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).

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.

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.

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.

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. 𝌖

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.

1/ There are lots of hardware wallets available—@coldcardwallet, @trezor, and @ledger to name a few. But what is a hardware wallet, exactly? Here we discuss what hardware wallets do, what they don't do, and some things you should consider before you start using them. 🧵 @COLDCARDwallet @Trezor @Ledger 2/ A bitcoin hardware wallet is a compact, dedicated device that generates and safely stores your bitcoin keys offline. Your keys are what allow you spend your bitcoin, and keeping them offline minimizes the risk of remote attacks and malware stealing your funds.

1/ Whenever you send or receive self-custody bitcoin, there are small choices involved that could have a significant impact on your privacy. If you’ve been hesitant to dive into the complex topic of #bitcoin privacy, this thread is your opportunity to learn some of the basics! 🧵 2/ Bitcoin is an intentionally transparent system, enabling you to verify all of the protocol rules are being followed (such as the 21M supply limit). The blockchain serves as a public ledger, permanently recording every transaction and every address that has ever held bitcoin.

1/ You’re not alone if you’re tempted to shy away from learning about something called a “UTXO”... and it probably doesn’t help that UTXO is an abbreviation for “unspent transaction output.” In this thread, we’ll walk through what #bitcoin UTXOs are and why they matter 🧵 2/ The world of traditional finance can provide us with great analogies for understanding how bitcoin operates. To help explain the role that UTXOs play, let’s start with two different mental models for storing cash: a bank account and a piggy bank.

0/ This thread is a recap of the third installment of the Gradually, Then Suddenly essay series by @parkeralewis (originally published Aug 9, 2019).

It covers why criticism of bitcoin’s price volatility is short-sighted and ignores the bigger picture unfolding before our eyes. 1/ The list of bitcoin skeptics is long and distinguished.
A common refrain among them is that bitcoin is too volatile to be a store of value, medium of exchange, or unit of account.

0/ This is the second installment in @parkeralewis's essay series Gradually, then Suddenly (originally published 2 Aug 2019).

Parker covers why #bitcoin cannot be replicated and why those attempting to do so have not understood the problem they’re required to solve. 1/ As kids, we all learn that money doesn’t grow on trees.

As a society, on the other hand, we have become conditioned to believe that it’s not only possible but that it’s a normal, necessary, and productive function of our economy.

0/This is the first of a series of threads, each based on one of @parkeralewis' 'Gradually, Then Suddenly' essays.

"Education is a critical aspect of #bitcoin. I hope that by distilling my own thoughts I can help others accelerate their path in understanding a complex subject." 1/ "I've titled the series Gradually, Then Suddenly.

As Hemingway penned the process of going bankrupt, it’s also the way that government-backed currencies hyper-inflate and often how people come to understand bitcoin (gradually, then suddenly)."

1/ Over the last month, we’ve talked a lot about #bitcoin seed phrases. From definitions to recording and storage methods, there’s a lot to know. Let’s recap everything we’ve covered so far...🧵 2/ First, what’s a seed phrase? Your seed phrase is where everything for protecting your bitcoin is derived from: these 12 or 24 words generate the keys that allow you to spend your funds, making it critically important that you protect this information.

1/ A short thread of quotes from @elevatedbws

"Given the state of our economy and global monetary policy trends, we believe that it is now the fiduciary duty of company executives to allocate a portion of their treasuries to #bitcoin" unchained-capital.com/blog/the-rise-… 2/ "Holding bitcoin on our balance sheet for over six years has given us the perspective to see that bitcoin truly is a store of value and a protection from the devaluation of the dollar"

1/ @COLDCARDwallet is the first PSBT based wallet, and the first air-gapped wallet, to gain our official support. We’ve gone through pains to make the PSBT process as secure as possible. There are two ways you can structure a PSBT to sign via the Coldcard unchained-capital.com/blog/now-coldc… 2/ The quickest implementation requires you to include your wallet Xpubs in each and every PSBT file. However, after discussing this option with the @Coinkite team, we concluded this unnecessarily compromises privacy. Our implementation is privacy preserving

1/ Just as individuals hold private keys as a standard in #bitcoin, so too should businesses.

We are pleased to introduce the Unchained Capital Advanced Business Accounts.

There are no bailouts in bitcoin. There is no replacement for private keys.
unchained-capital.com/blog/bitcoin-f… 2/ With the OCC interpretive letter giving nationally chartered-banks the greenlight to pursue custody strategies and with companies like @MicroStrategy and @SnappaHQ leading a trend of shifting cash reserves to bitcoin, business adoption is becoming more mainstream by the day

The @mynodebtc Caravan integration is the latest in a series of community driven integrations. This thread will summarize some of the unique use-cases and integrations Caravan has enabled so far. Try it out today unchained-capital.github.io/caravan/#/help

https://twitter.com/mynodebtc/status/1269115627182194688

First, @hodl_american, @matt_odell and @KISBitcoin collaborated remotely to build a 2-of-3 address for a bet using bitcoin by pasting in pubkeys. We believe that this is the first time a bitcoin bet has been coordinated in this way

1/ What week for #bitcoin!
Let's take a look at the HODL Waves to find out who was selling and who was HODLing. unchained-capital.com/hodlwaves/ 2/ The volatility certainly didn't come from the >5y HODLers. Are those coins lost or do those bitcoiners have hands of steel?

Over the course of the last year the percent of >5y coins has increased from 20.37% > 21.65%, or by ~233,800 BTC

In Austin for #SXSW? Join us at the Austin Bitcoin Citadel for a series of events and speakers exploring blockchain's underlying technology: #bitcoin

Bitcoin is not dead. It's about to halven. Events include a Thunderdome, Bitdevs meetup, and more.

unchained-capital.com/austin-bitcoin… Thousands of coins enter. One coin leaves. The Bitcoin Thunderdome is an evening with prominent Austin bitcoin champions battling it out to see who can make the most people panic buy bitcoin on spot. Stay humble, stack sats. The contestants please: bit.ly/2T8m5PJ

Yesterday was another action-packed Austin Bitcoin Developer meetup! Here are some of the highlights:

@BuckPerley presented on LSATs medium.com/tierion/lsats-… @kanzure provided the transcript for the evening:

https://twitter.com/kanzure/status/1219817063948148737?s=20

1/ It’s that time of year when you gather with the extended family, and Uncle Steve, mouth full of yams, asks you again about bitcoin. At Unchained, we’ve spent the last few months prepping for this exact moment: introducing, the “Bitcoin Turkey Be-Gone:” unchained-capital.com/blog/greatest-… 2/ “Bitcoin isn’t backed by anything,” Steve snarkily replies, as he shows you his portfolio of Silicon Valley Unicorns. He’s been salty since he bought into the Lyft IPO at the advice of his financial advisor, Brett unchained-capital.com/blog/bitcoin-i…