could you give me a short TL;DR on what the differences between the first and second are?

trying to teach myself and another normie, so they can stack safe

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First is fully custodial solution, second is a node on your phone type of solution, third is just an address on a chain 🐢🐾🫑

okay they wouldn't have any idea about any of these words πŸ˜…πŸ’œ

Oops. First is good for small amounts up to 500K or so, 1M is a limit. Second is second layer (lightning) but you hold the keys. 🐢🐾🀣

ohhh, this makes more sense πŸ˜‚πŸ’œ

sorry, they're really young, but they're excited to hold sats πŸ€—

from what point would it make sense to send your sats to your hardware wallet?

I’d say 5M or so, but that threshold will vary depending on your level of tolerance for loss. But no less than 1M probably πŸΆπŸΎπŸ™πŸ»

got it, makes a lot of sense πŸ’œ

thank you so much πŸ€—