Magic Eden Bitcoin is proud to announce a significant enhancement to UTXO (Unspent Transaction Outputs) management: the ability to split UTXOs containing multiple types of satributes. This cutting-edge feature facilitates the use of large UTXOs for payments, even when they contain rare sats, ensuring that your valuable satributes are preserved and manageable. Follow this guide for a smooth and efficient process to organize and optimize your UTXOs for better transaction handling.
Understanding UTXOs and the 'Dust Limit'
The Bitcoin network sets a minimum UTXO size at 546 satoshis for P2PKH outputs, safeguarding against 'dust' attacks. This sets a boundary on the smallest UTXO you can effectively extract and split. If you're encountering "not enough confirmed spendable funds" errors with an adequate BTC balance, this could stem from rare sats affecting your transactions.
It's important to note these distinct UTXO size requirements for different Bitcoin address types to ensure smooth transactions and prevent potential issues related to insufficient spendable funds.
P2PKH addresses (starting with '1'): Minimum UTXO size of 546 satoshis (as mentioned above).
P2SH-P2WPKH addresses (starting with '3'): Minimum UTXO size of 540 satoshis.
P2WPKH addresses (starting with 'bc1q'): Minimum UTXO size of 294 satoshis.
P2TR addresses (starting with 'bc1p'): Minimum UTXO size of 330 satoshis.
Important update: Splitting multiple satributes
You're no longer limited to managing homogeneous UTXOs. Our new feature, allows for the division of UTXOs containing various satributes, streamlining what was once a challenging aspect of UTXO management. This update minimizes transaction sizes and the fees involved, making your experience smoother.
Extracting sats with precision
Easily segregate specific sats into their own UTXO by accessing 'My items' under your profile and navigating to the 'Rare Sats' tab. For instance, to extract Pizza sats from a mixed UTXO, simply use the 'Manage UTXO' function, select the 'Extract Range' tab, and choose the Pizza sats range.
Enhanced wallet selection process
When splitting rare sats, you'll have the flexibility to choose the destination wallet for each rare range. However, common ranges will be directed to the payment wallet by default, as we continue to develop more robust backend support for custom destinations.
Concluding your transaction
Complete the extraction by selecting your preferred Bitcoin Network Fee tier and confirming the transaction. Remember, the Bitcoin blockchain may take time to confirm transactions, and patience is key.
Palindrome spending update
In response to user feedback and to streamline the platform experience, Magic Eden has made an adjustment regarding Palindrome sats. Previously, there was a restriction on spending Palindrome sats for payments. However, recognizing that many users don't place significant value on Palindrome sats, and considering their relatively low market worth, we have decided to remove this spending restriction.
Learning more about UTXO management
If you're seeking a more detailed understanding of how to extract and split sats, or if you're new to the concept of UTXO management altogether, we've got you covered. Our comprehensive guide walks you through every step of the process, ensuring that even those new to Bitcoin Ordinals can become proficient in managing their digital assets. For a step-by-step tutorial and in-depth insights, please refer to our foundational article on UTXO management.
With Magic Eden Bitcoin's intuitive features, you are empowered with advanced UTXO management capabilities. Leverage our latest enhancements to enrich your Bitcoin experience!