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Unchained

@unchainedcom

Dec 11, 2023

The mempool, where unconfirmed #bitcoin transactions wait, has become fairly congested.

What happens if you offer a low fee during periods of congestion? You run the risk of the transaction getting “stuck” in the mempool.

But how do you get it “unstuck?”🧵

Attached to each unconfirmed transaction is an incentive set by the transaction author, called a mining fee. Fees encourage miners to prioritize transactions.

Fees are denominated in bitcoin and calculated using a fee rate, expressed in satoshis per byte (ex: 21 sats/vB).

There are two methods to get your transaction “unstuck.”

Replace-by-fee (RBF) and child-pays-for-parent (CPFP) are both techniques that allow a user to manipulate transactions and manage fees when a transaction is still viewed as unspent by the network.

Read 10 tweets

Unchained

@unchainedcom

Oct 4, 2023

Historically, a large percentage of unmoved supply indicates that #bitcoin is due for another cycle of exponential appreciation.

2012: ~$15 BTC
2016: ~$400 BTC
2020: ~$7,000 BTC
2023: ~$25,000 BTC

Let’s explore why this may be occurring now. 🧵

During bull markets, everyone is looking to grow and retain their purchasing power.

This has historically led to periods of aggressive buying and some older holders selling.

You can see this in HODL Waves troughs, where high prices are associated with bitcoin changing hands.

During bear markets, interest in bitcoin wanes immensely.

Remaining bitcoin holders retain their high conviction and decide to not move their bitcoin savings.

You can see this in the HODL Waves peaks, where relative low prices are associated with bitcoin staying put.

Read 6 tweets

Unchained

@unchainedcom

May 19, 2023

1/ Understanding bitcoin addresses and how they work is important for operating confidently in the bitcoin economy. In this thread, we'll break down what addresses look like, how to use them, and the basics of how they're created! 🧵

2/ A bitcoin address is a tool for receiving bitcoin. You can think of it somewhat like an email address—anyone with one of your bitcoin addresses can send you bitcoin, just like anyone who has one of your email addresses can send you an email.

3/ Each address looks like a collection of letters and numbers, here are some examples:

1LMcKyPmwebfygoeZP8E9jAMS2BcgH3Yip

bc1qsr03qya584vkdqztxyat3d5s63pjfddy8vwrue

Read 15 tweets

Unchained

@unchainedcom

May 8, 2023

1/ The fee rates to move your #bitcoin quickly have been quite elevated in recent weeks, and over the last 48 hours we’ve seen some of the highest fee rates in bitcoin history!

Here's what you need to know... 🧵

2/ First, how do transaction fees work?

One bitcoin block is mined every 10 minutes on average, but that block can hold a limited amount of data. The limitation is intentional; it lowers the burden of running a bitcoin node, which in turn helps keep bitcoin decentralized.

3/ Transactions use data, so each block can hold a limited number of transactions. Want your transaction to be processed in the next mined block? You’ll be competing with other bitcoin users for this valuable block space. The winners are those who make the highest bid.

Read 13 tweets

Unchained

@unchainedcom

Nov 30, 2022

1/ When balancing all security and accessibility considerations, we believe 2-of-3 is the optimal multisig setup for most individuals and businesses holding material amounts of bitcoin. Why? 🧵

2/ First: Always secure your seed phrases. 𝌖

3/ In bitcoin custody, seeds (or their human-readable representation as seed phrases) are the secret that needs to be secured. You can think of hardware wallets as user interfaces for your seed; you use them to sign transactions with private keys derived from your seed.

Read 27 tweets

Unchained

@unchainedcom

Nov 16, 2022

If you're a seasoned bitcoiner who knows their way around hardware wallets, you can set up a #multisig vault on our platform yourself. Three resources you need to get started below...

First, DIY vault setup: unchained.com/diy

This guide walks you through initializing your hardware wallets (you'll need two), uploading keys (xpubs), and creating an Unchained multisig vault.

Second, opsec best practices: unchained.com/opsec

This guide explains how to physically secure your hardware wallets and seed phrase backups, securing your multisig configuration file, and vault maintenance.

Read 5 tweets

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