#GM #bitcoin #strategy #asknostr #coffeestr
Discussion
🫂 welcome to wallet fun! 🤩
There are shit tons of wallets. Don’t store a tonnage in your “hot” wallets on your phone
Look into cold storage options.
nostr:npub1ltt9gry09lf2z6396rvzmk2a8wkh3yx5xhgkjzzg5znh62yr53rs0hk97y has the best guides IMHO
nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8 has everything you need to know on his YouTube channel.
Starting out you are fine with a software wallet for computer Sparrow wallet, for iOS or Android you can use Blockstream Green. There are many other but that is a good start.
Write down you seed phrase (your private key) and store it safely. Do not store a digital copy. This is how you recover funds if you ever lose access to your phone or computer.
Once you’re comfortable with that and you have more bitcoin to protect you can learn about hardware wallets (signing devices), passphrase, and multisig.
For buying if you are looking to protect your privacy you can go robosats but need to access over Tor. If not there are plenty of exchanges around just do not store large amounts on exchanges and know they track your bitcoin from that point onwards.
Thanks 🙏
Follow nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8 and go watch his youtube.
You will get EVERYTHING you want to know on there.
Lighting is like having 250 dollars in your purse. The rest of your bitcoin must be in cold storage.
And never more than 5-10% of your whole stack on exchanges. EVER!!!!
Great advice 💯
oh wow.
you just stepped into a different universe. you are going to have so much fun. 🤩
You've reaches step 0, step 1 is to get off primal. Step 2 is start stacking on strike. Once you're ready ask again and folks with help you with self&custody or buying without kyc
Under $100 is ok to keep in Primal.
A step better is to withdraw to another lightning wallet, but unfortunately the good ones are blocked in the US (it's possible to install, but quite tricky on iPhone. If you have android, we can guide you).
Using lightning (like what Primal has) for anything over $500 doesn't currently make sense and so at those amounts you should get a "hardware wallet" (I hear Bitkey is simple to use, I like Trezor... we can give you more options if you ask).
When you get over couple thousand $, then it make sense to create strong backup solutions that are provided by Casa and similar companies.
Another option is to come to Costa Rica, or El Salvador or other places where you can actually spend the sats (from your Primal, or another wallet, doesn't matter). There are a bunch of online stores where you can also pay with bitcoin from your Primal. Or using your primal you can buy gift cards for Amazon, Target or anything and use the sats that way.
welcome to responsibility go up technology once you assume ownership over your time and energy youll start to look into your own life about what others things are you outsourcing to others. glad to see you on your journey.
that being said theres a few wallets you can use to store your sats in Blue wallet is one, aqua wallet is another one, blitz wallet is the last id suggest for you since youre just starting out.
now as well youll want to save your satss until you get around anywhere from 500k to 1,000,000 sats before you withdraw to self custody.
apps like cashapp, strike, river are some exchanges you utilize to start saving in bitcoin more frequently..
another vote for btc sessions. they have a ton if content on yt.
I used Robinhoodabd cash app to buy Bitcoin. once the amount gets around 2k, needs to go to a cold storage device.
my vote is Trezor T or Jade. buy both and try sending a tiny amount to one ($5-10).
Then wipe the wallet and back it up using your passphrase to see if it works.
^ Took me 6 no to get the above steps completed.
🌻
Cashapp and Strike are two of the best places in the US to buy Bitcoin, and you can send them from both directly to your Primal wallet. Definitely cheaper to buy them that way than directly in the Primal app.
As for self-custody, think of Primal and other custodial wallet apps as a bank account. It’s your money but ultimately they have control over it. Withdrawing to self custody means you hold the keys to those sats. I suggest starting with Aqua Wallet on your phone. It’s self-custodial, meaning you hold the keys locally on your device. It supports lightning and on-chain bitcoin, and easily allows you to swap between the two.
Once you have a sizeable amount of bitcoin (like a few million sats or more) start thinking about an offline wallet, also called cold storage. Bitkey, Coldcard, and Blockstream Jade are all good cold storage wallets.
I suppose this would depend on how much cheaper it is than the in app purchase option, which would naturally be a bit higher due to Apple’s fee.
If I am only saving a dollar or two, I would prefer the convenience of the IAP.
I just calculated the difference between a $4.99 in-app purchase of sats on Primal Strike and a $4.99 purchase directly in the Strike app.
Primal in-app purchase would have given me 4260 sats, which works out to a spot price of about $117,136 per bitcoin.
Strike would have given me 5001 sats, which works out to a spot price of about $99,780 per bitcoin.
So you’re paying about 17% more by purchasing the sats directly in-app on Primal vs. Strike.
