If you self custody Bitcoin, you NEED to do THIS!

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If you self custody Bitcoin, you NEED to do THIS!

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Rhett Reisman - Level Up Your Brain

Күн бұрын

Пікірлер: 74

@gregt301 Жыл бұрын

Possibly one of your most important videos!

@RhettReisman Жыл бұрын

Thanks Greg 🙏 happy to help :)

@nonshatter7 8 ай бұрын

Excellent video, you explain things very well and you repeat things at times which is an overlooked quality. The visual Mempool thing clarified so much. I was so impressed that I was going to sub only to realise I already have! Nice work pal.

@RhettReisman 8 ай бұрын

Haha thanks 🙏 happy to help! Yeah this is such a crazy topic I feel like no one understands but everyone needs to

@nicholasimkamp7805 Жыл бұрын

Just withdraw after the amount of btc becomes significant on the exchange.

@RhettReisman Жыл бұрын

Definitely a better strategy than just withdrawing every week

@UTXGeaux Жыл бұрын

Awesome video bro. I just started learning about UTXO’s in the last few weeks and completely refactored my UTXO’s when transferring out of ledger to Coldcard. You nailed this 💪🏽

@RhettReisman Жыл бұрын

That's epic 🔥🔥🔥 glad to help man :)

@Jay-sz8vz 7 ай бұрын

So if I moved all Bitcoin from ledger to Jade in one large transaction I have essentially consolidated my UXTOs?

@UTXGeaux 7 ай бұрын

@@Jay-sz8vz you could but for privacy concerns, you may want to divide your stash into smaller chunks - anyone you send funds to will be able to view the remaining balance of that address. If the remaining balance is substantial, it makes one a target. If the UTXOs are too small, it’s referred to as dust since future fees might end up being more than the small UTXO balances. I’d say 0.025 - 0.05 would be good chunks to split into and send to the same hardware wallet, utilizing a new address for each send.

@hurlyzzz Жыл бұрын

we need auto withdrawl on lightning

@RhettReisman Жыл бұрын

Facts. Rebalancing UTXOs is untenable in the long term. Regular person will never get to this level of detail and will feel rugged :(

@Kmt430 Жыл бұрын

I’m aware that we shouldn’t be reusing BTC address for privacy reasons. But let’s say that you just use the same UTXO ONLY for DCAing purposes until you reach the X amount of SATs. Would that be an issue? Btw, great video!

@RhettReisman Жыл бұрын

Good question. You don’t get to specify a UTXO everytime you withdraw the bitcoin network creates a UTXO. So reusing the address 10 times causes the privacy issue but then also creates 10 UTXOs. New address for 10 withdrawals = 10 address AND 10 UTXOs. So better privacy but you don’t get away with fewer UTXOs

@stevenedds 3 ай бұрын

TLDR minimize deposit transactions to cold storage

@RhettReisman 3 ай бұрын

Exactly 🧠🧠🧠

@investing1223 Жыл бұрын

I think it's obvious to most people that doing multiple transactions will cost you more in fees than doing one transaction.

@RhettReisman Жыл бұрын

It’s not about multiple transactions it’s about the inputs/outputs (proxy for transaction size) 2 transactions with 100 inputs and 100 outputs will be more fees than 100 transactions with 1 input and 1 output.

@creativeconvos_iancameronsmith 9 ай бұрын

Excellent video Rhett, thanks so much for this info. What an important thing to know about it.

@RhettReisman 8 ай бұрын

Yeah it’s so important now. The people need to know!

@runyalen 10 ай бұрын

Thanks for the video.. Some questions: - The only way to reset the amount of UTXOs is to change of wallet ? - is there a way to see the amount of UTXOs in a wallet ?

@RhettReisman 9 ай бұрын

You can see the UTXOs in your wallet by loading the wallet into a software like Sparrow Wallet or Electrum (not all wallet software supports viewing UTXOs so you might need to view your address from another software) You can "reset" the amount of UTXOs by sending a transaction or by following this guide: docs.manta.network/docs/guides/ConsolidateUTXOs

@Afiore108 Жыл бұрын

Dang man, you are always keeping us up to date. Hopefully you weren’t impacted too much from this 😢

@RhettReisman Жыл бұрын

I got lucky, wasn’t too affected. Hopefully everyone else can avoid this too - can get very nasty when there are lots of UTXOs + high fees

@BitcoinGladiator Жыл бұрын

Information everyone should know. Thank you 🙏

@RhettReisman Жыл бұрын

100%. It needs to be a thing everyone understands. Happy to help :)

@minituff Жыл бұрын

Great video. I think withdrawing monthly instead of weekly is a good strategy. Then you can do a yearly UTXO consolidation when fees are low.

