Hey!
I'm wondering how many sats I need to transfer them to onchain. I have about 70k sats on LN and I'm thinking of exchanging them to onchain because I want to HODL them. I'm asking your opinion because I don't want to exchange too small an amount so that the number of sats doesn't equal fee etc. Currently I don't intend to spend them, so keeping them on LN is unnecessary for me
141 sats \ 4 replies \ @nikotsla 23 Oct 2023
Bigger, better, there is a rabbit hold about the utxo size, I would said... at least 1M sats to hold, but if you think that 70k sats are in danger on LN, then you can move to main chain.
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0 sats \ 2 replies \ @momboteq OP 23 Oct 2023
What's the deal with UTXO size?
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10 sats \ 1 reply \ @kepford 23 Oct 2023
Here's the deal. You want as large UTXO as you can. When you pay someone you don't want to have to use a bunch of small UTXOs because this will increase your fee onchain. Each UTXO also has a history so when you use multiple UTXOs in a single transaction you decrease your anonymity. If one of those UTXOs can be traced back to your identity then all of them will be linked.
The question is what will be the buying power of bitcoin long term. We dont know. Also, for such a small about as 100k I would not sweat having it in lighting but I'm not in your situation.
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0 sats \ 0 replies \ @momboteq OP 23 Oct 2023
okay
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0 sats \ 0 replies \ @cryotosensei 23 Oct 2023
Could you explain more about this rabbit hole?
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31 sats \ 3 replies \ @WeAreAllSatoshi 23 Oct 2023
I typically do 1 million sats minimum so that the mining fee is negligible compared to the amount moved
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0 sats \ 2 replies \ @momboteq OP 23 Oct 2023
This is quite a high number of sats. I'm unlikely to reach such a number when using apps or games, but I would like to keep this onchain on cold wallet
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0 sats \ 1 reply \ @WeAreAllSatoshi 23 Oct 2023
You can always do fewer and you can set low fees to help reduce that as well. Maybe 100K for your use case?
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210 sats \ 0 replies \ @momboteq OP 23 Oct 2023
I am also considering 1 mBTC. This is quite a large number for gaining BTC from simple apps or games. I looked and the fee on fixedfloat is quite low if I would like to do a swap from LN to onchain. Miner fee is also currently not high and oscillates around 2-10 sats/vB
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10 sats \ 1 reply \ @TheBTCManual 23 Oct 2023
I normally do 1 million now, but I think in the future I will do 100k sats. I think enjoy the fees now and build the UTXO set you want to use in the future.
In some cases I do pop my LN over to Liquid and consolidate their before going on-chain but this is a personal choice, to each their own
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0 sats \ 0 replies \ @momboteq OP 23 Oct 2023
I'm just thinking if 1 mBTC (100k sats) is already enough especially since this is supposed to be a long term HODLing and my sats income is apps and games that don't pay much.
Can you tell a little more about UTXO? know what it is and how it works, but what is involved in building it?
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