Is it also happening on Android or only on Apple due to them working around the politics of them banning zapping.
Not sure. I don’t have Primal on an Android device to test it.
Yip the same (No cheap sats) for primal users nostr:nprofile1qqsdv8emcke7k3qqaldwv956tstu40ejg663gdsaayuuujs6pknw7jspp4mhxue69uhkummn9ekx7mqprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5qyf8wumn8ghj7ur4wfcxcetsv9njuetnn9mexk i stopped people onboarding with primal only damus or Amethyst. Don't want to be a bad teacher for pe op le ✌️🏳
The feature is meant as an easy onboarding tool. The premium is because of in-app purchase policies and I believe it’s very limited in how much people can buy for that reason. It’s fine for someone who knows nothing about bitcoin, but it’s also good to be aware of so you can educate people once they start getting more into it.
yes that's why. I let them choose between those clients. primal works great for desktop and it's just whatever works best for them to use. I will be happy if they remain active on nostr and wake up here. and say nostr is nice and then delete all those other apps. X insta etc. I'm really tired of the apple android fight. I have had it for 8 years now. but i don't think there is hatred between nostr clients. just a lot of questions from the people who use primal. and have little reach if they are new here? nostr only, primal is also part of that. so everyone has their favorite preference. sorry for the typo 🫂 As long as we have fun. I will continue to use nostr. I'm almost 2 years into it. I have never been socially active online for so long. i build irl 🤙🫂 Pura Vida.🫡 glad there are people here who have the time to teach everyone via nostr. and put their energy and time into it! to help people and show the light. without burning out their candle. to stupid discussions. have a nice day and keep onboarding nostr:nprofile1qqsyv5nszs3qdfq7y2rlmjvphd48dqxa28pxd034vh9zwpy6zzp2hfqprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5m9npkv 🍊💊🫂
That’s some spread you got there nostr:npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvr!
WHAT ABOUT STRIKE FEES?
I based the estimate of spot price on the total cost to the buyer which includes the fees.
Maybe difference is a Strike?
fee..
No, the fee is included in the $4.99. Primal openly charges a premium because of in-app purchase policies.
Yikes. I mean, they have to profit from something, but 17% is way too steep.
It’s not really a profit for Primal though. Apple charges all app makers a premium on in-app purchases, so they adjust their prices to make up the difference. It’s the same reason a subscription to X costs so much more in the X app compared to buying it directly on the X website.
Right, but Strike also pays these 30%?
While you buy from Strike in their app, you don’t buy from Strike using Apple in-app purchase. Hope that makes sense.
In other words, no. You only pay the fees that Strike directly controls. “In-app purchases” are an Apple feature and subject to Apple policies.
Yeah, it does. Not sure how do they evade it, it doesn't matter. If that's the case, I don't see the issue with Primal if they have to pay Apple and are transparent about it.
There’s no issue with it. I was just responding above to someone who asked about the cost difference between the two.
I see that now. I landed here from a different place. 😅
https://primal.net//e/note1q99qj047wax2mw88nlsuzyhff9ffvft0ge7na57h4veyxmp52ffsmusp3e
Yea he’s a big Primal hater. It’s comical.
People gotta eat
Does Primal require KYC?
Non-KYC sats often have a 12-20% premium.
You are purchasing using Apple’s in-app purchase feature. Not sure what info Primal gets when you make a purchase, but whatever KYC info you have to give to Apple and the associated bank for your card would be tied to that purchase on at least Apple/Bank’s end.
Working out what the price of a whole bitcoin would be, is asinine, since that would never play a part in which way your purchased.
It’s roughly 4200(almost 1000 sats per dollar) for primal and 5000(exactly 1000 days per dollar) for strike. I would have no problem spending the extra 80 cents to have it done quickly instead of jumping through hoops by using differ apps and moving it to your primal wallet, which was what my whole comment was about.
TL;DR it’s not worth. Using hem through strike and transferring, at least not for me.
The price of a whole bitcoin is the exchange rate. That’s just how sats are priced when you buy or sell it ANYWHERE, which is why I mentioned it. Either way the percent difference works out the same.
I agree, I just like keeping things simple, lol.
And yes, it works out about the same, as I said in my previous response, I am ok with losing 17% of $5, for the convenience. Some may prefer the lower price and that’s ok as well, I’m lazy and try ti keep the amount of steps I go through, to a minimum. Haha
nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 makes it super simple if you want to swap to dollars (or pay bills in sats), but concur with checking out nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8 ’ guides for more info on wallets and everything Bitcoin in general.
Highly recommend learning how to acquire some sats that aren't tied to your public info.
KYC is the illicit activity.
