>How many #Bitcoin UTXOs are currently unspendable? I just received $45 and now it will cost me more than that to spend it. > \- *[Tony Gallippi]( https://twitter.com/TonyGallippi/status/931370995176345601), Executive Chairman at BitPay* https://pbs.twimg.com/media/DOzseyUVQAArED4.jpg:large *The above table only shows addresses. Since many addresses have multiple UTXO's associated with them, the problem is even worse than the above table suggests* If your UTXO value is below the cost to pay a fee for one output, that means your UTXO is effectively unspendable. It costs more to put it into a transaction that will be confirmed on the blockchain, than the value it contributes. 57.26% of all Bitcoin outputs are below 100,000 satoshis. The recommended fee is currently 158,000 Satoshis for the typical 2 input, 1 output transaction of 226 bytes. That's a small fraction of all available BTC, but it's over $17 million worth of BTC effectively unusable. Fees may drop again in the short term, but unless adoption declines, they are only expected to rise in the future, making all but the largest Bitcoin UTXO's effectively worthless.
| post_id | 17,937,320 |
|---|---|
| author | demotruk |
| permlink | did-you-know-that-your-bitcoin-can-be-rendered-unspendable |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "format": "markdown", "links": ["https://twitter.com/TonyGallippi/status/931370995176345601"], "image": ["https://pbs.twimg.com/media/DOzseyUVQAArED4.jpg:large"], "tags": ["bitcoin", "bitpay", "cryptocurrency"]}" |
| created | 2017-11-17 09:35:09 |
| last_update | 2017-11-17 11:03:45 |
| depth | 0 |
| children | 11 |
| net_rshares | 1,048,999,525,876 |
| last_payout | 2017-11-24 09:35:09 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 1.911 SBD |
| curator_payout_value | 0.359 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 1,142 |
| author_reputation | 96,481,588,331,838 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| sandra | 0 | 16,801,951,239 | 13% | ||
| cryptofunk | 0 | 24,721,680,449 | 100% | ||
| livingfree | 0 | 62,864,854,238 | 1% | ||
| juvyjabian | 0 | 1,150,215,332 | 3% | ||
| marius19 | 0 | 40,114,014,804 | 100% | ||
| felixxx | 0 | 112,430,745,260 | 25% | ||
| cryptoninja | 0 | 169,691,159 | 2% | ||
| abh12345 | 0 | 42,908,254,926 | 20% | ||
| bitcoinparadise | 0 | 540,401,152 | 0.02% | ||
| ejhaasteem | 0 | 6,782,218,820 | 100% | ||
| edb | 0 | 14,882,574,673 | 100% | ||
| corvuscoraxx | 0 | 54,093,590 | 6.53% | ||
| ainiaziz | 0 | 2,120,633,896 | 10% | ||
| whitesj40 | 0 | 43,284,732,364 | 92% | ||
| aismor | 0 | 1,011,415,336 | 100% | ||
| deirdyweirdy | 0 | 49,213,652,246 | 100% | ||
| steem-dublin | 0 | 624,529,446 | 10% | ||
| eurogee | 0 | 8,430,938,344 | 58% | ||
| stackin | 0 | 134,172,683,700 | 10% | ||
| jerrybanfield | 0 | 362,526,398,311 | 10% | ||
| friesennerz | 0 | 4,632,502,924 | 100% | ||
| yogevm | 0 | 27,006,308,414 | 100% | ||
| sweetestglo-eu | 0 | 11,928,988,406 | 100% | ||
| webresultat | 0 | 674,328,444 | 8% | ||
| armanovsech | 0 | 604,451,885 | 100% | ||
| steem-lagos | 0 | 18,026,226,670 | 100% | ||
| fivestargroup | 0 | 112,910,551 | 0.02% | ||
| primetimesports | 0 | 132,315,581 | 0.02% | ||
| jovial-grace | 0 | 22,176,409,047 | 100% | ||
| berezkkova | 0 | 608,002,275 | 100% | ||
| sharpshot | 0 | 9,088,992,287 | 100% | ||
| barerrasio | 0 | 605,725,775 | 100% | ||
| jilliangodsil | 0 | 2,774,370,943 | 100% | ||
| lordnigel | 0 | 16,590,332,814 | 100% | ||
| ungest | 0 | 937,123,655 | 100% | ||
| one-person | 0 | 1,216,131,287 | 100% | ||
| mindsportsio | 0 | 0 | 1% | ||
| maliksajid | 0 | 261,121,205 | 100% | ||
| nicofranc | 0 | 3,036,355,291 | 100% |
I think there will be some ways around this soon. Perhaps atomic swaps or something similar? For now, I pay a lower fee and wait. Waited 3 days recently but I wasn't in a rush and I paid much less than the suggested fee.
