So I'm a big fan of learning from ones mistakes and thought this could be applied in a different way. Everyone here started out with no knowledge of crypto and had to pick things up along the way, unfortunately not everything is useful, factual or complete. So I thought why don't we all take a minute and share some of our past learning moments, or misconceptions that once figured out were a "lightbulb" moment.
The goal here and reason for this board is it could be a fun and informative read for newbies to pick through. Best case scenario someone learns something, worst case scenario everyone points and laughs at your folly. Kidding, you won't see people pointing.
Consolidating inputs... huh, that's a thing?So I'm going to start off. This still rings out in my head when I consider that I overlooked an opportunity to have adopted BTC much earlier. When I look into something I tend to dive in, multiple tabs open of explanations on the same point to try and encompass a full picture. Sometimes though, you find out later on these people weren't well enough informed themselves. I took a pass on carrying on with BTC, as I assumed TX fees would become astronomical with each additional transaction your BTC was involved in compounding infinitely without relief. Essentially the concept behind calculating fees and consolidating inputs, was lost and not properly conveyed through these articles. In my mind BTC would fail, as eventually those BTC would have so much history attached they would cost more to spend than they were worth.
Obviously a few years later the explanations had become better, and I realized that my particular issue was easily resolved. It still took me a while to figure out the best practices for this and I will link to a thread that covers it well.
[OCT 2019] Fees are low, use this opportunity to Consolidate your small inputs!