Nostr Web Client

Nostr Report Sunday Op-Ed

Remember, Sunday is for plebs here on Nostr Report. Thank you to #[0] - cofounder of the #Nodestrich group - for contributing this Sunday Op-Ed. Enjoy!

Bitcoin for Bunnies 🐰🕳️

#[2]

This is the debut of Bitcoin for Bunnies. 🐰🕳️ It’s like the “For Dummies” series, but it's for people just starting their journey down the rabbit hole. It’s a never-ending ride, and new bitcoin users are multiplying like rabbits, so hop on in and let’s get started!

Self-custody on Lightning is hard. Setting up a web server to create a NIP-57 zap-compatible LNURL/Lightning Address? No way, man! That's why most people begin with custodial wallets. They're great for onboarding yourself, your friends, and family, but this is only a stepping stone into the larger world of becoming a self-sovereign bitcoiner. Self custody is not something to learn how to do down the road, because by that point it may be too late.

Last week, we saw the risks in only using custodial wallets, with repeated Wallet of Satoshi outages, and Thursday’s announcement that BlueWallet is shutting down its custodial node, which caught a lot of people by surprise. NYKNYC (Not your keys, not your carrots…er, cheese!) still matters in Lightning, so remember to only keep small balances in custodial wallets, move anything you don't want to risk to cold storage, and learn how to run your own Lightning node, along with the associated risks of doing so.

Remember that you're not alone in this journey, and most of the people around you are at a stage in the process that you've either been through, or may soon be ready for. Ask questions, stay curious, share what you've learned, and don't trust, verify.

There are some great resources you can use to build your knowledge.

#Nodestrich is a community of noderunners on Nostr at all levels, learning from each other:

https://nodestrich.com/

#[4] has a YouTube channel full of educational videos:

https://www.youtube.com/channel/UChzLnWVsl3puKQwc5PoO6Zg

#[5] has a Substack of in-depth Bitcoin Guides:

https://darthcoin.substack.com/

#[6] writes some of the best essays on bitcoin you’ll ever read:

https://dergigi.com

You’ve reached the tail end. Keep burrowing, friends!

🐰🕳️

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Discussion

Dash 2y ago

Solid PSA. Keep ‘em coming.

The Daniel 🖖 2y ago

Ty #[6] — it’s a never-ending 🐰🕳️ so there’s a lot more in the hopper!

The Nostr Report 2y ago

#[0]

SideHustleInspo 2y ago

Marla was a figment as much as Tyler. The Narrator is Bitcoin.

RobOK 🔸 2y ago

Thanks for your post, I agree with the sentiment. Start where you are, keep learning. I don’t 100% agree with “running a Lightning node is hard”, there are many starter kits (Umbrel, et al) and guides. Maybe you mean its a hard entry point into starting to learn about Bitcoin, then maybe I agree. It is hard to get a Lightning node to be routing and earning fees, but to just host your own coin its not that bad. This is a minor point relative to your post, which is keep learning Bitcoin!

Clown World 2y ago

Most people should not run their own nodes, and nobody should expect them to. Average people need good noncustodial wallets that don’t require running a node. Phoenix is a good example, but they still need improvement.

Widespread adoption shouldn’t be limited by difficulty, cost, or headaches. It needs to be as easy as custodial wallets, and at least as easy as other cryptocurrencies.