Been using Electrum for some years now (never leave anything on an exchange), just worrying about the addresses with a small fund in one UTXO. But I get the point - paying transaction fee again. I'll keep watching the mempool and do some testing when the time feels right, there might be no really final answer, so it's up to me to ease my worries.
If you’re not in a hurry since this utxo are just little amounts you could wait a little bit to consolidate. Last weekend I saw the fee at around 4sats/byte so wait on and keep checking fee estimators.
As I understand it the fees are calculated per UTXO, so stuffing many of those into one transaction could blow up the fee I'd pay while each of them is almost just "dust". Please correct me if I'm wrong.
Bitcoin transaction fee are calculated according to the size of each UTXO, it is total fee= total transaction input (utxo) size + output size= fees. Imagine the byte of each utxo is 100 (even signature verification included) and you have total of 8 utxo then the input size totals to 800, then the output byte which is say 32 then 800+32 will give 832 which is the total bytes for your transaction. Then you set the transaction fee at 4sats then consolidating them will be like 4x832= 3,328sats/bytes as your transaction fee |
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* is it encouraging to you that this is an opportunity for you to buy more.
* does it makes you lose hope concerning your investment that it should have gone beyond bitcoin current price of $25,835.
This fall of bitcoin price shouldn’t be a thing of concern because we have seen from past markets events that there is always a fall like this whenever the bitcoin halving is approaching. So it shouldn’t be a thing a of worry but rather a moment of accumulation. But we can’t take away the fear of losing away from newbies during every drop price, because most are early into this and may have invested money that they are not capable of investing into it. The market experts are those that will appreciate the moment because of the prior experience as this will give them another opportunity to accumulate. As for me I will stick to DCA and not panic since a 1 bitcoin remains 1 bitcoin no matter the conditions |
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With the arrival of Kane, Munich should be able to make goals and win. Moreover, Augsbrug is not a strong opponent. This is a proving ground for Kane. He should be able to score in this second game. Bayern Munich were forced to buy Kane at an unreasonable price. He has to prove he is a special striker. With the current age he should not be more than 70 million Euros. Even Lewandoski was sold by Bayern Munich for only 50 million Euros.
I wouldn’t say this is a proven ground for Kane already because he has yet to play against this team and not played a competitive match for Bayern at Allianz Arena. But at home Augsburg is surely an easy win for Bayern but they don’t just get away easily from them. Last season encounter ended with Bayern put 5 goals in for them but the scary thing was Augsburg managed to score three times in that match after taking the the 3 points in their first leg in league last season. So with Bayern having to do a comeback against them almost every time, we can’t say it will be a easy win although this is a new face Bayern team |
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I don’t think debt is the problem of dwelling economy this days because of you look at the debt chart the top highest debtors are mostly the developed countries like China, USA, Japan and most of the European countries, this simply showed that debt isn’t the problem but just like you said productivity. If you look at this under developed countries, one thing that is keeping them at bay is lack of local production. The biggest flex in the Chinese economy today is they produce virtually everything. So with the natural resources blessed to this developing countries if they actually start there own production and seemingly exports them out this is will give the countries currency much value if at all the currency for exchange is their local currency and it would lead to strengthening the economy What is there to discuss about when most third-world countries are running on debt? Instead of fixing the problem they are focusing on something else, productivity is the answer, if a country is more concerned on been productive it won't have many problems and it will stand out among many other countries.
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So there is 1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF address that has 79,957.2607018 BTC in it and there is no single output from this address. It seems the owner of this address do not spent a single BTC however, it is still accumulating.
This is definitely an account set up to used for accumulating bitcoin. I checked through the address on blockchair and the owner is definitely using a DCA method to accumulate. The owner does at least a little top every week with as little as 0.00001btc. This has been going on for the past 12 years now. Personally this seems like a good way of accumulating bitcoin but the problem I have will be having lots of these funds on a single wallet. On security and privacy perspective I don’t feel it’s ok.
I don't know what conclusion one can make about this address. Is this a person, a company or something else? How come that much money can be accumulated in one address and never been spent? Or there is something I don't understand?
There is no limit to how much or number of bitcoin that an address or wallet can hold. Basically even the entire 21 million bitcoins can be on a single wallet. This is actually one of the biggest advantages of bitcoin wallet over even fiat banks. Just that the risk of losing of everything on one wallet is adviced |
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Exactly that’s what OP means and I go with the idea also, jumping into investing or trading will make one to make silly mistakes. I know that many experience investors usually say one should just invest in bitcoin and leave other cryptocurrencies because bitcoin doesn’t have risk of losing. But even with bitcoin one still needs to calm down and learn mostly on security of bitcoin like which wallet is reputable to be used, how to set up the wallet and how to safeguard your keys. All this need knowledge and not just to rush into them I think what OP is trying to say when he said "Do not invest early", is to not invest when you barely know anything about cryptocurrency and only proceed when you have done your own research and know what you are doing. I mean, it would explain the second part of his post.
