The issue is two fold IMM. 1) adoption is low. BTC being SOV means adoption and POS use is low. LN network is too complicated and too many fail points or compromises. 2) Ppl still want to use banks and fiat. Deep down they want to trust big brother, not themselves.
BTC is rather useless in my city TBH.
To use LN in a non-custodial manner without a node you need 2 LN wallets. Wallet of Satoshi for recieving & getting BTC into channels, & then something non-custodial like Muun or Phoenix where you can keep most of your sats. All are very simple to use.
You can then add fold into the mix & save 4 or 5% on all Amazon purchases by buying giftcards & paying in BTC. Its less work than clipping coupons.
None of the basic stuff is hard at this point, it's just new & different. There's no way around that, but telling people it's difficult is not helpful.
Honestly you only need WOS if using it for the Lightning address. Otherwise non-custodial Phoenix/Breez and the like will work seamlessly without having to understand or manage anything.
Strike, Muun, and Wallet of Satoshi for the lnurl is working nicely for me so far. Would love to here other combos from plebs.
I was just using Muun for lightning but the fees can get crazy, like on-chain size lightning fees. I'm giving WoS a try
The problem is that L1 Bitcoin you send to Muun isn't actually on LN, so you ARE paying onchain fees to fulfill LN invoices. Everything you send to WoS is onboaded to LN automatically so you can send from WoS to Muun & it never leaves LN channels.
How do you settle your Lightning BTC back to L1?
Complicated. That's how. Use 3rd party software and run a "pruned" node etc etc... "Submarine swap" etc etc or swap it for BTC. Etc etc.
Lol. Way too complex for any common main street nocoiner.
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It's convoluted.
Using L1 is easy in concept and practice.
Going from L2 back to L1 in a direct way by closing the channel is bizarrely convoluted.
This needs to be fixed.
We will need to go from L1 to L2 seamlessly.
I believe this strongly.
Bigger blocks, batch transactions, different LN operability... Doesn't matter.
Not everyone can or wants to run a LN node etc and then pay high fees to open and close it.
It's not difficult or convoluted once you know what to do.
Lets say you have an L1 BTC balance at Swan or (god forbid) Coinbase. And you don't run a node, but you want that Bircoin on L2 in a LN wallet.
Open Wallet of Satoshi, tap recieve, tap on-chain BTC, copy
Go to Swan, go to withdraw, paste in BTC address.
Once the withdrawal is complete, all BTC will now be in WoS & on L2
You can now send to any other LN compatible wallet & your BTC stay on L2.
If you want to send back to L1, basically any LN wallet will also do that, WoS charges a small extra fee (which makes sense when onboarding), but most others only involve paying the normal on-chain fee to go back to L1, so I use Muun or something else to make txns back to cold storage.
If you have money in Strike or Cash app which both support LN txns then you shouldn't even need WoS. Any LN wallet will do.
assuming WoS is real . You don’t actually know cos it’s custodial and it basically poses the same custodial rug pull risk as coinbase
Where did I say leave anything in WoS? Don't leave it there if you're worried about that. You don't even have to leave it in a channel connected to WoS. Send from WoS to Muun, & then to Phoenix. I think the extra hop is unecessary, but it only costs a few sats & it's instant so whatever.
yeah your chat showed up in my thread, I interjected with some random bullshit thoughts, I’m not looking for a fight. I love you Jeff 😂
What are you talking about?!
You can send from muun or phoenix to Green Wallet any time. Done L1 Bitcoin secure & backed up with seed phrase.
If you want to go back to LN, send from Green to WoS & then either spend from there or make LN txns to non-custodial LN wallet.
Start small with other Bitcoiners.
