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0 sats \ 10 replies \ @NULLPOINTER OP 10 Dec 2023 \ parent \ on: deleted by author bitcoin
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Bitcoin is about consistent learning for all of us. Usually what happens is you run into a problem and then find out something new about how bitcoin works.
You are now finding out that having small UTXO's on chain is a bad practice. BTW you can still spend it. Just set a low TX fee & wait a few weeks/months.
As an "uncle Jim" holding friends & families bitcoin you need to know more about all this. Make use of lightning & even liquid to consolidate in future.
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If there is a price on something, there are people being priced out.
Everything you buy is permissioned. That includes block space.
On-chain bitcoin is not for everyone. It's only for those who can pay the fees. If you can't, use custodial solutions or Liquid with Boltz for lightning payments.
When considering using Bitcoin, you should think about the UTXO size required to transact when fee rates are at 500 sat/vd or 1,000 sat/vb and revisit it as fees go up.
Check this article by Unchained.
https://unchained.com/blog/small-utxo-bitcoin-dust/
Block space is limited and with more users and use cases, the costs of transacting on-chain will keep going up and more and more people will be pushed out of the Bitcoin Network.
It's not a weakness. Limited resource and high demand pushes price up. That's own it works.
For people who can't afford on-chain fees, federated solutions (Liquid, Fedimint) and other custodial solutions (Wallet of Satoshi, Blink, ecash) are how they can use bitcoin.
Custodial Bitcoin is not for everyone and people should stop pushing everyone to get a Coldcard and self-custody. It's great at 1 sat/vb but can be a disaster at 500 sat/vb.
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As I understand you are holding BTC on chain for your friends & family right? You got them to send it to you in $10 or $50 UTXO'S yeah?
Thats bad practice!
Let me repeat....if you want to send small TX do it on lightning. Its that simple. Please learn more about the different tools available on bitcoin so you can onboard friends & family in more productive ways.
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