Nostr Web Client

I am new to BTC but am trying to learn as much as possible as quickly as possible. At first I was simply buying BTC on an exchange and then transferring it to cold storage.

But #[0] inspired me to try and start spending and replacing it.

Well today I had my first merchant transaction. I ordered food from a place I had no idea accepted BTC!

The process was a little scary at first. There was a 5 second pause btw clicking "pay" and the lightning payment going through, but it went through and a few min later I had my food!

Just incredible. Still need more development on the lightning payments side in terms of user interfaces. Just my 2 cents.

Also, curious what everyone's thoughts are on cold storage. Not sure which device is safest. Then someone told me not to use a device at all and put seed phrases on steel plates?!?!? Or to do a multisig?!?!?

What's everyone's thoughts? I want to spend now, but I also want the absolute most secure way to hodl and save for the long term.

Orange Bill 2y ago

If you like to only hodl for the next years, it should be enough to generate a public key in order to generate addresses. Therefore you may set up a Electrum-Wallet on a (disconnected) tailsOS, copy the public key (write down your seed!!!!) and shutdown the tails. So there exists no "cold storage" device that can be found by someone else. With the public key: set up a new "watch only" Electrum wallet to hodl your values.

If you want to spend the BTC (some years later), just create a new wallet with the recovery-seed.

Reply to this note

Discussion