More Examples
“I wanna go shopping but all I got is dust.”
“Some exchanges will let you convert dust into their shitcoin.”
“Once I refill this bitcoin wallet, I can spend my dust.”
Definition(s) from the Web
- Crypto dust as a term was created by Binance exchange marketing department. It doesn’t mean crypto dust wasn’t exist before. Just before that no one knew how to call the dust in cryptocurrency.
Cryptocurrency dust are fractional values from a unit of cryptocurrency. Such small means are usually impossible to trade because they are less than transactional fees. Being below the minimum trading limit, they usually stand idle in user wallets. Hence, the term «crypto dust». You can’t use it, until the balance of the wallet is replenished. The more wallets and tokens you have, the bigger the size of crypto dust. How it appears? When you want to make some transactions, usually it needs to be validated by miners. Miners get a mining fee for their services, and it has a wide range – from «near zero» to a very high amount. That’s why you can’t predict exact amount of spent cryptocurrency and often you have some tiny amount left.
As higher the value of cryptocurrency, the bigger is the problem of crypto dust. So, of course, dust in bitcoin network has a very big volume. Problem become very sharp when BTC made a rally in December 2017 and fees were very high. Crypto dust in Bitcoin has two negative aspects. At first, of course, it is unprofitable for users. At second, it clutters already overloaded blockchain making it less effective and decreasing the productivity of the whole system. In case of Bitcoin as crypto dust can be considered a little amounts of BTC, which could be transferred but it has no economic sense. The more so it is not safe and can decrease your privacy level. Bitcoin blockchain is public and all transactions could be viewed. That’s why if you have a lot of wallets and you decide to collect all your bitcoin dust to one of them, you «connect» them and everybody understands that it belongs to one person. Collecting crypto dust you deanonymized all your addresses and all your savings, which not so good. The good news is that problem of crypto dust in Bitcoin will be reduced. New version of software, which planned for releasing somewhere in 2019, will help with it. The new Branch and bound tech will improve current algorithm of selection of coins, which inefficiently combines parts of coins into a transaction and almost always creates «outputs for change». New one groups the data more economically both in terms of scalability and in terms of fees. It will be realized as a search through all the inputs, trying to find among them an exact number of Bitcoins that the user wants to spend. Source
