Sorry, but I will continue to fight and push people away from these wallets.
To anyone reading this, do NOT use Wallet of Satoshi. Look for open source wallets.
Discussion
Thank you. You can continue to do that and I'll continue my on path. After people use WoS for a while they'll see your posts and say hey Derek, I've been using WoS for a while now and am pretty comfortable with it. I saw this dude say I should use something that's open source? What's that? And then I'll teach them that. #teamwork
So what would be your instructions to a beginner? Pretend I’m beginner. What do I do?
The bare minimum requirement for a bitcoin wallet is that it is open source.
If a complete and total noob needs to use lightning network for payments, I would probably send him/her to Muun Wallet.
My favorite on-chain wallet is Green.
My favorite lightning wallet is Phoenix. It's very easy to use, but you do need to open a channel first by sending some sats to your on-chain address. Probably not ideal for someone starting from zero.
For receiving zaps on Nostr I would use anything that supports NIP-57. I don't care if it's custodial or closed source as long as you know it's ONLY used for receiving zaps.
Wallet of Satoshi is idiot-proof but I would hate for someone to start using it as a savings account. They must be warned that it should only be used for very small amounts.
Muun is great, but it's not a true Lightning wallet ;)
If Muun is not a true LN wallet then WoS is not either 🤔
Muun isn't a Lightning wallet because Muun does on-chain swap which results in some people getting very high fees. I have personally never experienced this, but I've seen countless discussion around the fees being as much as on-chain fees when you're unlucky enough to be the person that has to pay for the channel being opened or closed. My 2 kids have used Muun for 2 years without issue or high fees.
In WoS your fees can go as high as 100% of your total holdings (if they decide to rug you). In theory this can't happen in Muun (assuming they use proper submarine swaps, which I don't know if it's the case because they are not very transparent about this process).
But I can truly send and receive Lightning transactions so define terms ;->
Yep, aware.
Green and Phoenix are the 2 wallets I usually recommend, but I understand the need for idiot-proof wallets like Muun.
FYI. I don't use Wallet of Satoshi. I've never used it beyond testing purposes. I recognize how incredibly easy it is to use though. I also recognize that it supports Zaps. Zaps are key here on Nostr for the complete experience. That is why we recommend WoS. For Zaps.
I personally use Zeus connected to my own node for the majority of my own needs. I have used Zeus for a very long time. It works great and I recommend on the daily that people use it if they run their own node. I also onboard people to Lightning and running their own nodes on the daily. I've personally helped dozens of people setup their own nodes. Even done remote support sessions with a lot of people.
I switched to stacker.news for my NIP-57. If I get Zapped a large amount of sats, I immediately send those sats to my node. Bitcoin was meant to be self custodied.
My 2 kids have used Muun for the past 2 years because it's easy and their recovery features are so easy that they can and have done it themselves. While it may not be a non-custodial Lightning wallet, because it's not, it's not even a true Lightning wallet, I recognize how incredibly easy it is and how wonderful the recovery process is for my kids.
I run my nodes too…CLN and LND, but are just getting started. Is there a way to accept zaps on Nostr through your own node? I use Zeus (for mobile wallet) and RTL/Thunderhub to manage them on desktop.
I usually introduce people to Muun and Phoenix or even Breez recently at a farmer’s market in Palm Springs since it has the POS functionality.
Phoenix is another good non-custodial option with only a few tradeoffs
I’ve been playing around with Phoenix recently and really like it.
Curious what are the trade offs are?
Phoenix is a great lightning wallet, I use it all the time even though I have my own node.
I still use Zeus with my own node when I’m not in a rush but with the DDoS attack on the Tor network this can be painfully slow at times.
Phoenix is a non-custodial lightning wallet that actually runs a node on your phone. ACINQ, the company that provide the wallet, manage the channels and you only have channels to them. The main tradeoff here is they also manage the routing for you which has many advantages and make this wallet so usable but they know where you are sending sats to.
They are very open about this and the other trade-offs, see link below
What I like to do with these Hot wallets is treat them as disposable wallets, use them for a few months, clear them out and bin them. Delete them from the phone and start again as a new wallet and new identity.
Phoenix is way better than WoS as you control the keys but always keep your main stash in cold storage. That said, WoS is just so easy for newcomers so it will be popular
Good to know. I knew I recognized the name of their company somewhere…I have a channel opened with them on my own node.
Ya a reputable company heavily involved in LN so will try to keep their reputation and not rug pull their customers. But as long as you have backed up your seed words you should be ok
I’m happy with the compromises. I just little bit here, majority on my own node, and the rest in cold storage. Awesome time to be involved in all this. New developments all the time!
https://walletofsatoshi.com/privacy.html
Quick scan of this told me it’s not for me.
Wait, so now WoS is good for Zaps? I thought it was devil?