| post_id | 17,937,547 |
|---|---|
| author | sharpshot |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t093916495z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 09:39:18 |
| last_update | 2017-11-17 09:39:18 |
| depth | 1 |
| children | 1 |
| net_rshares | 8,891,405,498 |
| last_payout | 2017-11-24 09:39:18 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 223 |
| author_reputation | 31,061,485,529,806 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| sharpshot | 0 | 8,891,405,498 | 100% |
How will atomic swaps change the cost of UTXO's? >Waited 3 days recently but I wasn't in a rush and I paid much less than the suggested fee. This will only be possible for as long as demand is low enough that all transactions get processed in a periodic cycle (such as a week or month, there are typically low periods that allow for lower fee transactions to get through). After that point, paying a lower fee and hoping for the best will no longer be an option. Schnorr signatures will offer some relief, but it just pushes the issue back a little bit.
| post_id | 17,937,897 |
|---|---|
| author | demotruk |
| permlink | re-sharpshot-re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t094429789z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 09:44:30 |
| last_update | 2017-11-17 09:45:27 |
| depth | 2 |
| children | 0 |
| net_rshares | 0 |
| last_payout | 2017-11-24 09:44:30 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 556 |
| author_reputation | 96,481,588,331,838 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
Ah - so the way around expensive fees is to wait - hopefully no one is hoping to pay their mortgage on time. Plus also did you know that mortgage means 'death pledge' ??? I feel an article coming on...
| post_id | 17,941,200 |
|---|---|
| author | jilliangodsil |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t103552920z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 10:35:54 |
| last_update | 2017-11-17 10:35:54 |
| depth | 1 |
| children | 1 |
| net_rshares | 1,160,562,185 |
| last_payout | 2017-11-24 10:35:54 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 201 |
| author_reputation | 573,969,597,438 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| darkmind | 0 | 1,160,562,185 | 100% |
Since fees are going up, I would suggest not waiting, it will only get more expensive. Consolidate your transactions into single inputs with as low a fee as will go through. Or just stop using Bitcoin because it's fundamentally broken this way.
| post_id | 17,941,321 |
|---|---|
| author | demotruk |
| permlink | re-jilliangodsil-re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t103738947z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 10:37:39 |
| last_update | 2017-11-17 10:38:00 |
| depth | 2 |
| children | 0 |
| net_rshares | 0 |
| last_payout | 2017-11-24 10:37:39 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 245 |
| author_reputation | 96,481,588,331,838 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
Oh dear the new level of dust accounts :s
| post_id | 17,941,677 |
|---|---|
| author | cryptofunk |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t104329961z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 10:43:30 |
| last_update | 2017-11-17 10:43:30 |
| depth | 1 |
| children | 0 |
| net_rshares | 0 |
| last_payout | 2017-11-24 10:43:30 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 41 |
| author_reputation | 21,989,847,737,535 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
Bitcoin for sure has a problem, the rate of transaction processing and hence the 'crazy' cost to transfer funds around. The proposed solution is lightening, we all have to wait and see what happens with that or jump on the Bitcoin Cash (or other alt coin) band wagon. Perhaps more of an issue is that Bitcoin cant be used as a currency with a rapidly increasing FIAT value. Why on earth would I spend by BTC when there is an expectation that it will be worth 6 times more in 12 months? Interesting days in the crypto world (as always)......
