Nostr Web Client

I'd encourage you to use Phoenix if you like a mobile experience. You can still (for now) use Alby's lightning address, but then transfer your Alby wallet balance to Phoenix on occasion so that you'll maintain custody.

Transferring will just mean generating an invoice in Phoenix and paying it with your Alby wallet.

Transfer on a regular basis so that you wouldn't be hurting if you lose access to the funds held on Alby. That amount is probably around the amount of cash that you'd be feel comfortable carrying in a physical wallet/purse.

Nika 2y ago

That makes a TON of sense! Thank you!

So, the sats I have on Alby should just be the amount I plan to use regularly for zapping and such, and no more.

The sats I put into a wallet like Phoenix would be what I want available for short-term spending, or building up a bit until I put it into long-term savings.

And the long term savings would be the multi sig cold card thingy that @npub149cpdh5zsuc2ca3k2avegzmjskgm6cc3p252la00nevmn78wxcestjtnsg was talking about.

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Discussion

Mr. Sat Stacker 2y ago

Yes generation sats to unchained capital multisig solution, as an example, imho.

Jestopher 2y ago

Yes long term savings should go to a more secure setup.

Imperfect analogy, but useful:

Cash in wallet --> Checking Account --> Savings Account

The unchained vault is a nice option for inheritance and white glove service, but in the interest of starting simply and learning along the way, I might point you to Sparrow next for a cold storage setup. You can use Sparrow with a hardware wallet like a Ledger, Trevor, or a Cold card.

For inheritance, be sure to keep a backup of your seed phrase and list a trusted contact for loved ones to reach out to for technical assistance.

CuratedNSFW 2y ago

If you are planning to take this kind of three tiered approach, here would be my recommendations:

Tier 1: SMALL balance for zapping and receiving zaps with a lightning address.

Alby - It is custodial, but has a lot of convenient Nostr integrations and you should be clearing out most sats from it into your Tier 2 wallet every week or two.

Tier 2: Medium balance for occasional spending and building up before transferring to cold storage (savings).

Muun - If you will predominantly be receiving funds into this wallet, then Muun beats Phoenix, since you will usually see the higher fees in Phoenix when they need to increase your liquidity to allow you to receive funds.

Phoenix - If you will be spending and receiving more or less evenly, then Phoenix may be the better option, as you will usually see the higher fees in Muun when a channel must be opened for you to spend.

Tier 3: Large balance, but highly secure, on-chain wallet with private keys held in a dedicated signing device. Software: Sparrow - This is wallet software you download on your PC to view your balance, your individual UTXOs, to generate receiving addresses (NEVER reuse the same address), and to create transactions when you want to send.

Hardware: ColdCard Mk4 - There are plenty of good signing devices out there, but the ColdCard is my favorite for a number of reasons. Sparrow wallet has a guide on how to set up your wallet with a ColdCard here: https://sparrowwallet.com/docs/coldcard-wallet.html

Only you can really decide what you consider a Small, Medium, and Large balance, but here's my general rule of thumb:

Tier 1: Less than 100k sats

Tier 2: Less than 3m sats

Tier 3: Minimum 1m sat deposits each time. You don't want a bunch of small UTXOs.

*These amounts are likely to change as the price changes this cycle.

It's great to see you progressing in your Bitcoin journey. Please keep asking questions!