@RhettReisman Жыл бұрын

Yeah definitely a better strategy 🔥🔥

@opsalbal Жыл бұрын

Underrated channel. Great video bro.

@RhettReisman Жыл бұрын

Cheers bruv I appreciate u 🔥🔥🔥

@samthorpe8446 Жыл бұрын

This is a top draw video. Had absolutely no idea about this. Thanks heaps Rhett 👌

@RhettReisman Жыл бұрын

Thanks Sam 🙏 glad to help :) I was just as surprised as everyone else haha

@samthorpe8446 Жыл бұрын

@@RhettReisman Bitcoin... we love her, but she has a habit of screwing us over when we least expect it 😅

@RhettReisman Жыл бұрын

For real lol

@designatron7894 Жыл бұрын

Sparrow FTW

@RhettReisman Жыл бұрын

Goated wallet

@agolden24 Жыл бұрын

Great video! Do you even have the luxury of selecting your inputs on other wallets? It’s cool how sparrow lets you pick which bitcoin you want to send

@RhettReisman Жыл бұрын

Thanks man 🙏 ETH and other cryptos don’t use UTXO model behind the scenes so most standard crypto wallets don’t support it. Good reason to use sparrow (even with things like ledger - ie use sparrow instead of ledger live) I think BlueWallet also supports coin control.

@TheGermanCompounder 11 ай бұрын

Thanks for the video! Is it possible to merge many small UTXOs into a large one? If so can you please do a follow up video on how to do a UTXO consolidation? Thanks so much 🙌🏻

@RhettReisman 11 ай бұрын

Yep just send the 10 different utxo’s to a single address and they will land as 1 utxo

@TheGermanCompounder 11 ай бұрын

Thanks for the quick reply Rhett ☺️ Can i also send the different UTXOs from my cold wallet to the same cold wallet using a different adress? So all the sats stay where they are?

@FizzyTestosterone Жыл бұрын

Not sure if I will utilise any of this info but cool to know!

@RhettReisman Жыл бұрын

Happy to help :)

@YvngSimba Жыл бұрын

Great video, recently became a subscriber and loving the info! Had a question, I currently have a trezor and coldcard is it worth trying to multisig or better to keep separate? I know there's a ton of trade off's im not a fan when there's a ton of complexity when it comes to security

@RhettReisman Жыл бұрын

Thanks! Glad to help :D IMO a 2/3 multisig is more secure than splitting funds 50/50 on two hardware wallets but like you said there's trade offs. That being said, there was an interesting study in how people lose their bitcoin. The vast majority of people lose their bitcoin because they set up a scheme where they are unable to recover it. If thinking about multisig gives you a headache - probably best to just go with what makes sense to you. If you are interested in getting started with mutlisig though, there are a lot of great tutorials out there and you could start with securing a restoring a wallet with like $10 in it or something like that.

@YvngSimba Жыл бұрын

@@RhettReisman appreciate the feedback! Makes a lot of sense will look into it more. Keep up the content, waiting for the next vid🙏

@sburke0708 Жыл бұрын

Awesome video! Great content 🎉

@RhettReisman Жыл бұрын

Thanks man 🙏 happy to help :)

@coolmonkey619 Жыл бұрын

If I close a payment chanel on lightning does this consolidation of utxo

@RhettReisman Жыл бұрын

Great question I don’t believe it will consolidate all the UTXOs in your wallet. It should just consolidate the open channel balance back to your wallet as one UTXO. Not positive though - try it out.

@petersmith6798 Жыл бұрын

You gonna review the ColdCard q1 when it comes out? Nice video 👍

@RhettReisman Жыл бұрын

Yeah I’ll try to get a review copy - spending too much money on hardware wallets lol

@AskDadWhy Жыл бұрын

You are a first class Bitcoin educator. So, you're saying all there is to UTXO consolidation is to simply send your Bitcoin to a different wallet in a bulk amount. The indvidual UTXO's will turn into one UTXO on the destination wallet? That's it?

@RhettReisman Жыл бұрын

Thanks Charlie :D Exactly, send any balance somewhere else and it will land as one UTXO. Problem is a lot of “crypto” wallets don’t show you the individual UTXOs (because other cryptos don’t use UTXOs) so a lot of people never see “behind the scenes”

@austinfrazier7325 Жыл бұрын

This is awesome content. I absolutely had no idea about this. I bet most Bitcoiners don’t either. I will def update my withdrawal strategy.

