What is the most secure way to hold lightning sats🤔
210 sats reward for any answer.
Discussion
With todays complexity, probably chosing a custodial and don't have all your sats stored in lightning.
Keep it like your bank accounts. Have a secure savings account (cold storage) and then have a spending one (lightning).
You could increase security in your spending account by setting up your own node, but that will require you to get some technical knowledge.
On a reliable self-custodial wallet
like Phoenix, for example.
Was now my first thought.
My second thought was on a
own node (with reasonable backup of the channel list)
Thank you for the Zap 🧡
But always consider the Lightning Wallet as your own wallet for FIAT money. Only put in the money that you are willing to lose!
Your node + Zeus
Breez is also good.
đź’Ż
Onboarded my friends via blue wallet bc lightning is fun. Rugged.
Would Zeus + my node be a worthy option for onboarding? I want to teach my friends and family to hardcore “don’t trust, verify” but I feel like having them trust me may be a good first step.
IMO, Zeus + own node is not a good option for onboarding. You need to first dedicate a computer to be used as a node, have the dependent Bitcoin full node software installed, then have the desired Lightning implementation software installed. After having all the software up and running, you need to understand and be able to open channels, manage channels, create inbound liquidity etc. Only then will your node + Zeus give you a good lightning experience.
There are always trade-offs between self custody and ease of use. For small amounts, I think custodial is not a bad option. If you really want to push self-custody, use Phoenix / Breez / Muun (I know it’s not true lightning, but it works with lightning).
It’s hard, if not almost impossible, to turn a no-coiner into a bitcoin-maxi in one step. My approach is to send them a little bitcoin, let them play around with the bitcoin, and get them interested. Once they start going down the rabbit hole, you can be there to guide them through the journey.
I totally agree. I run my own lightning node now and it can definitely be a lot to understand and I still have a long way to with education on it. Figured if I got my setup to a place where I am comfortable managing my balances and liquidity with my lightning node maybe I can be that service for others that know me. That way, I am the third party they trust. Maybe one day if it feels feasible enough I’ll give it a try.
If you want to be their “Uncle Jim” / LSP, you can on board them by installing Blue Wallet for them and make sure to set the LNDHub setting in their Blue Wallet pointed to the LNDHub installed in your node. (Make sure to not leave it at default, because Blue is shutting down their LNDHub on April 30 and funds on Blue’s node will get rugged). But by doing so, you are taking on the responsibility of managing their funds on the back end and taking care of things for them. In other words, they become reliant on you.
Again, trade-offs. Personally, I really like pushing for more personal responsibility. Teach someone how to fish, don’t just give them fish. It might take more time and effort to teach them and for them to learn, but if you somehow became unavailable, they don’t get rugged.