Remember, as much as you want to believe bitcoin is money, the reality is that you are dealing with cryptography. So that means storing a private key in the form of 12 words. I know to you they are just twelve words, but in cryptography, it's actually a very special number that only you know. The moment that number escapes you, or leaked, is the moment your money is lost forever. Welcome to self sovereignty. It would take someone longer than the end of the universe to guess that number.
Amazing! Biggest decision is to get sats/Bitcoin that are “anon”/noKYC or get them that can potentially be tracked via KYC rails.
Most Bitcoiners have both but better to move to no KYC over the long term.
BTC Sessions is best single resource to learn.
Keep searching and asking on Nostr and congrats on tapping into your empowerment!
GM PV 🤙🏻🫂💜
For simplicity and ease of use, I'd recommend using Strike to buy bitcoin. Once you own enough bitcoin that you'd be sad if it went away, then you may want to look into what's commonly called a hardware wallet, such as BitKey.
My man nostr:nprofile1qqspnzgrfett3asxcuj0gksje6z2zxzpvgd27uvz58m9vsuqh8zzw6cpr9mhxw309a382emdv9hzumt8w4ujumn9wsargwp58qq3vamnwvaz7tmzv46xztnwdaehgunfdshxxctdqydhwumn8ghj7en9v4j8xtnwdaehgu3wvfskuep0w3hku7gpewmsc has a plethora of YouTube videos available on self custody, different wallets, etc. check him out.
For larger amounts, nostr:nprofile1qyx8wumn8ghj7cnjvghxjmcpz4mhxue69uhk2er9dchxummnw3ezumrpdejqqgp4kg7dqtfdwhj4em3clhhzd0yz78g460y4szqqkp9smghdkaghaglmys9t and nostr:nprofile1qy2hwumn8ghj7etyv4hzumn0wd68ytnvv9hxgqgdwaehxw309ahx7uewd3hkcqpqex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jqjrm2qp are awesome places to buy. Then eventually move them out of there into a safe place for long term storage.
GM
Check out nostr:nprofile1qqsrmqhg7mxxczt9gjln8ey8tgpl2cq2elm7c3n7z59pe3m395s5mjgpzdmhxue69uhhwmm59e6hg7r09ehkuef0xe68rm, great for your newbie questions
Thank you 🙏
GM here’s a resource for obtaining more satoshis. 🤙
Very cool watching you figure this all out - you're crushing it! There will probably never be a better time to have all these experts helping the new folks, beautiful thing to see.
I agree. So freaking grateful. I literally feel like i made a bunch of new really smart helpful friends. When does the warm welcome wear off 😂
So many OG folks have been called crazy for so long that when someone new "gets it" its just a magical win-win. So I think you are good forever 🎉
Oh, just don't play with shitcoins - that one will bring the heat😀
Screw all that stuff everyone is posting.
Don’t worry about connecting Bitcoin (the sats and zaps) at this point. Just enjoy Nostr. Consider the wallet an add-on feature to Nostr. You have an account, so you’re set.
Don’t even worry about the wallets for at least a couple of months. Get comfortable to posting and engaging for now.
Just save your 12 words and have fun!
You must be joking. A noobie user can hookup an ecash wallet no problem and benefit immediately.
Sure. But why worry about that on day one of using Nostr? It’s not necessary to use the app and I would think you can see that spending time looking through the vastness of options of both apps and wallets and then funding the wallets before they experience the value Nostr has to offer can turn casual users off. When I first tried Nostr, I thought it was a shittier version of X with nobody on it. After more use, and exploring other apps like Wavlake and Fountain FM, the real value clicked. The wallets and zapping added value by allowing me to feel more part of a community, and show my support for those who are creating value. But that is not a day-one task.
BC zaps are the killer feature of nostr.
There’s probably an opportunity then for someone to pursue creating a client that automates the whole process soup to nuts with just a signup.
We’re still in the equivalent of assembling-computers from-kits stage.
They did, it's called primal, but the client is insecure because you have to paste in your nsec
Also, there is an ecahs project where your npub automatically recieves ecash when you login but the client has to enable it right nostr:nprofile1qqs9pk20ctv9srrg9vr354p03v0rrgsqkpggh2u45va77zz4mu5p6ccpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgkwaehxw309a5xjum59ehx7um5wghxcctwvshszrnhwden5te0dehhxtnvdakz7qrxnfk
Strike has the lowest fees.
For larger amounts get a Bitkey if you're not too technical. If you are, get a Cold Card Q.
Expect the value of your bitcoin to be worth 10X more than it is today.
If losing that amount of money would be disasterous to you, consider using Unchained for a 2-of-3 multisig wallet. If you lose 1 key, they can help your
recover.