Subnostr

With the Wallet of Satoshi situation in the USA, I recommend that those who are not in the USA start making plans for how they will migrate off if they need to in the future. Currently, the best alternative that is centralized and has an easy lightning address for Nostr is @Alby. However, I believe that eventually, if they get big enough, they could also be pressured by higher powers to KYC or shut down.”

The people who have used low-fee centralized solutions may face a challenge when they realize how the lightning network works with send and receive capacity and fees from on chain opens and closes. Non-custodial options like Breez and Phoenix have high fees for sending on lightning, while wallets like Blixt allow you to open your own channels, which I like, but for the average user, it may be a bit more technical.

Right now my favorite 3 lightning wallets to migrate off of Wallet of Satoshi for USA users are

Centralized- Alby

Self Custody- Mutiny and Blixt wallet.

What lightning wallet do you think has the best balance of low fees and ease of use?

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Discussion

aljaz 2y ago

The high fees are more about misunderstanding, send a big initial payment to breez or phoenix (akin to funding to your debit card) and the channel will be big enough for spending/receiving then. The problem is with bootstrapping the wallet initially which ppl do with tiny payments which leads to inefficient channel size allocation

plebiANON 2y ago

This is correct, and how I onboard everyone to Lightning. Additionally, we are so blinded to the cost of transactions because it’s priced in to the cost of the things we buy. Paying .5% w Phoenix or Breez is a 5x reduction of buying fees compared to Visa and Mastercard. It’s high time we start breaking out of this “everything should be free” framing because nothing actually is today. You just pay an inflated cost for your goods and services.

The real issue here is the LNURL functionality of a Breez or Phoenix. Zeus seems to be on the right path with that issue though.

Ivan 2y ago

A lot of the world is unbanked and not using credit cards etc and massive fees can be a major blow. So yes I agree Westerners do need to wake up and realize the costs of things there is a lot of the world not living like that. Who will never be able to afford big fees so solutions need to built for those people. Grateful plenty of people building solutions to these problems.

The simple send a decent sized on chain payment to these platforms so you have good send capacity might work for a westerner but plenty of people do not have the funds to do that. The solution of stop using small amounts to bootstrap isn't a solution thats like telling someone to stop being poor.

Also almost no one is offering prices for goods 3-5% less because your paying in sats. So if you do use sats to pay your paying high lightning fees on some wallets plus the embedded cc fees that are passed along to everyone. So its always in your interest to find lower fees. I do agree though some tradeoffs are bad and people need to be educated. We do have a lot of education spreading to do because a lot of stuff is misunderstandings. Again hard problems and I am grateful people who are a lot smarter than me are working on solving them. I have my own home btc/lightning node connected to Zeus and even opened channels to good connected low fee nodes. Self custody is important and can be done with lower fees. Its just not easy at the moment. Each passing year things have improved and are getting better.

average_bitcoiner 2y ago

how do I receive zaps on mutiny? can I self-host it?

Cameri🐦‍🔥 2y ago

I’m only keeping change on WoS and Alby.

Canada is probably next because of the current regime and I’m not going to get caught with my pants down.

I’m setting up my own Bitcoin Core node with Lightning but syncing the blockchain is incredibly slow.

Ivan 2y ago

I do not know how but I forgot to add nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5 to one of my favorite self custody options as well.