Buying Bitcoin Using Dollar Cost Averaging & Avoiding Dust UTXO - Self Custody Series - Feb 2024
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- Опубликовано: 27 фев 2024
- In the February 2024 patron Q&A, Andreas answered questions related to DCA (dollar cost averaging) purchasing and avoiding dust (too small to move due to fees) transactions. The question made a great point - which was how to balance the competing mantras: (1) buy using DCA, which means buying small amounts each week regardless of price, (2) don't leave bitcoin on an exchange, and (3) don't reuse addresses.
In this video, Andreas discusses how to balance those mantras and suggests one possible solution. As always, your risk model and your needs will be your own - use this information as a guide for you to evaluate your risks, your needs, and your goals. Especially when it comes to Bitcoin
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Andreas antonopoulos is a gem in the space one who actually understands this game on technical level
Gem on RUclips
We need to come up with a solution where dust change goes to a lightning wallet. For example, you have a 1M UTXO and need to spend 975K sats. Instead of the 25K sats going back to an on-chain change address, it should be diverted to a lightning change address for daily spends.
Just run your own lightning node. Create channels like 2 million sats. When the channel fills up. Withdraw.
Maravillosa idea. Pensaré en ella.!
Use a swap exchange. The 25k can be exchanged for a little less than that in lightning.
You are an absolute gem for this industry Andreas. Thank you for everything you do.
This is exacly how I DCA. Good to know for any new buyers.
Thanks Andreas. I've come to this same conclusion by myself some time ago. Although this made me lose 2 million sats in ftx in november 2022, it was my decision and I can't blame anyone for this. Some days after that scam, I decided to make another transaction that I wouldn't do otherwise: I bought 4 million sats in another exchange for a very low price (btc was 16k). That fried banker still owes me, but I felt better by doing that.
Since then, my sats are transferred from the exchange in less than 5 minutes. And I never buy less than 1 million sats, to avoid the dust.
love you, thank you for paving the way for so many
Great Advice & thank you for keeping it simple for the noobs like me!
Thank you Andreas great video!
The best educator and I refer you to all beginner's. Ive been with you for so long im disappointed you dont have over 1M subscribers. PS I dont have a fat phone book ☹️
Good points
U rock!
Welcome back! Where have you been?
Hero
SDEX, NAKA and VRA!!!!
Just hit 2 BTC today, cant wait for it to hit 100k 🔥
Good on ya love
Bonus tip. Find an exchange that sends directly to an address or xpub you provide. Then "withdraw" that to a wallet with a diffrent xpub if fees are low
Do you say Monday is a hypothetical day? Or is there a specific reason you recommend Monday for averaging? What do you think about for your averaging doing a limit order it saying -5% so you're kind of averaging worth that 5% lands but some volatility to your advantage?
yes, or DCA small amounts via Bitcoin Lightning to a non castodical Wallet (Zeus, Phoenix, ...)
Hey there ;)
Buy small amount on lightning, then make one txt to move the funds to on chain, so just one UTXO.
Other suggestion: DCA on lightning, send to your own wallet, loop out from there once certain amount is reached. Or DCA to liquid, peg out from there.
Yes, my exchange pays me to phoenix lightning wallet. Than when my liquidity limit is reached, I transfer to Aqua wallet. There I can swap btwn lightning, liquid and main chain. Fees are reasonable.
So is there software for examining btc Dust UTXO? like a windows registry cleaner? Is there a way to sweep up the dust?
I think the Sparrow wallet allows you to consolidate utxo's
Blows my mind how dusk still exist on central exchanges, just not in UTXO.
Thank You Sir
🎯💯❤️🫵✊️💪🫡🤙🙌👏🔥🔥🙏👊💰
DCA with lightning or ecash instead of on-chain.
If you use Sparrow Wallet can you combine the UTXO's to help reduce transactions fees?
Yep. Check Bitcoin University’s RUclips video series on this.
People can also withdraw from an exchange using Lightning nowadays, just saying
Thanks. On an exchange, can you still withdraw to a bc1 address (ie. layer one bech32 address) using the lightning network?
is there any way checking how many UTXO online with just bitcoin address ?
Hi 0:03
I still don’t get it.
I make DCA everyday for 10$ for 3 months totaling 1000$ in River app. I’m ready to move it to cold storage, but have 90 small transactions that I DCAed everyday, What do I do?
River will send all the DCA'd bitcoin as one UTXO.
He's talking about non-custodial DCA.
If you take all your small transactions from DCA’ing and sent them to yourself in a new account or wallet in one big transaction, does that automatically consolidate all those small UTXO’s into one new large one?
good question....
No
Yes, it does. If it didn't, it would be useless to follow Andreas advice since all the utxos that make up your transaction from the exchange would carry over. But it doesn't, hence why the advice works. I'm guessing he didn't suggest this because you would pay fees twice, once from the exchange and once to consolidate.
@@FirstTimer23 If the DCA'ing is from an exchange then yes, you are correct. If the DCA'ing is from a wallet that many transactions were sent to, then no they do not consolidate into 1 utxo. i agree with AA & you but the question here wasn't specific as to where the DCA'ing came from.
@@maliksealy5153 as far as a wallet goes, it doesn't matter whether it's from an exchange. The Bitcoin block chain works the same way. An exchange wallet is just a non custodial wallet owned by the exchange. But we don't have to go back and forth. This can be tried for a few bucks.
Go all in and any dust will be swept away clean.
Use liquid
No need to think about UTXO's or worry about dust stuck in wallets when using Nano. More user friendly for small test transactions (0 fees), more user friendly for not needing to calculate fees when sending the full balance, more user friendly because the transaction will be confirmed in under a second on average and you won't have to wait one hour like with BTC to be able to re-spend your un-confirmed UTXO. But, if you're a BTC maxi you'll make an excuse as to why BTC is still preferred.
The "excuse" is Trust Minimization... which includes not needing to choose a Representative. That is the design flaw of Nano; pointing to and trusting a rep (even if it's yourself!) is in itself what makes Nano not the "gold standard". Your next pitch is "Nakamoto consensus", miner centralization, yadda yadda... And then I tell you that mining pools are decentralizing with solutions like Stratum v2, Ocean, & other pools. The only consensus that matters is where Bitcoin's hashrate and nodes follow.
So DCAing everyday $1-$10 is wrecking a newbie on chain in utxo you dont see. Until you reach your desired send price or sat stacks to send over to wallet...say $1,400. so DCAing once a week helps lesser the chain fees with utxo when it comes to your wallet. Because exchanges will say send= $3.76 but when it hit your wallet receive fees be= $84.34 when you DCA daily.. verses weekly send from exchange =$0.05 ,chain price= $61.23
Thats whats happening?
How about shorting US bonds and buying bitcoin with the cash? Cover shorts whenever the bonds bottom 😂
Just use liquid so much better
So now bitcoin is no longer neutral money for 8 bil people... It is only for microwhales and higher... It's basically digital gold, superior to.physical gold, but imperfect still...
Lightning etc covers this scenario.
not full sovereignity unless self managing node and lightning channel @@Toramt
this is one of several defects of Bitcoin. Maybe for the next century it will be fixed; considering the pace of development in Bitcoin.
It's more like a "feature". Reality is, what can be improved for the better is also exposed for the worse. Bitcoin is optimized for security and decentralization that's why we love it.