Dear Labelbase Community-Member,
​
Hello and welcome to the fifth edition of the Labelbase newsletter! Let's dive into this month's highlights!
​

Current Ideas and Thoughts:

• Most wallets nowadays still label the address or the transaction of the UTXO, but not the unspent transaction output itself, which is unfortunate. If an UTXO is spent, it becomes the input. This input should also be labeled accordingly.
  ​
• The concept of the "Project Management Triangle", often described as "Fast, Good, Cheap – pick two," can be adapted to the "UTXO Health" of a Bitcoin wallet, focusing on three main aspects: privacy, fee efficiency, and reliability.
  ​
• You are only wealthy with a healthy wallet.

​

​

Tips and Tricks:

• Consolidate wisely: The miner fees are currently very low. Use these times to consolidate your small outputs into bigger ones. Don’t transfer all your coins to a new address just to save on future fees. This can significantly compromise your privacy.
  ​
• When consolidating UTXOs, avoid sending all the funds directly to yourself. Instead, consider adding extra outputs and/or an additional hop (decoy transactions between the initial send and the recipient) when sending funds.
  ​
• Use attachments: Having a perfectly organized wallet with BIP-329 labels and a detailed paper trail is worth the effort for peace of mind and efficiency!
  ​
  ​

What are your favorite tips and tricks? Anything to share with the community? Just hit reply and let me know.

​

Community Spotlight:

Not a new feature, but did you know COLDCARD Q & Mk4 help you know your transaction is going back to yourself on a consolidation?

COLDCARD @COLDCARDwallet Did you know COLDCARD Q & Mk4 help you know your transaction is going back to yourself on a consolidation? 4:15 AM • Jul 12, 2024 24 Retweets 234 Likes Read 20 replies

​

​

Nunchuk just announced "Wallet Rollover" today! Seamlessly migrate between wallets with advanced coin control and enhanced privacy. Preserve your coin management strategy effortlessly and stay in full control of your bitcoin.
​
Haven't tried it yet, but, this is awesome!
​
Read about it here: https://nunchuk.io/blog/wallet-rollover

​

Recommended Reading:

Learn how to consolidate UTXOs with Sparrow Wallet to optimize your Bitcoin management. This guide will walk you through setting up the wallet, funding it, and effectively combining smaller UTXOs into larger ones. By doing so, you'll save on transaction fees, maintain privacy, and ensure your bitcoin remains easily spendable.
​
​https://www.whatisbitcoin.com/guides/consolidate-utxo-sparrow-wallet​

​

Meme of the month:

​

Support and Resources:

Your experience with Labelbase and its features is my top priority. If you ever find yourself in need of assistance or have any questions, I'm here for you.

Here are your options to get in touch:

• Email: Feel free to reply directly to this email for any support-related queries. We aim to respond promptly to address your concerns or feedback.
  ​
• Live Chat: The support chat is embedded directly within Labelbase. Open your profile on the top-right, then click on "Support Chat" to load the 3rd-party integration.

​

Again, if you encounter any errors while using your own Labelbase instance, which may be related to your local system, please let us know. We're here to help resolve them.

​

Thank you for being a valued member of the Bitcoin and Labelbase community.

See you next month!

Xavier

​

​

PS: We love hearing about your success stories.

​