Nostr Web Client

Does anybody have a good explainer video/article to help me understand using different LN wallets?

Here's what I think I know already:

WoS/Munn aren't actually LN wallets and do swaps in the background - they become too expensive to use when fees are high. Although they're convenience apps and showing newbies what LN is about.

Phoenix, Nunchuk, BitKit charge a routing fee for transactions but don't offer static addresses. These are non - custodial. (I use Phoenix most out of those three.)

I know about Alby, and it's ability to connect to nostr, although I haven't put in the time to figure out why I need it yet. Instead using Primal’s integrated wallet or WoS to recieve and send zaps - which I'd like to move away from.

I also use Strike for it's convenience in swapping my fiat, but never use it to buy stuff using sats. Litterally stack and move to cold storage.

I'm looking to streamline my experience without compromising privacy and keep some convenience.

#asknostr

Kevin 9mo ago

A lot of people have responded about the WoS difference so I won't go there... But the reasoning behind Alby:

If you run your own node like a start9 server or umbrel... Alby hub let's you get more under the hood with channel management and take advantage of their partners for inbound liquidity. Zeus itself requires channel management as well.

With Alby hub you can link your hub to their servers just with an account. This gets you access to a LNURL username@getalby.com. This doesn't allow them access to your node, it's just for routing purposes only. You can also link it to your phone with Alby Go. Spend from your own node from anywhere.

So you can receive payments without needing to generate an invoice. I had access to old PCs at work which allowed me to build a start9 server for about $150. I really like their interface and I've not tried Umbrel.

You can use Zeus to get a LNURL as well, the only problem I found was setting up a channel earlier was much more difficult. I think it has gotten better now though.

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Discussion

Sean 9mo ago

What's channel management involve?

Kevin 9mo ago

I will do my best to keep this relatively concise.

In a nut shell, you set up a channel with another node via on-chain transaction. So if you contact a partner and send 1M sats via on-chain, you have OUTBOUND liquidity. This means you can SEND up to 1M sats, but can't receive anything.

Alby hub let's you pay a lightning service provider so that they'll lock Bitcoin up. So an LSP will create the 1M sats on-chain transaction which gives you INBOUND liquidity. Meaning you can RECEIVE up to 1M sats but can't send anything.

So you're trying to balance inbound vs outbound. I need to be able to receive as well as send. It becomes a bit of a juggle at times. Nothing super crazy but it takes deliberate action and planning.

And because it's lightning, the LSP can unilaterally close your channel at anytime. So it may happen at a bad time when you were expecting to need liquidity.

On that same note though... You can use lightning in a way that mitigates the need to pay a LSP. So, you can open a big channel say, 3-10M sats, using your own Bitcoin. Then once the channel is open send half of it to another wallet like aqua or strike or Phoenix. Then you'll have a channel with half inbound and half outbound liquidity. But that depends on your comfort level.

I try to keep around 1M sats ready to send at any given time. That way it's not super terrible if it's lost. Gotta think about this as cash in your wallet. How much are you comfortable keeping on you?

The other downside with running alby, your node needs to be online at all times. If it doesn't have access to internet, you can't reach your funds until you turn it back on. Even Zeus is really only connected while you have the app open. That's why it has to sync every time you open it.

Tradeoffs.

Sean 9mo ago

You did a good job at keeping it clear. 🫡 Lots for me to digest though. Thanks