Nostr Web Client

#askNostr

Am I ready to consider running a lightning node?

So, as I’m awaiting my Start9 I’m reviewing docs, supported software, and instructions and such, and I’m wondering if I should setup a Lightning Node.

I want to be able to use Zeus to send but even more importantly receive payments for my wife’s business.

So far, I’ve just basically been using exchanges like Strike to make lightning payments, or using primal wallet.

What do y’all think? I know that running a LN is not a get rich quick scheme and that it comes with investment of time, SATs, internet, server resources, and maintenance. The only benefits I’ve come across is supporting Bitcoin and savings on fees for my lightning transactions.

I just don’t want to be stupid and lose my ass😅 So please tell me what to research, or if you have the time or ability to, tell me what all I should take into consideration.

In case it’s helpful:

Looking at using a Server One, 16GB RAM, 2TB NVMe, with 1Gb internet connection.

⚡️Will be happy to zap for helpfulness ⚡️

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Discussion

Pre 8mo ago

It's a right pain. Need a bitcoin node first of course, which takes ages to build and sync. Then you gotta put some capital into the channels, and knowing where to open them is tricky. There exist automated systems to do channel management, but are they any good?

Don't forget to backup your channel state regularly.

You'll need to manage the channels liquidity by doing onchain transactions to "loop out". So open a channel and all the liquidity is on your side. Loop out by sending half to a node that'll do an on-chain transaction to send it back to you. Then you'll have a balanced channel and can use the on-chain funds to open another channel.

Hard drive errors ruin it all, if the drive fails everything needs to be rebuilt.

Only way to really have self sovereign money, but it is definitely still lots of work.

The Bullish ₿itcoiner 8mo ago

Since you’re going to be running StartOS, check out #AlbyHub in their marketplace — a beginner-friendly path to your own Lightning node.

https://blog.getalby.com/alby-hub-available-on-startos-and-umbrel/