Oddbean new post about login | logout Bitcoin Transaction Fees and UTXO Management ------------------------- - when bitcoin blocks are full, highest fee transactions are confirmed first - pending transactions sit in node mempools awaiting confirmation: can conceptualize mempools as a line to enter a restaurant sorted by who is willing to pay the most - your bitcoin wallet may show a single balance but the reality is that it is made of many different unspent transaction outputs (UTXOs) - when you make a bitcoin transaction your wallet will select as many UTXOs as necessary to reach the amount of bitcoin you wish to send - onchain transaction fees are calculated based on size in bytes not the amount of sats sent - the more utxos required on the input side the higher the fee paid - from a cost perspective you want to consolidate utxos, fewer utxos with larger amounts - consolidation has privacy tradeoffs though: you link any UTXOs you consolidate as owned by the same person + larger UTXOs mean you will dox more of your stack to anyone you pay in the future Therefore you want to reduce the number of UTXOs you have while being mindful of the privacy concerns. Lightning Transaction fees are calculated differently: based on the amount in sats sent. Opening lightning channels when fees are low can enable you to save money in the future when fees rise. 🤙 https://werunbtc.com/utxos
Sparrow wallet great software to visualize and manage your UTXOs!
Sparrow is the best and there is no second best.
And for mobile?
mobile there is no clear best, there are a bunch of good wallets with different tradeoffs my favorite mobile on-chain wallet is samourai, but that is android only, without lightning support other good options: muun - extremely easy to use - https://werunbtc.com/muun phoenix - great for lightning payments - https://werunbtc.com/phoenix bluewallet - many features, easy to connect to your own node, can be used with multisig breez - similar to phoenix, great for lightning, with a slick point of sale mode zeus - the best way to use your own lightning node blixt - great for lightning nunchuk - nfc support so works well with tapsigners, easy multisig, iOS version is closed source
The features in samourai are enough to get an android phone, just to get the best mobile wallet ever made.
I would add that having a large variety in UTXO sizes is preferred because you can select the UTXO that is just slightly larger than the transaction you are trying to make. Best of both worlds lowest fees and best privacy
I don't get the argument of "consolidate for cost" You still have to pay, the only difference is whether you pay now or pay later. Assuming you can't time the market for fees, why is now preferable to later?
Why do bitcoin wallets even need to consolidate? Could they just auto coin control? Could a posted QR be used to generate QRs that can be used by the sender wallet to coin control to the receiver? More fees, but better privacy?
Great summary on tx fees #[0]
This is good quality content.
THE NOSTR REPORT WHAAATZAAAP Mar 3, 2023 Block Height: 779,175 Moscow Time: 44:95 ⚡/ $ —-------------------------- 🎙️Quote of the Day🎙️ —-------------------------- NOT 🔑 YOUR 🗝️ KEYS🔐 NOT🔑 YOUR🗝️ COINS🔐 ⚡️₿lckf0rest⚡️ ∞ / 21M 🟢🟢🟢... #[1] —-------------------------- 🚨Headline Nostr News🚨 —-------------------------- Yesterday, QW rallied the #plebchain troops to stress test Wallet of Satoshi by creating a "Zapathon" #[5] While zaps reached an impressive 1200/hr, @WoS responded "What is this... a stress test for ants??" 🐜🐜 #[6] Zapathon part 2 starts today at 5pm EST. This is the thread where it's all going down: #[7] ferhodler Germany's declares gains on bitcoin tax-free after 1-year holding period. ₿✨ #[9] jb55 welcomes his competition to iOS. Check out the Nostur App by Fabian which features: multiaccount, zaps, bookmarks, storage of your posts on your device, and more. Remember to practice safe nSECs when testing new clients! 🔐Available on TestFlight here: https://testflight.apple.com/join/TyrRNCXA #[12] jamw shares awareness of a glitch that takes Nostur users out of Damus when clicking users or notes. 🥷 #[14] 5c508c34 According to zaplife.lol, there has been 68,720,958 sats zapped in the last week ⚡️ #[16] —-------------------------- 🏝️Nostrica Update🏝️ —-------------------------- mcshane shares 🥩 news 🥩 about #Nostrica #[19] —-------------------------- 💻nostr Tech💻 —-------------------------- Vitor Pamplona Amethyst update announced. Markdown supporters rejoice! 🎉🟪 #[21] Vitor Pamplona Are you a blogger or looking for bloggers on Nostr? 💬 Check out: https://habla.news and https://blogstack.io 📰 #[23] nodecitizen launches La Casa Nostr 🏡, a new NIP-05 service which comes with a private relay. No passwords, no email address required, sign in with your lightning wallet. ✍️⚡ https://lacosanostr.com #[25] LynAlden wrote an article that also includes perspective on Nostr. 💜 #[27] semisol NostrPlebs.com announces new paid relay beta service for verified NostrPlebs NIP-05 users. ✔️ #[29] calle 👁️⚡👁️ Zaps⚡️ for free? Alby team opens a direct Lightning channel with LightningTipBot. ⚡️🐝 #[31] —-------------------------- ⚡nostr Business⚡ —-------------------------- hackernews Proposed Florida bill would require bloggers writing about Governor to register with State. 🏈 https://www.wfla.com/news/politics/florida-bill-would-require-bloggers-who-write-about-governor-to-register-with-the-state/ #[33] ODELL Tips for managing Bitcoin UTXOs and transaction fees. 👩💻 #[35] —-------------------------- 🔥🔥Meme of the Day🔥🔥 —-------------------------- Jameson Lopp Harebone #[37] —-------------------------- Stay Classy Nostr.