How come no one recommends coinos to noobs for a lightning wallet? I just signed up and it took 2 seconds. Doesn’t even ask for an email.
Discussion
It even creates nostr keys for you. Wtf why doesn’t anyone recommend this?
Just learning of it now. Thank you
This YouTube video talks about how a lot of merchants in Canada use it
Interesting thanks
It’s fully custodial, but slick UX for a browser-based wallet. How confident are you that it won’t get rugged?
I know it’s fully custodial. I never keep large amounts in custodial wallets. I use them for convenience. I have no idea on the trustworthiness of this company. That’s why I’m asking.
It just seems weird that they would be operating a non-KYC custodial wallet within the U.S. when most of the other ones have already left. Makes me wonder when the other shoe will drop.
Well, it works for now. Seems to be the easiest way to get started playing with zaps for noobs. They can upgrade what they’re using later once they see how fun it is.
I like it, but it doesn’t have NWC so it doesn’t work for zaps.
(Outbound anyway.)
NWC is not a requirement for outbound zaps. It’s really not that hard to copy the invoice into their app to pay zap invoices. I have my wallet saved to my Home Screen.
For inbound, their LNURL server says it supports zaps. Haven’t tested it yet though.
I can probably build an NWC server for them in like 20 min. Their API looks really simple.
How would someone zap using this from a client that doesn’t expose invoices?
IMO every wallet should expose invoices, but even if they don’t, I built a solution for that a long time ago https://notazap.vercel.app. I also just made lnurlzap which allows anyone to zap any nostr event. Zaps are anonymous if you use lnurlzap lightning addresses though.
I've used them before for a shopify integration as a testbed. i think they are okay for ultra smol volume but prob not if you exceed 1M sats.
They also have an API for making payments. Has anyone made an NWC service for coinos yet?
Make it. i'll use it. they are canadian and kinda quiet, but kinda under the radar. i used them for a bit to test. i think inbound is okay, outbound has a bit of fees.
It's also cool for restaurant owners, you can create sub accounts for waiters to get tips or something like that.
Do they support zaps? Been quite a while since I checked it out but I don’t think they had implemented the zaps nip the last time I did.
I haven’t tested it, but their LNURL server says they support zaps
Apparently I set up a wallet there back in 2021. Thankfully was able to login. 😂 I’m gonna add it to a test profile and see if zaps work
Did you have sats in your wallet? 😂
Unfortunately no 😂 but I had some test transactions in the history from a couple years ago. I added my address to a test profile and tried to zap this note but Primal gives me an error. I’m able to send directly from my Breez wallet to the CoinOS Lightning address though, so not sure what the issue is.
nostr:note1cmpmjyu08he89adhlzqvuqvnv9jc3szhtnxxnnqssx9x7w90hxqq03uqsq
I’ll try debugging your lightning address when I get home. Doesn’t work in Damus either.
Maybe old accounts don’t support nostr or something
The profile has a nostr key they added to it and gives me the option to import mine, but it asks for my nsec so I’m not doing that 😂
Not sure if it matters, but this is the npub for the nostr keypair they assigned to the account.
npub1kwy80mm92v8snekmgwacas2pcwxdq8u6vsmd2c7amnpmz44qzdjsexxta8
Seems like they have a bug on their end. Their LNURL server throws an error when trying to request zap invoices. Regular invoice requests work though.
That’s above my pay grade 😂 But too bad. It’d be nice to have another option for zaps
I filed an issue. Used your lightning address as an example. 😂
There is one thing I don’t like about Coinos, when paying a lightning invoice, you have to set fees like you would do onchain. Neat feature, but not very intuitive.
Otherwise, great app all n all.
That’s just the max routing fee you’re willing to pay. I know other wallets such as breez that have this, but they hide it in the settings. It’s actually a nice feature to make sure you don’t rugged on routing fees. There are routing fee attacks where you can end up paying a higher routing fee than your payment.
100% agree. But the UX is confusing.
They charge high fees if you try to move your sats to another wallet
I just tried sending from my coinos wallet to alby and there were 0 fees. I sent 995 sats and received 995 sats.
They must have changed that then
They used to have high fees 🤔
Lightning fees can be high if you’re sending a large amount depending on the route taken to reach the receiving node. That fee is not up to them though. They prob have a direct channel to Alby which is why there were no routing fees for my tx.
test it with 500k or more sats, and the check the fees. <1k sats not enough for a litmus test
I wouldn’t use their wallet to hold that many sats and wouldn’t recommend anyone to though
Good point. although for a custodial starter micro merchant wallet, which it seems to be commonly used for, what would you think is a reasonable limit? 250k ? 100k?
Depends on the person and the price of bitcoin. I personally would prob keep around 50k sats max in it.
ok that's reasonable. It interesting to me, to see the small custodial wallets and their limits before doing self sov or stepping into a higher limit. i think the zbd game wallet has a max of 250k. Lets say someone starts with nothing and they accumulate, they'd need to get to around 250-500k sats before they can start opening channels on say, alby hub. or go custodial with a bigger provider.
I love it, also I use it as trusted-swap-onchain cause the fees are insanely low, never had a single problem