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BCH | Sending BCH with Low Fees (UTXO Simplified Video)
As you know very well, Bitcoin Cash transactions are nearly free and if you are paying a lot of satoshis while sending your Bitcoin Cash, it's due to the UTXOs. To make it simpler, you can see them as mini wallets that are forming your BCH Wallet.
2 days ago, I spent 3 hours understanding the rationale of these transactions. Because I was pretty sure that there was a problem with the transaction in which I paid more than $0.50, I investigated the case deeply 🕵🏻♂️
Honestly, you do not need to understand them... The reason is that when you are using Electron Cash Wallet, all you need to do is to click on the UTXO to initiate the transaction, that's all. So, you can count UTXOs as sub-wallet, mini-wallet that are ready to take part in the transaction.
You can choose a specific one to initiate the transaction (For example I choose the ones with higher amount of satoshis and pay 183 sats per transaction)
You may send them all at the same time and pay 180+ sats for each of them.
As I mentioned above, it's not logical to initiate all of them at the same time.
If you have 800 sats in one of your sub-wallets and pay 180+ sats to transfer it, does it sound logical? Nope, let it rest in your wallet and send the higher amounts with lower fees 😌
2 weeks ago on my Noise.Cash post, I was blowing fire around because of the fee that I had to pay. It was merely because of the fact that I did not know about the UTXOs and the initiation of them once I try to send Bitcoin Cash.
Simply, while using some other wallets in exchange of Electron Cash Wallets, they may not provide you changes to specify the ones that you want to trigger. So, the wallets try to send every single satoshi that you have at the same time. While using the wallets, make sure that you checked the facilities while sending your Bitcoin Cash.
In reality, there is no problem with the wallets as service providers. They are sending you the whole balance at once. Yet, while doing so, you are paying 180+ sats for each UTXO being initiated. But for paying fees for small balances, you can choose the once that you want to send with nearly no fees.
Every single satoshi is unique. It's not easy to earn, thus, do not waste your satoshi for transactions. If you need further help, just contact me.
I tried to keep it as simple as possible. Thanks for your attention.