What does the perfect, normie-friendly bitcoin (hot) wallet look like?
#asknostr
Discussion
That's a loaded question..
Trust wallet?
Mycelium?
Zeus???
Blockstream Green?
Anything else is full of concerns...
I mean just thinking from scratch - feature, UI, UX wise
The fact that the question exists, is proof of the necessity for something like this and the fact that it does not exist.
âDo not try to bend the spoon. Thatâs impossible. Instead, only try to realize the truth: there is no spoon.â
At some point you decide to become one with Bitcoin or you don't.
Trust is full of concerns. Please don't ever recommend it.
I don't.
That's why I said its a loaded question and included question marks meaide it.
Not Zeus, unfortunately
Normies ainât gonna manage channel liquidity
I suggest either Aqua or Blue Wallet.
Aqua for beginners because it's so easy to navigate. It can receive Lightning & Liquid (stored as Liquid) plus on chain payments. Liquid swaps easily to onchain inside the wallet.
Blue Wallet can be used by beginners or advanced users. Easy enough to setup for basic beginner use as a send and receive hot wallet. But has many bells and whistles hidden away.
Eg. has Plausible Deniability setting so that you can log into a different wallet if under duress. It'll also import watch-only wallets which you can use with your HWW signing device.
Bitkey is pretty easy
Green Wallet with seed offline.
probably bitkey ?
Too bad I canât get one :(
As much as I like Bitkey for its simplicity, somehow it feels it could be fleshed out better.
As some have pointed out, you canât consolidate your funds with it, ie you canât send to yourself.
Itâs super simplistic (which is a good thing, but not always) in things it can do. I mean, ok get it, itâs Bitcoin only so all kinda trade functions are probably difficult without any exchange behind.
But it seems to be geared on for daily use (with the mobile pay option, which I like - and never used) but then it really needs to support Lightning. Nobodyâs using on-chain for small purchases that mobile pay enables.
Running our own lightning node, I canât imagine how it would scale on Bitkeyâs installed base. Then you have the liquidity nightmares that necessarily come with it (especially if/when you donât charge for it, see phoenix which I like to like but canât like as it just simply doesnât work for me)
Due to the lack of lightning offers, I often use ETH nowadays :-(
nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m surelyâd have the means to equip Block with said means to run lightning for all bitkey users without charge, but will they do it?
I love lighting and wish more people would use it and more services would accept itâŠ
I'm curious about it, doesn't it have to go through a server from the client to make the request? Other than a bitcoin node? Is the daily limit functionality opt-in or opt-out? I'm a bit sketch out by that. But then again, the original post is asking about a hot wallet setup.
Sorry didnât see this.. you can set the daily limit, I think down to 0 and up to 200
Itâs a 2/3 signatures transaction. You are holding two keys (in the Bitkey and the Phone App and Bitkey holds the third key.
Any two out of three keys can sign a transaction.
Ie. For the daily thing to work, it needs Bitkeyâs servers to cooperate as youâre just using your phone and bit keyâs key for signing off the transaction. Hth
Right but isn't that making a request to where that Bitkey key? So if their server goes down that you can send as much as like? Would it prevent funds from being sent?
Sorry if my answer was confusing.
There are three keys
In the Bitkey device
In your phone storage
On Bitkeys servers
Any two of them TOGETHER can make a transaction.
The daily limit transaction uses your phone storage and the Bitkey server key. This needs Bitkey server cooperation.
Since two out of three signatures are required, Bitkey server signature alone is not enough. They always need you to also sign it (with the phone storage key). This is just for the daily transaction thing where you might not have your Bitkey device with you
Normally, the Bitkey hardware and phone storage key is used to sign a transaction. All should happen on the phone with help of your Bitkey device (you need internet for the blockchain access of course, I believe via electrum server)
Bitkey themselves cannot access your funds, no. They only have one out of a minimum of two required keys to sign a transaction.
Coinbase, considering they are the custodian of BlackRock and they have a debit card that allows you to spend BTC anywhere, and you earn 5% APY on USDC.
Most older people are invested in blackrock, and know it, so mentioning that they trust Coinbase with crypto assets may increase their trust in it as well.
The earning rate on USDC is crazy and blows any tradfi bank out of the water. I donât hold any because Iâm a bitcoin maxi but itâs still impressive.
Wow 5% I wonder how thatâs possible ⊠sus
Iâm assuming, much like a traditional bank, that they lend the USDC you hold with them. Iâm not sure how it works, but I know it does.
I was holding a few thousand as USDC before I decided to put almost everything into BTC in cold storage.
You also only get paid interest on up to $30,000. This prevents people using it like a retirement account
#Aquawallet ?
Can do #liquid, #bitcoin and #lightning.
WoS was the closest to it, heard a lot of the US folks reminisce on it, that others don't come even close
A coinbase account đ
Jk, Nunchuk single sig
Blue wallet is my default response but proton wallet for a complete normie wouldn't be a bad call
In terms of lightning, that'd be #LifPay now (used to be WoS)
Hey! A perfect wallet should be super easy to use, like a simple app. It should keep your coins safe, and maybe have cool features for tips and spending. Excited to see! đ
Slightly disgracing. I think the best way to cover the risk and take some profits when bitcoin goes high is to use Jade wallet and convert a portion of your btc into Liquid btc and then covert them into liquid USDT . It is very private and with minimal transaction fees. what say Karnage?
I donât trade nor take profit so⊠no comment