Replying to Avatar BTCapsule 🏴

Bitcoin in cold storage is like a savings account

Bitcoin in a lightning wallet is like a checking account

Setting up and using these features is much easier than using a bank. You don’t even have to leave your house, and nobody can stop you

Then we have Bitcoin itself, the greatest money ever discovered. Even if technological innovations didn’t make Bitcoin easier to use, it would still be the greatest money in the universe
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Bigcricket 2y ago

I only understand the basics of lightning. Do you still need to have direct buyer to seller channels to retain custody?

Basically what I mean is, do we "need" custodial channels to facilitate spur of the moment purchases with vendors we dont have channels between each other?

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BTCapsule 🏴 2y ago

I’m also not an expert of lightning, but I don’t mind keeping some spending sats on a custodial wallet. If you need to add more sats, it only takes a few minutes.

Maybe lightning as a checking account isn’t the best analogy

What I like to do is keep a majority of sats in cold storage as a savings account. Put some sats on a non-custodial hot wallet, and then refill my custodial lightning wallet from my hot wallet whenever I need to

So the hot wallet is my checking account, and the lightning is more like cash in my pocket

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Bigcricket 2y ago

Sounds like the smart plan. I like the checking account comparison. It works.