Matt Warren ⚡ on Nostr: I've been thinking about the eventual problem of people getting dusted by #Bitcoin ...
I've been thinking about the eventual problem of people getting dusted by #Bitcoin fees.
It's hard enough to convince people to buy any. I also have to worry about the people I convince ending up with a ton of tiny UTXOs they can't spend.
It's a problem. I understand why the problem exists. What I don't understand is how to solve it without expecting everyone to understand intricate details about how Bitcoin works.
People could theoretically be priced out of their life savings simply because they bought such small amounts over time without understanding UTXO consolidation. I was doing this early on, even when I already understood cold storage. I would send any amount to it without another thought (I came in during the era of super low fees).
I don't think this is practical for the average person, and fees are going so much higher. Are we blinded by our experience here?
We could be hurting people by preaching self-custody without explaining UTXO management.
It's hard enough to convince people to buy any. I also have to worry about the people I convince ending up with a ton of tiny UTXOs they can't spend.
It's a problem. I understand why the problem exists. What I don't understand is how to solve it without expecting everyone to understand intricate details about how Bitcoin works.
People could theoretically be priced out of their life savings simply because they bought such small amounts over time without understanding UTXO consolidation. I was doing this early on, even when I already understood cold storage. I would send any amount to it without another thought (I came in during the era of super low fees).
I don't think this is practical for the average person, and fees are going so much higher. Are we blinded by our experience here?
We could be hurting people by preaching self-custody without explaining UTXO management.