@RhettReisman Жыл бұрын

Yeah literally no one is talking about it haha but it’s a huge problem. People are going to be very upset if/when fees become structurally higher

@coolmonkey619 Жыл бұрын

So kraken to lighting weekly then monthly to hardware wallet. Does this consolidation utxo

@RhettReisman Жыл бұрын

That should work 🧠

@JB39402 Жыл бұрын

Eagerly awaiting your video on how to do this with Ledger to level up my brain. 🙏 I read you can just create an address on the same wallet and send there at 1 sat per byte. I have only been doing monthly withdrawls so far.

@RhettReisman Жыл бұрын

I’ll work on a tutorial for ledgers 🥳 Idk if 1 sat transaction will be enough but I’ll see Monthly withdrawals seems best

@franciscopico Жыл бұрын

Thanks, great video. I'm not sure if I missed it in your video, but I would like to know what would be the best and recommended size of UTXO, can they be too big or are they limited? thanks again.

@RhettReisman Жыл бұрын

Can be any size. The trade off is if you consolidate your whole stack into one UTXO (let’s say you had 10 BTC) if you ever spent $100 from that $300,000 UTXO, whoever you sent it to would be able to see on chain that you spent from a $300,000 UTXO. I think it’s probably more optimal in that case to have like a 5,2.5,1.25 and then like 10 .125 UTXO if that makes sense. Making a ladder of smaller (but still significant) UTXOs and a few larger ones.

@Clarkfamilyorchards 2 ай бұрын

I think I know the answer to this, and I think I’m alright but let’s say I purchase $10 per day of bitcoin on Strike but I do not send it out. After years of doing that would I also have tons of UTXO’s and unfortunately need to pay a high fee amount to send them all out to my Sparrow wallet or is it only if I send each individual buy that I would have this problem? In other words do exchanges consolidate your UTXO’s each time you buy or not? Thanks!

@RhettReisman 2 ай бұрын

No, you should only have 1 UTXO when you withdrawal. Strike should be managing the UTXOs on their side to make sure you don’t have to pay tons of fees (that’s what other exchanges would do anyway)

@Clarkfamilyorchards 2 ай бұрын

@@RhettReisman thanks 🙏🏻

@coolmonkey619 Жыл бұрын

So I need to have two hardware wallet to consolidation of utxo

@RhettReisman Жыл бұрын

Don’t need two hardware wallets - check out the consolidation link in description. I’ll make a video of easiest way soon

@AF-ux2up Жыл бұрын

I just withdrew from Gemini (0.016 BTC) to my Jade and checked the flow. It shows 2 inputs with 5 outputs… wth lol

@RhettReisman Жыл бұрын

Exchanges batch their withdrawals and usually pay higher than normal fees to get transactions included (another reason to withdraw less often) Those other 4 outputs are other users who requested withdrawals around the same time. If you track down my withdrawals from this video you’ll see something similar from Coinbase (with even more outputs becuase Coinbase has more users)

@erikkreinbrink4160 Жыл бұрын

I plan on switching hardware wallets soon. Is there any downside to consolidating all my savings into one UTXO by moving it all at once?

@RhettReisman Жыл бұрын

There’s privacy concerns. Let’s say your whole stack is 1 BTC and you consolidate to one UTXO. If you pay anyone from that 1 BTC in the future they can check the mempool and see that you have 1 BTC. Vs if you consolidated into 10 .1 BTCs they would only see that you had .1 BTC Hope that made sense. TLDR; small privacy trade off

@erikkreinbrink4160 Жыл бұрын

@@RhettReisman makes sense. Thank you!

@da3233 Жыл бұрын

What??? Not a fan of DCA anyways because of martingale but doesnt this just render it useless to DCA and forces you to hold on an exchange which is what should be avoided at all costs? Theres too much risk constantly moving from wallet to wallet to consolidate into one UTXO as well as holding on an exchange for longer periods of time. I want to set and forget, not set and forget but then move and... move, and... move. Definitely not a fan of Ethereum because the 4% is basically compounding tax if you dont participate in staking and I'm certainly not staking unless its solo staking because the risk otherwise is high but then thats too much cost in effort and time to maintain so I went with Bitcoin after the merge and now I'm seriously reconsidering buying and holding Bitcoin. Crypto is the land of high and higher fees and I'm not for it, this is not how you build wealth. Coinbase's 0.40% trading fee is already too damn high, thats already sacrificing 10% of the total future value of the account.

@RhettReisman Жыл бұрын

I think until lightning withdrawals are more broadly implemented, it will just be best to only withdrawals once you’ve hit a certain threshold of bitcoin (like 0.1 or 0.01)