| post_id | 17,944,980 |
|---|---|
| author | darkmind |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t113925945z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 11:39:24 |
| last_update | 2017-11-17 11:40:57 |
| depth | 1 |
| children | 0 |
| net_rshares | 583,272,900 |
| last_payout | 2017-11-24 11:39:24 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 542 |
| author_reputation | 0 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| cliffy32 | 0 | 583,272,900 | 100% |
As [Emin GΓΌn Sirer pointed out](https://twitter.com/el33th4xor/status/929747715013185536), Bitcoin exchanges could end up with less than 100% reserves if some of their outputs become unspendable.
| post_id | 17,957,533 |
|---|---|
| author | edb |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t142703753z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "links": ["https://twitter.com/el33th4xor/status/929747715013185536"], "tags": ["bitcoin"]}" |
| created | 2017-11-17 14:27:00 |
| last_update | 2017-11-17 14:27:00 |
| depth | 1 |
| children | 1 |
| net_rshares | 429,698,839 |
| last_payout | 2017-11-24 14:27:00 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 195 |
| author_reputation | 6,245,332,363,330 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| demotruk | 0 | 429,698,839 | 100% |
I'm sure most exchanges have been consolidating UTXO's for years. However they may be forced to apply MUCH higher minimum deposits.
| post_id | 17,957,717 |
|---|---|
| author | demotruk |
| permlink | re-edb-re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t142935217z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 14:29:36 |
| last_update | 2017-11-17 14:29:36 |
| depth | 2 |
| children | 0 |
| net_rshares | 14,353,752,223 |
| last_payout | 2017-11-24 14:29:36 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.030 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 131 |
| author_reputation | 96,481,588,331,838 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| edb | 0 | 14,353,752,223 | 100% |
Ironically I noticed this same problem when trying to clear out my Bitfinex account. Lots of small amounts that still added up to $ had to be abandoned because the fees were more than the crypto was worth. Not sure what Bitfinex will do with the thousands of small amounts left behind by their ex US investors.
| post_id | 17,964,098 |
|---|---|
| author | whitesj40 |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t154547539z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 15:45:48 |
| last_update | 2017-11-17 15:45:48 |
| depth | 1 |
| children | 0 |
| net_rshares | 0 |
| last_payout | 2017-11-24 15:45:48 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 310 |
| author_reputation | 165,111,672,942 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
Interesting, learning something new about crypto/BTC everyday. I don't have allot of spare money or anything to trade so makes more sense to go look to alts. Steem is a good one :)
| post_id | 17,987,469 |
|---|---|
| author | lordnigel |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171117t211934264z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-17 21:19:33 |
| last_update | 2017-11-17 21:19:33 |
| depth | 1 |
| children | 0 |
| net_rshares | 16,258,526,158 |
| last_payout | 2017-11-24 21:19:33 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.034 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 180 |
| author_reputation | 29,512,092,266,663 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |
| author_curate_reward | "" |
| voter | weight | wgt% | rshares | pct | time |
|---|---|---|---|---|---|
| lordnigel | 0 | 16,258,526,158 | 100% |
Educative π
| post_id | 18,114,502 |
|---|---|
| author | one-person |
| permlink | re-demotruk-did-you-know-that-your-bitcoin-can-be-rendered-unspendable-20171119t100646493z |
| category | bitcoin |
| json_metadata | "{"app": "steemit/0.1", "tags": ["bitcoin"]}" |
| created | 2017-11-19 10:06:54 |
| last_update | 2017-11-19 10:06:54 |
| depth | 1 |
| children | 0 |
| net_rshares | 0 |
| last_payout | 2017-11-26 10:06:54 |
| cashout_time | 1969-12-31 23:59:59 |
| total_payout_value | 0.000 SBD |
| curator_payout_value | 0.000 SBD |
| pending_payout_value | 0.000 SBD |
| promoted | 0.000 SBD |
| body_length | 11 |
| author_reputation | 4,629,728,841,264 |
| root_title | "Did you know that your Bitcoin can be rendered unspendable?" |
| beneficiaries | [] |
| max_accepted_payout | 1,000,000.000 SBD |
| percent_steem_dollars | 10,000 |