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You can make use of CoinGecko and Cointelegraph. The apps are available on goggle app
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Nice thread mate, One thing I read on the forum that differentiates this taproot from the native segwit is the use of this Schnorr signature over the usual ECDSA. The advantage it offers is the aggregation of keys which solves the problem of verifying transactions by nodes individually even in multi inputs to batch verification. This method has made it easy for not only multi sig wallets but also when sending from various inputs to a single address. Example is when consolidating one’s input (multiple UTXO into one). Aside this, other transactions are mostly suited to use native segwit (bc1q). Like sending from one address to multiple addresses. There are also many threads that actually discuss taproot on the forum. You can check them 1. https://bitcointalk.org/index.php?topic=5406199.02. How to create taproot addresses: https://bitcointalk.org/index.php?topic=5405946.03. Bitcoin wallets that supports taproot: https://bitcointalk.org/index.php?topic=5371499.0 |
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Transactions with at least two to six confirmations are seemingly impossible to reverse because of the number of blocks built on them. The transaction with just one block confirmations is what bitcoiners believe is reversible because of the cases of the block in which the transaction is been orphaned. Orphaned blocks occurs when two blocks are sent simultaneously to nodes and as miners mined or build blocks the longest chain one is been picked by the nodes and the later dropped back to the mempool. So if your transaction happens to be in the short chain then it can be reversed. So seeing this means it can only occur to transactions in the top top blocks. A 5 blocks downward transaction can not be orphaned and there cannot be reversed. So 6 block confirmation can not be reversed Judging from this, the writings stated that it is difficult and not impossible and I've been wanting to know if will be possible to reverse a transaction after a 6 block confirmation?
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Although it is a little bummer to you, it is save this way. Not just that any vulnerability might cause your contacts to be modified but for privacy purposes it is not good sending bitcoin to one address all the time. Since bitcoin transaction can be seen on the blockchain it is possible that your wallet might be monitored and be under surveillance by possible hackers. Try to use different addresses for too many transactions. It is a lot easier this days since many wallet ( like electrum) use the hierarchy deterministic method to generate keys which subsequently generates multiple addresses on a single (at most 20 receiving addresses) wallets. I have some wallets that I often send my assets in Electrum to, and it is a little bummer that I have to enter addresses every time I do it.
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This is a wonderful reminder. I can’t help but say that past event like this only makes one anticipate heavily what the future holds.
Events like this only bring some certain questions to my mind;
How many of these people were patient to hold till the time it pumped to a significant amount, or the fear of losing caused them to sell so early.
How do they take care of there holdings without losing it to scammers or losing the keys and yet to find it
Certainly this are not just question but also some recommendations as to we the future holders.
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Adding to the reply above, make sure the seed option is on bip39 and since it is multi sig hardware wallet the derivation should be changed from the standard wallet which is m/44'/0'/0' to that of hardware wallet which is m/45'/0
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No, because longest chain isn’t classified based on block numbers again or just chain length (height) as it was first classified by satoshi then. It is the most difficult or cumulative difficulty that is used to classify it. If you look at the blocks, the difficulty varies for them to be mined, although the average time for each one is 10 minutes but the adjustment varies and since there is no constant then the longest chain is not about height no more but the cumulative difficulty. Can the miners obtain the longest chain by maintaining the low constant difficulty?
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This is a great thread, I would probably also think of a dedicated personal text to make mine unique.
When I saw this I also went in search for more and I got this
**In BTC since 2013** joker_josue
Just writing some code achow101
Stop Putin & the war against Ukraine! tranthidung
I am Ukrainian icopress
Evaluate if it's Coin or Shitcoin 1miau
Jr.Exec. Merit Cycler | Spambuster '22 | Pie Baker GazetaBitcoin
Looking for guilt best look first into a mirror WillyAp
In a world of peaches, don't ask for apple sauce mprep
Verified awesomeness ✔ Mitchell
While my guitar gently weeps!!! Mr. Big
Spear the bees actmyname
Not your <keys/llaves>, not your <coins/monedas> DdmrDdmr
Jean-Michel basquiat (60-88) Sandra_hakeem
Assalamu Alekum Smack That Ace
Chancellor on brink of second bailout for banks LogitechMouse
Maybe they are worthy of been added to your list
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Just like you stated it can be decayed and I think that is the only reasonable thing to actually do, the idea of having to give it back to merit sources will seems more like a waste of time because this merits ain’t a thing that has a maximum supply limit like bitcoin or any precious metals that we would say with time will grow scarce and it been on banned account will make it e gust more. But since they ain’t any limit to its supply then it is perfect to let it slide that way or even decay it rather than recycling it to merit sources For long now I have been on this thought and I was wondering what happens to merit and Smerit of banned accounts. Is there any way it is been extracted from those banned accounts for it to be integrated back into the system so that merit could go round through the merit source to members who deserves it or once an account is banned everything about that account is gone and merits on that account is burnt or is there any other process or things done with the merit of those accounts because I know once an account gets banned the owner does not have access again to some vital profile assets such as the Smerit.
