Seb Bunney -- 2y Bitcoin transaction fees aren't based on the amount sent, but on the transaction's weight. More data in the transaction equals higher fees. You're probably thinking, what is Seb on about... "what does transaction weight mean?" 🧵2/15 reply [1 reply]Bitcoin transaction fees aren't based on the amount sent, but on the transaction's weight. More data in the transaction equals higher fees. You're probably thinking, what is Seb on about... "what does transaction weight mean?" 🧵2/15
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root 174c61a9…3ba3 · depth 2 · · selected 291f81dd…7ab6
Unsure what a #Bitcoin UTXO is, why they are important to understand, and how managing UTXOs could save you alot of #BTC in the future? 🧐Here's a 🧵 for you!UTXOs, or Unspent Transaction Outputs, can be tricky to grasp, so let's do a UTXO 101.
Bitcoin transaction fees aren't based on the amount sent, but on the transaction's weight. More data in thetransaction equals higher fees.You're probably thinking, what is Seb on about... "what does transaction weight mean?"🧵2/15
Unsure what a #Bitcoin UTXO is, why they are important to understand, and how managing UTXOs could save you a lot of #BTC in the future? 🧐
Here's a 🧵 for you!
UTXOs, or Unspent Transaction Outputs, can be tricky to grasp, so let's do a UTXO 101.
If you pop over to http://mempool.space (@mempool), you'll notice fees are quoted in "sat/vB", which stands for satoshis per byte. Since there are 1,000,000 bytes in a megabyte, and blocks have a maximum size of 4 megabytes, each block has limited space.
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