Quote from: DYING_S0UL on May 03, 2024, 08:09:10 AM

UTC or GMT, I can't seem to understand any of them. They are just too complex and confusing for me.

Check out high resolution Gleason's New Standard Map Of The World to understand time zones better.
It's not that complicated to understand when you know that earth is one big clock and sun tells us the time of the day.

I would prefer if we could use the same time as in bitcointalk forum, but I am fine with anything really.

It all depends on where the Forum server is hosted and the convenient time for that location and also for the admin. He can't set the forum time to GM+3 while he lives in GM-6 time zone( doesn't work that way.)

Does Bestchange offer Bitcoin to NGN (Naira) or Bitcoin to Gift Cards? With the latest Nigerian government onslaught on the P2P exchange marketplace, more than 30 million Nigerians would soon be without a venue to trade, not everyone is aware of DEX or how to use them. If an exchanger on your platform may provide these services, Bestchange will benefit greatly.

Binance and OKX p2p marketplaces are no longer available to Nigerians, leaving just KuCoin and Bybit; it is only a matter of time before the government shuts them down as well.

We're looking for alternative routes....

2- igebotz

Quote from: Igebotz on May 02, 2024, 02:07:04 PM

Yes it's obvious looking at his success rate he's obviously manipulating the system. Scammers like this nain dey cause the government to take nasty actions wey go affect innocent legitimate business users

Sorry to ask, but who will be gaining from this type of trade? Is it the merchant who has that price or the person selling to him? Because from the screenshot above it seem to me like those who wants to sell their coin will be the ones profiting from that increased rate.

I also went to KuCoin to scope around and it seems like they are beginning to spread it to other exchanges as well - I saw some merchants listing sells ads at 1480 per dollar and their minimum trade is just 50k unlike the 7 million in Op.

I don’t know their aim for doing this, but it’s certainly not something good.

These are fake rates and the moment you click to transaction the rate changes without you knowing, these are Marchants who create unnecessary pressure to the black market rate.

Thanks for this wonderful illustration tutorial. I've been hearing about this sparrow wallet for a long time; it's recommendable. Although I believe that's why I probably just got used to electrum, But since you did this, I decided to download this sparrow wallet.

This UTXO, I can read it, and because of the explanation you made, it adds a little clarity to me, so I will repeat it. Thanks for the information you provided.

Electrum wallet also have this features now except for Dustin attack feature ( can't verify this ) but I've only seen this feature on Wasabi wallet. You can't prevent Dustin attack on Sparrow wallet and Electrum but you can manage it using the coin control feature to freeze unwanted Dustin attack.

I have a topic on this.

Worth knowing that there are other wallets that has coin control which can make consolidation easy. It is not only on Sparrow wallet. Wallet like Electrum and Bluewallet have the feature. Unstoppable wallet added the feature recently

NOTED. I will add other wallets with coin control to the list, I didn't think it was necessary at first and most of these wallets as of the time I made this post were without coin control feature. Good to see other wallets are seeing the benefit of this features.

Quote from: Igebotz on April 29, 2024, 06:22:45 PM

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

I would just add that it would be better to do consolidation when transaction fees are lower, that is usually weekends.
Better to check mempool.space website for confirmation.

Yeah. Could add this somewhere in the OP . This is very important.

Thank you for this really fun tutorial, great effort.

I have a question why these UTXOs are not automatically accumulated in the wallet upon accumulation, I mean why are all these UTXO payments not considered as one after they have accumulated in the wallet?

Also, is the UTXO unification feature only present in the Sparrow wallet or is it present in another wallet such as Electreum?

Different Tnx, different block space, different UTXO- every Bitcoin you receive takes a block space( see it as you renting a space so it's your duty to pay for such space when you want to move out). The only way to accumulate all UTXOs into one is by  Consolidation. Check OP.

2. There are other wallets with the coin control features not only Sparrow wallet. I will add them to the OP.

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/

Supported wallets
Electrum
Bluewallet
Unstoppable

Verify before downloading...


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.