I wouldn't try to use wallet software to purchase bitcoin.
Discussion
Versus an exchange, what’s the drawback?
Also, I should mention that there are plenty of wallets that have this function and I haven’t heard anything bad about them. Coinbase being one of the more well known ones. The problem is, they don’t have a lightning option.
It’s one or the other, you can buy bitcoin but no lightning capabilities. Or you get a wallet with lightning capabilities but no option to buy bitcoin.
To be honest, this still feels half baked. Maybe I’ll hold off for another year until they get their shit together, lol.
if you must use lightning I suggest doing that completely separate from your layer 1 bitcoin stack. That should be stamped in steel, buried in the foundation of your house.
Then just get any lightning wallet you want, buy some from an exchange that supports lightning withdraws, or use a wallet provided by an exchange that can give it to you.
You should never have much money in a lightning channel, no more than you want to lose. And don't mix your L1 bitcoin with your LN bitcoin, ever.
It’s not that I have to, I just figured there would be an app that would make it easier. But after reading all that you laid down, I’m starting to understand why it’s not possible.
Appreciate the advice.
it's possible and I'm sure there are wallets that do it all bundled into one. But if you are talking about holding more money in Bitcoin than you can afford to lose, you need to have a full self-custody solution in place. One aspect of that, I would argue, would be to fully separate your LN from L1 system.
Your UXTOs on chain are where all of the value is. This is bitcoin, protect this at all costs.
LN is a payment convenience so you can pay P2P quickly and without messing with your UTXO set.