Posited this query on r/ledgerwallet, however I used to be not happy with the responses I received.
I’ve Google, YouTubed, and I nonetheless cannot discover a useful resource that inform me precisely consolidate Bitcoin UTXOs.
Quite simple instance situation:
* BTC on Ledger Reside
* One/single BTC account
* ~100 UTXOs; numerous sizes
* All I need is to consolidate into the identical account on the Ledger Reside app/similar tackle
I have been instructed it is so simple as simply producing the obtain QR code, then pasting it when sending it (i.e. Deal with A -> Deal with A). Name me paranoid, however I am not satisfied that is all there’s to it, in any other case I would think about it could be extra common-knowledge.
Please assist a newb in want, cheers.
**EDIT:** Thanks to those that instructed me it is certainly so simple as producing an tackle in the identical pockets and sending the max stability on 1 sat. As they are saying, “No query is a silly query”, and I would moderately ask these varieties of easy questions than do one thing that dangers the safety of my cold-storage stack.
Basically each time you receive some Satoshis it creates a transaction so under each adress you have one or more transactions, consolidation just means you take multiple transactions and make a single transaction so all sats sits in the same one, it’s saves fees when you want to spend the money but its terrible for privacy as all transactios are now associated together
the point is to send total balance to the new address, that will spend every UTXO as input and create one as output.
You create a new receiving address in the wallet you want to receive to. You use that receiving address to send the utxos you want to consolidate at that address. When it is received at the address it will be in 1 utxo.
If you use electrum with your ledger you can see all of the individual outputs and freeze certain addresses if you dont wanna consolidate all of your outputs at once.
But yes what everyone else said, just generate an address in the same wallet, spend max balance on 1 sat. You are now consolidated
Yes, it’s as simple as creating a new receive address and sending all your existing coins/utxos to that address.
Only issue is privacy since now all of those existing utxos will be tied to that one new single address.
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From chatGPT:
To consolidate UTXOs, you need to:
Open your Ledger Live app and select the BTC account that has the UTXOs you want to consolidate.
Go to the “Receive” tab and generate a receive address by clicking on the “Generate address” button.
Open the “Send” tab and select the address you want to send your UTXOs to. This should be the same address that you generated in step 2.
Enter the amount of BTC you want to send and click on the “Send” button.
Confirm the transaction on your Ledger device by entering your PIN and pressing the right button.
Once the transaction is confirmed, the UTXOs will be consolidated into a single transaction on the same address.
First of all,
Whats a bitcoin UTXO?
Sometimes this subreddit can be such a toxic community smh