I recommend it because it’s the only sane option for people who know nothing about bitcoin or lightning, what do you suggest? As long as they have a way to send theirs sats to something non-custodial when they are ready then what’s the problem? You think people are going to start with a full custodial solution on lightning for their 1000 sats?
Discussion
Isn’t it very complicated to actually turn your sats back into usable bitcoin?
From what I understand, sats are bitcoin. They are the smallest unit of bitcoin. Kind of like a penny to a dollar. I think the strongest use case for transacting in bitcoin at the moment is to do so in sats using the lightning network.
I could be wrong.
I’m not very familiar with it tbh, but it’s not that simple because most ppl use a custodial wallet. #[5]​ was asking about this the other day and maybe has the details.
I think that if you have bitcoin in cold storage or anywhere that is self custodied, in order to transact you have to send a portion to a wallet that will then allow you to transact. These can be custodial (wallet of Satoshi) or non custodial (have no idea how this works. I think you have to set it up yourself?)
What makes sense to me is to only send the amount to your wallet that you are going to spend. That way you don’t have to convert back in the other direction.
Don’t know if this addresses your question/concern.
I would prefer to not mislead newcomers into thinking custodial bitcoin is bitcoin.
If no easy self-custodial wallet with lnurl exists then the ecosystem is just not ready to go mainstream and we gotta keep the low time preference.
I’m 100% ok with custodial lightning for new users and small amounts as long as there is a way to send it to your custodial onchain wallet eventually. This idea that people are going to run bitcoin and lightning nodes from day 1 is completely insane, until I have breeze sdk integrated in damus of course.
I'm also ok with people doing whatever they want, it's just disappointing to see all the WoS worshiping with zappening events, etc.
Do you think most on-boarded users are aware that the wallet is custodial and of the tradeoffs? Or do you think they just think it's still bitcoin just with a lot of âš¡âš¡âš¡?
Something that is "just temporary/for small amounts" just for convenience's sake, eventually turns into The Standard one it hits a critical mass. It happened before with email and with the web.
Valid points on both sides. New users will be choosing custodial options on their own just because they are quick and available. So whether they find it or we point them at it, we need to educate them to know the difference.
Can you recommend one or more relatively straight-forward self-custodial options currently?
WoS, although not the ideal long-term solution, just works now. No big deal. Just don’t have a ton of data on it. No denying it’s the perfect example of the on-boarding experience we need to get to for non-custodial solutions.
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