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Just as Upgrade00 pointed out. The security is actually on the number bits of entropy produced and the best is that which is between 128 bits and 256bits. A words less than 12 will certainly generate a lower entropy which will weaken the strength of guessing them. The 12 words I think (based on what I read on the forum here) produces the same number of bits as a private key (128) which in terms of security doesn’t matters how many bits of entropy is generated, since the level of the private key security is 128 bits. That is why most wallet stick to the 12 words. Read on here for more details on seed generation https://learnmeabitcoin.com/technical/mnemonic#bip39-wordlistIt keep pondering on my mind in asking why are some seed phrase being generated on different number range and why is 12 and 24 the most common numbers of seed phrase.
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I get some of your explanations up but my question is, the 24 words long is that the highest that can a seed phrase is to have. Because I read that seed phrases although are produce by the wallets but they also can be customized by the user (although senior members warn against it because of lack of randomness). Can one not customize a seed with longer words say 48 just to have a much more bigger bits of entropy I.e larger than the 256 for 24 words Seed phrase can be 12, 15, 18, 21 or 24 words long.
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I also was a bit curious why he actually choose that exact number and I did some little findings and some articles reported that satoshi’s choice was just a guess but an educated one Here is a quote of his I saw https://nakamotostudies.org/emails/satoshi-reply-to-mike-hearn/[/url]] My choice for the number of coins and distribution schedule was an educated guess. It was a difficult choice, because once the network is going it’s locked in and we’re stuck with it. I wanted to pick something that would make prices similar to existing currencies, but without knowing the future, that’s very hard. I ended up picking something in the middle. If Bitcoin remains a small niche, it’ll be worth less per unit than existing currencies. If you imagine it being used for some fraction of world commerce, then there’s only going to be 21 million coins for the whole world, so it would be worth much more per unit. Values are 64-bit integers with 8 decimal places, so 1 coin is represented internally as 100000000. There’s plenty of granularity if typical prices become small. For example, if 0.001 is worth 1 Euro, then it might be easier to change where the decimal point is displayed, so if you had 1 Bitcoin it’s now displayed as 1000, and 0.001 is displayed as 1. And some on https://bitcoin.stackexchange.com/questions/8439/why-was-21-million-picked-as-the-number-of-bitcoins-to-be-createddid the mathematical calculations as Calculate the number of blocks per four year cycle:
6 blocks per hour
* 24 hours per day
* 365 days per year
* 4 years per cycle
= 210,240
~= 210,000
Sum all the block reward sizes:
50 + 25 + 12.5 + 6.25 + 3.125 + … = 100
Multiply the two:
210,000 * 100 = 21 million. Should note that the 6 blocks per hour was as a result of 10 minutes set as time for mining of each block |
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You forgot to add that even energy or electricity produced by hydropower plants are excess for some countries mostly during the summer period, this doesn’t only wastes the energy but also the funds. Since the bitcoin mining inception many of these wasted energy or electricity have been used for mining saving it from wasting. Right now countries have started to build crypto mining farms near this plants. The country Kyrgyzstan is also looking towards that too, https://cryptopotato.com/kyrgyzstan-to-spend-20-million-to-build-a-hydropowered-crypto-mine-report/Just like I have read on many threads on the forum. I have just come my own conclusion that the news that bitcoin or crypto mining was actually going to destroy the environment was just a false statement spread by government or media houses just to paint bitcoin bad and probably aid in there quest to stop bitcoin. Nothing more than that. |
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Bitcoin main purpose according to Satoshi himself, is as an alternative payment to fiat currency. But over the years bitcoin has grown in such a way that many have seen it’s potential of been a great investment asset. This could be deduced from some of the advantages of his below;
1. Decentralization
2. Stores of value
3. Great Return on Investment
4. Fixed Number or Supply
5. Adoption rate.
Due to all these advantages some people have not only taken bitcoin as an investment asset but have generalized it to other cryptocurrencies as well. Some have thoughts that investing in these alternative coins are actually diversification of one’s portfolio. But is this really portfolio diversification?
Diversification of portfolio can be termed the process by which investors, invest in different assets to mitigate a loss been encountered in a particular asset.
Alternative cryptocurrencies cannot be regarded as diversification of portfolio because;
1. Most of all the altcoins follow the same price trend as bitcoin, with just few going higher than it due to hype, which has made many to call them pump and dump coins.
2. Bitcoin is the only true decentralized cryptocurrency and as such eliminates the fear of centralization which is in many altcoins which could be use to manipulate its market.
3. Bitcoin supply limit is what makes it a store of value and also an hedge against inflation, giving it an edge ahead of other cryptocurrencies.
With all these and more, and most importantly the fact that bitcoin price change is actually been followed by other cryptocurrency which are not secure, makes them more risky to be used as an investment asset.
It will be better to look into other assets like stock, gold and real estate for an ideal portfolio diversification
Aside bitcoin, treat alternative cryptocurrencies as pump and dump coins that they are.
Note: I am not advising anyone on investment
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