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/

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Ignore the rates ...
You are welcome.

Anyone experienced this blank error while posting? This is the second time I'm experiencing this, other time I cleared the whole thing and requote again and it worked, did the same today and it didn't work. Delete, write again, preview isn't working.... I keep getting the "No subject was filled in" error.

A Nigerian self -acclaimed first man to buy Bitcoin in Africa mistakenly sent $90k USDT to the TRON contract address. From my knowledge every coin sent to CA automatically burns and no chances of recovery.




Is the TRON Network built this way too?

Has anyone used Telegram P2P? I checked it out, but the volume is quite low, there are no Sell ads, only Buy ads, and the entire thing appears sneaky. I'm not urging anyone to attempt it; I'm just curious if anyone has traded there before. With the current FG hunt for P2P, we're discovering some hidden P2P platforms in unexpected places.



Note: The wallet is not affiliated to Telegram it's a third party wallet.

As the topic says; The Nigeria government as usual is moving mad and this time they are going after independent Marchant on DEX in an attempt to save Naira Depreciation. Now it's difficult to BUY any assets above the fixed N1800 on Binance so traders are already moving back our old traditional Telegram and WhatsApp P2p. Just last week EFCC were shooting at black marketers at one Abuja market. Sometimes I wonder if those running the CBN and other financial institutions get basic economy degree at all.


I remembered 3 years ago the FG led by PMB went after the AbokiFX and the Naira kept deprecating afterwards. These are not solutions.

What do you guys think? De matter dey tire person for real.

I say make I drop this update here make any of Una wey get this project listed below to withdraw or sell off as KuCoin don set date wey dey go remove them from their platform. Most of them no reach the requirements again so their trading pairs go deactivate too.

9 Projects to be delisted

More often than not we relate gambling with negativity because of its implications like addiction and financial ruin but I want to take a different stand and draw attention to the fact that although gambling has negative connotations, there are positives that can be cropped from gambling.

Gambling has entertainment and educational value and these aspects are often neglected but this post will draw our attention to these benefits. In the area of entertainment, some gamblers engage in gambling for fun and entertainment, and when gambling is approached from this dimension it leads to satisfaction, happiness, and excitement. It is worth noting that individuals who see gambling as entertaining do not face the negative consequences of gambling since gambling itself is a source of happiness for them.

In the area of education, gambling can enhance one thinking especially gambling which requires a high level of rationality to win. In addition, engaging in sports betting specifically football betting can make someone know different countries and cities.