!
Now is the time to act.
Love, cAPS