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0 sats \ 8 replies \ @numbskull 9 Jun 2023 \ on: Bitcoin UTXO bitcoin
Dumb idea , in one swoop you will lose all your bitcoin, unless you got multisig. Multisig a little bit safer but more complicated. Better to have lots of separate small private keys/utxo with passphrases on top and like a squirrel hide those everywhere
Another reason to keep it small, there will be less incentives to crack seed(nut) by bad actors, they will go for big nuts(utxo) first
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You're right but don't forget that the fees will go higher unless bitcoin will be the reserve currency and use just for the final settlement between the bank and for small txn will be on LN
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Can you guys elaborate your thoughts? I‘m not sure if I understand your concerns correctly.
I mean, one wallet and private key can control multiple UTXOs.
And if I have access to a private key, I can sweep the whole wallet and all of its UTXOs. It may be more expensive if I have to transfer sats from multiple UTXOs to another address, but still possible.
I don’t think OP meant to have only 1 UTXO at all times. It’s difficult anyway because everything you receive/send sats, your wallet creates a new UTXO.
Multi-sig is a more secure way to store your Bitcoin, yes.
But I don’t see how the different sizes of UTXOs may or may not increase the security.
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1 seed - 1 UTXO
The smaller the better .
Whale, crab, prawns and you - microbe
No one gives shit about microbes,you are safe now my friend
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That means, for every payment you receive, you‘ll create a new wallet?
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At current price 25k and current transaction fees - 1 UTXO-0.1 bitcoin max
Consolidate up to 0.1 bitcoin
If Price of bitcoin doubles then 0.05 bitcoin - 1 UtXO
That’s way you always remain 🦠 microbe
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Ok, I see. But that‘s then for long time storage.
And probably another hot wallet to receive payments and accumulate until you have the desired amount.
Then, create new wallet, and transfer the stack to the new wallet.
That would be the basic routine in your case?
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If you talking about lightning and satoshis then I don’t know what is best routine. I just buy KYC here and there and don’t spend it. Until bitcoin is accepted everywhere and is tax free there’s no reason to to touch it at all. Every time you do something is a taxable event and needs to be reported , too much hassle to even bother
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