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Why do I need to fund my Colored Coin address with Bitcoins?

Last Updated: Apr 23, 2014 10:25PM IST
You need to send a few Bitcoins on your colored coin address in order to have some Bitcoins when you want to issue and send colored coins.

There are 2 reasons you need Bitcoins to issue or send colored coins:
  • To be able to include to a transaction fee and speed up the transaction (note that this is optional)
  • As there needs to be a minimum number of Bitcoins in any Bitcoin blockchain transaction (called dust and equal to 600 Satoshis = 0.000006 Bitcoins in the current version of Bitcoin ). Note that you can recover this dust if you one day decide to uncolor your colored coins.
We then recommend sending a minimum of 0.001 Bitcoin so that you can cover for several transaction fees and minimum dust for a few issuing or transfer transactions. Note that the absolute minimum you need would be 600 Satoshis (allowing you to issue your colored coins).
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