I'm new 🤪 but i bought some bitcoins on my satoshi wallet and it's working good so far. I think im learning the ropes. 💗🌻
Dearest Nostr eGirls - NostrFans - #Bluesky Refugees,
Once you accumulate enough Zaps that you'd be sad and/or pissed off to see your money disappear, it might be time to talk about the next phase in your Bitcoin journey.
While Bitcoin is money you can't fuck with, many of you are using Wallet of Satoshi or Alby. You can fuck with these wallets. These are great and easy to use wallets, especially because they support Lightning addresses for Zaps. However, these companies hold your Bitcoin for you. You don't control it. They do. If that company went away or suffered a loss, you would lose your Bitcoin!
History has taught us time and time again with Bitcoin that it's "not your keys, not your coins". This just means if you dont own the keys to your Bitcoin, if you don't custody it yourself, it's not yours, it's theirs.
To fix this, you can run these Lightning wallets on your phone with nostr:npub1mutnyacc9uc4t5mmxvpprwsauj5p2qxq95v4a9j0jxl8wnkfvuyque23vg or Phoenix Wallet (and soon nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5). These are special wallets where they run a "node" (a mini server) on your phone that you control. They're fully self custodial. These wallets do not have Lightning addresses, so you can't "Zap" to them.
Here's what I recommend. Use Wallet of Satoshi or Alby until you hit a certain amount and then send it from that wallet to your other wallet that runs the node on your phone that you control. That way large amounts of money are in your control. This is now money no one can fuck with.
And most importantly, be sure to write down and store the backup words in a safe location. You'll see what I mean. 🤙🏻
If you have questions, just ask here or ask #plebchain
Discussion
Nice! The fees when you buy with Wallet of Satoshi may be high. Other options such as Strike are great. Fees are almost non-existent.
Is there strike atms?
And woah cowboy, yall made my phone buzzin! Hahaha
Haha. I sent some ⚡⚡⚡
Strike is an app. https://strike.me
Thanks hun. This is all new feels like a maze 🤪 I have a guy at work helping me with the cryptos too
Treat WoS sats like cash you carry in your wallet. $10 is probably fine, $100 probably isn’t, $1000 definitely isn’t.
WoS is only a matter of time until rug or closing up shop, so minimize the time you expose yourself to their services, according to your comfortability.
Learn slow, but seriously - it takes some time & dedication. I recommend nostr:npub1fqn4fgzkk8nm2x3wd600n935c9tc7xgg9jhk5dfa0kuvrgvsyv7sgu536l‘s book, Inventing Bitcoin, as a quick ELI5 for how bitcoin works. Lightning is one of Bitcoin’s second layers and a different beast entirely - most people don’t need to know the specifics besides if there’s no key, it’s not yours. After you have an uncomfortable amount in WoS, withdrawing to Phoenix is a good idea. When it gets into the .01+ bitcoin range and you don’t think you want to spend it anytime soon or urgently, storing it on the base layer without lightning involved is a good idea.
Ask questions!
It can get tricky