jakiro
Author: Lilyanna Bitrili – Merlin; Source: X@lilyanna_btc
Runes is coming!The on-chain rate is about to soar!How to prepare a wallet?
Key points:
1. The unisat wallet, okx wallet, and xverse wallet are all ready, and you can put some money in order to change it.
2. If you disassemble the utxo slightly, don’t just 1 utxo per wallet, or at least 3 large amounts of it; but don’t be too broken. If each utxo is only a few dozen U, the network fee will be too expensive when you pay later.
Wallet
Why prepare a wallet?
1. Different platform for proxy platforms may support different types of wallets. Several commonly used wallets are prepared and you can switch to various platforms at any time.
2. Runes are too popular. Once the service of a certain wallet goes down, there are alternative wallets available (the probability of downtime is actually not high, don’t worry)
What wallets are you preparing?
1.Unisat wallet &OKX wallet, you can prepare several addresses.These two wallets can be imported into each other. In extreme cases, you can use a private key to import into another wallet for use. Under normal circumstances, it is recommended that one address be used only in one wallet. Do not use it in both wallets at the same time, so as not to use it with too many wallets, so that you can easily get it yourself if there are too many wallets.mix.
2. Xverse wallet:Download address: https://xverse.app/download
Please note that Xverse wallet has two addresses, the BTC address starting with 3 and the asset storage address starting with bc1 (ordinals, runes, Rare Sora, etc.).
This mechanism is to protect your assets. When you pay/initiate a purchase transaction, you will use your BTC address to pay, and the assets you obtain will be transferred to the asset address starting with bc1; only when you place an order or transfer a specific inscription, itOnly then will you select the corresponding utxo from your asset address for orders and transfers, so as to separate money and assets and avoid accidental burns.
Transfer the prepared btc to the BTC address starting with 3, and do not transfer the asset address starting with bc1!Xverse will not be spent on btc in your asset storage address!
UTXO
Why prepare utxo?
① Large-scale UTXO quantity may affect the number of transactions you can parallel
For some platforms or wallets, unconfirmed utxo is disabled, that is, if your utxo is trapped in the previous transaction and has not been changed back, then you can only pay with other utxo;
If your UTXO is too small, even if the amount is large, the number of transactions that can be initiated in parallel is very limited.(This is why people often encounter the fact that the balance is enough but they are not allowed to buy it)
② If too little utxo will increase the probability of CPFP, resulting in the subsequent transaction fee being lowered
If the platform or wallet allows you to use utxo with unconfirmed status, and when you initiate the second payment, you do use the previous unconfirmed status utxo as input, congratulations, it successfully constitutes CPFP and the second transactionWill play the gas evenly with the previous transaction.
For example, your first transaction gave a fee of 100. At this time, the on-chain fee rate soared, and it rose to 200. So you launched a transaction of 220 and wanted to fight again, but the second transactionThe transaction and the first transaction constitute CPFP, and the overall effective fee rate is only around 160 (in practice, due to the different transaction sizes, it does not necessarily mean splitting logic, and has weight, here is just an example), so the second transaction still cannot be linked..
③ Utxo is too broken. When the wallet is pieced together to pay for Utxo, it will increase your network fee cost.
In a single transaction, the more input you pay, the larger your overall transaction size, and the higher the network fee you need to pay for it, so utxo is too broken and may increase your network fee cost.When the rate is 20, you may have no idea. When the rate rises to 200, you will start to feel pain.
So how to prepare utxo?
1. Appropriately store it in different addresses. When encountering the situation in ② above, the previous transaction is stuck. You can decisively change your wallet and place a new one to effectively prevent CPFP.After the previous transaction is confirmed, switch back to the wallet for use.
2. In each address, pay attention to the number of large-scale utxo, at least 3 or more.There is no specific recommendation for the amount of utxo, but it is best not to be less than 500U.The on-chain fee rate is 200 sats/vB, and it will cost at least 500U to hit 20 runes. A single utxo is less than this value and it is easy to trigger the above situation ③. Utxo is too broken and leads to high transaction costs.
3. If you are preparing utxo for your new wallet, you can transfer a few 600 So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called So-called SoWhen scanning orders in the market, the market often asks you to prepare your wallet, which is actually helping you disassemble the 600年彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩彩�, 2 dummys are required. After the transaction is completed, dummy utxo will all return to your wallet).The principle of dummy utxo is quite complicated, and I will talk about it in a single post in the future.
4. If it is your common wallet, it is likely that the number of utxo and dummy utxo have been adjusted during the change and transactions, so don’t worry about the above process.At most, look at the utxo denomination. If they are all very small, just merge them appropriately when the gas is low. If you don’t understand, don’t bother.
Tutorial on disassembly of utxo/subscribe wallet
https://wizz.cash/btc/send
1. Connect the wallet in the upper right corner (connect to your money wallet, disassemble utxo or transfer money, and pay from this wallet)
2. Fill in the amount and receiving address as you need.Each line will generate an utxo that hits the corresponding address.
3. The amounts of all rows must be smaller than the balance of your current wallet
Then click confirm and sign
(The fee here is the network fee he estimated to you, not the handling fee charged by the platform. I thought it was at first.I checked the output and found that the part I had not called to the platform, and this service platform should not charge any money)
at last!!!
1. If you can’t understand, prepare your unisat, okx and xverse wallets, and each has some money, and that’s fine.
2. The utxo tutorial is so long to allow everyone to prepare in advance and save some network expenses.Even if you don’t prepare, you can use utxo a few times normally and then take it apart by yourself while using it, which means you will spend more money on the Internet and don’t have to worry.
3. It is recommended that you operate at a rate of less than 30, and do not prepare your wallet at a peak rate of 200!This is a tutorial to save you money, not a tutorial to ask you to donate money to miners!
