satsmate on Nostr: Beginner Question: if you have 1000 $5 buys on an exchange and withdraw, is that 1 ...

Beginner Question: if you have 1000 $5 buys on an exchange and withdraw, is that 1 UTXO or 1,000?

quoting
note1f24…3r8n

UTXO horror story

Not really horror but. Shitty.

We had been putting a small amount of bitcoin into a wallet every week.

DCA’ing just like most.

Last week we tried consolidating and it was going to cost $150 in fees (over 150k SATS)

Keep in mind the amount being transferred is not a huge amount.

Today we consolidated at 7 sats/vb and it still cost around $80.

I know this was the right play but fuck did it hurt.

Just some advice for people who might not be familiar with UTXO management (like me when the majority of these sats were sent)

An expensive lesson but at least we were able to move them at such a low transaction fee. Lots won’t have this luxury in the next few years / decades.

Prepare while you can!