57 sats \ 1 reply \ @expatriotic 24 Mar \ on: UTXO consolidation - What's you best option(s)? bitcoin_beginners
A few thoughts:
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You say you lost sats because of Gemini earn, but you're using exchanges? Use HodlHodl, Peach, Bisq or Robosats...a. https://expatriotic.bearblog.dev/secure-the-bag/ b. https://expatriotic.bearblog.dev/acquiring/ c. https://bitcoiner.guide/nokyconly
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Having one massive UTXO isn't great either. Presumably you didn't buy all these sats just for them to sit there looking pretty. Eventually you may want to spend some (or all of them). Just imagine going to a convenience store and paying for a pack of gum with a money clip that has ALL OF YOUR EARTHLY MONEY VISIBLE FOR THE WORLD TO SEE... Sorry all caps, but you get the idea. You sound like someone who bought on a KYC exchange... So "they" know you have this money, and they can track ALL of your spending. So buy KYC-free sats and/or coinjoin with Whirlpool (available through Samourai (android) or Sparrow (desktop)). And Passport HWW let's you even mix to cold storage!
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Stack weekly or monthly, your UTXO will be more manageable. Daily stacking is... well not great when it comes to this externality. Because you should ideally be getting a UTXO at point of sale (sale of fiat I mean).
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Yes! Get some steel. Many people provide this. One that comes to mind is the Ronin Dojo team that makes the Tanto. Look at my links.
Thanks these are all really great next steps to consider! I’ll work on some medium sized UTXO’s next (the ones before had many way too small ones, as I didn’t realize what I was doing). I live in the US and almost all my sats are KYC, so yes I should work on that. I finally got off of Custodial Lightning wallets last week and am learning about non-custodial via Phoenix and may set up more depending on the use case. Thanks again!
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