Decided to share this post here too...


Whats UTXO and why should I care?.

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40,000 Sats = $10.63

UTXOs is very common and some of you don't know why you're always paying high fees anytime you send out bitcoin from your wallet, I will explain. Assume you're going to buy Bitcoin on an exchange. Assume you buy 40.000 Sats per day, therefore you purchased 40,000 Sats. The next day, you buy another 40,000 Sats at the exchange and transfer it to your hardware wallet. The next day, you buy another 40,000 sats at the exchange and transfer them to your hardware wallet, giving you 120,000 sats of Bitcoin in your hardware wallet that is safe and secure. That's fantastic. But there's a small problem here. So, every time you sent Bitcoin from the exchange to your hardware wallet, you generated a UTXO (unspent transaction output).


Consider this to be a tiny fraction of Bitcoin; in essence, you have three pieces of Bitcoin here. The trouble is, if you want to send out these three chunks of Bitcoin, you'll have to pay a reasonable amount in fees because each chunk of Bitcoin takes up space in a block on the blockchain, and you have to pay money for the space you're taking up in those blocks. So if you have a lot of UTXOs, you'll take up a lot more space in the block and you'll have to charge for each of these UTXOs in order to send your Bitcoin out.

Bitcoin doesn't care how much Bitcoin you transferred; you can send a million Bitcoin, but if it's all within one UTXO, you'll just be charged a little fee.


Practical.



1. I transferred 3 chunks of Bitcoin; 40,000. 40,000, 40,000 sats (120,000 sats total) from my first sparrow wallet to my second sparrow wallet and in the process i created 3 UTXOs in my wallet, I took three block space on the blockchain in the process.

1a. Then I transferred another 120,000 sats in a single transaction to my second wallet thus creating only 1 UTXO




Sending the Bitcoin.


2. I started with the first transaction, I marked the 3 chunks of bitcoin input of 40,000, 40,000, 40,000 sats a total of 120,000 sats and send at the current network fee of 14.14sats/Vb (as of when I tried it) and the total fees to send out this 120,000 sats was $0.91 beacuse I was charged for the 3 UTXOs I created, now lets compared this fee to that of the single transaction of 120,000 sats (1 UTXO)





2a. I transfer the second transaction of 120,000 sats at the same network fees of 14.14 Sats/Vb and the total fees to send out this bitcoin was $0.41 I saved $0.5 on fee for the same amount of Bitcoin.




Conclusion.



For every bitcoin you send to your wallet you are renting a space in the block if you're sending maybe $100 worth of bitcoin, and you have it spread across 6 UTXOs, thats $10, $10, $10, $10, $10, $50 well, you're going to be eaten alive by fees cause you're going to be paying for each of the block space you rented. So instead of spreading across 6 UTXOs you should wait till you accumulate your $100 Bitcoin and send it to your wallet in a single transaction. 

For those of you saving your signature payment, you will receive 1 UTXO every week and as network fees rise, you will have to pay high fees to get those out. If the network becomes congested again, you may not have enough to cover the amount of UTXOs in your wallet, preventing you from withdrawing your coins.

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UTXO Consolidation.


Okay, I've already created a bunch of UTXOs from my signature earnings and daily bitcoin transfers from CEX to my wallet. What do I need to do to get rid of these UTXOs and consolidate my UTXOs into one?


1. Copy your receiver address from the same wallet ( where you sent your coins) and



2. Click UTXO on your sparrow wallet and press Command on your Keyboard and select all the UTXOs and click send



3. Paste the receiver address you copied as the recipient, set your fees and click send and broadcast the transaction and as you can see on the screenshot I've already consolidated 5 UTXOs in my wallet into 1 UTXO.




Dowload verified Sparrow wallet here https://sparrowwallet.com/download/

Ignore the rates ...
You are welcome.

@enwi this type of noob quoting is not allowed here. Now we can't even tell what comment you're responding to. Don't derail the thread like this.

To keep the record straight - Nadeem Anjarwallais not holding any data and neither can he give any any Binance personal datas, he's only Africa Binance representative.

D - igebotz

As in number 3, some users switch between campaigns just for fun, but participants only do this when there is an abundance of campaigns with open slots on the forum, not when the forum is running shot of campaigns with open slots.

I will never work for managers who tells me where to post, what to post, how many posts per day, X amount of posts to get paid, and when to depart. Lol

Nobody says no to a bigger bag - I've always worked with managers who appreciate my ideals and values, and I reserve the rights to leave any project if I see strong reasons to do so (financially or in terms of posts), but I will never switch to a campaign that pays $10-20 more. I witnessed several members switch from one campaign to another for $5-10 extra. That is ridiculous. Where is the value?

Quote from: Igebotz on April 26, 2024, 09:30:21 PM

This is all you need - carries 3 historical pre and post-halving dip and spark.

No. We are in after halving period and this post was made today. This is the OP part of the post that I corrected:

What post was made today? You requested to know Bitcoin performance in terms of price after every halving and the chart I provided covered 3 Bitcoin halving ( price before and after halving)

I am not referring to the halving year dip, I am referring to the dip after halving.

Quote from: Igebotz on April 26, 2024, 03:33:32 PM

40.74 % dip in 2012 - this happened only in 3 days and 38.83% dip in June 2016 before July 9, 2020 halving. What the percentage of this year dip?

I am not referring to the halving year dip, I am referring to the dip after halving. Example is in 2029, the dip was in March but halving had not occured at the time. 2020 halving was in May and the market did not go further down than expected, unlike before halving. In 2020, bitcoin went down below $3800 in March. Halving was in May and bitcoin was around $8800 at the time. Bitcoin never went down more than that price but increased more.

This is all you need - carries 3 historical pre and post-halving dip and spark.

Quote from: Thyplaymaker on April 26, 2024, 12:34:19 AM

Because by now market for dey red because there's always decrease in price before the journey (increase) of the new peak of Bitcoin go start.

The decrease that is significant in previous halving was in March 2020 while halving was in May 2020. After halving, no much rise or fall until the bull run started. I did not check for other two halvings.

40.74 % dip in 2012 - this happened only in 3 days and 38.83% dip in June 2016 before July 9, 2020 halving. What the percentage of this year dip?

Let's me say this , the truth must be told this our naija board nor too active at all .

Not only here, the forum overall. Noticed it too.

Quote from: Igebotz on April 25, 2024, 12:21:44 PM

That would be foolish thing to do - best way to handle is to meet with these exchanges and try to find solutions but I doubt any exchange rep would want to visit Nigeria right now. We're supposed to have Binance.ng, OKX.com.ng, KuCoin.ng and so on if only the SEC and the CBN know what they're doing. Regulate these exchanges, monitor the Naira price and get service tax in return. A win win for everyone.

You can see how India and Philippines and other countries dealt with Binance in a way that if Binance is still interested, it will negotiate and still pay fine before it will be register in the country. But I do not know why Nigeria is so different and think everything is about fighting. Those countries used their citizens money protection as an excuse but Nigeria is using naira manipulation, money laundering and others as an excuse without including their citizens money protection. What they care about is money and not citizens money protection and interest.

Is not too late now is it? I mean they have the Binance reps here with them, a bigger leverage to come into an agreement, regulate the exchange, have them create head office here in Nigeria, pay tax and nobody goes to jail. We have the numbers and Binance I'm sure wouldn't want to lose us. They must play every role to come to an agreement.

Didn't follow up the bail case on Tuesday - what's the update? Denied or accepted?