Muun is just a horrible wallet in every way. Donāt make the mistake of even downloading it.
Discussion
Well my btc is there, now what? Phoenix sounds complex.
Phoenix is a little tricky because you have to pay channel open fees to receive when you first start. Itās not a bad wallet, but itās useless for zapping. Iād still rather use WoS or LightningTipBot because at least you can talk to the developers here on Nostr. If you want to manage your own sats, run a node. Otherwise just keep a minimal amount in custodial Lightning wallets and the rest in on-chain cold storage.
Got it. I just want a wallet I can rely on and forget about lol. These all seem sketch and complex. Losing funds, paying for service, ugh. Maybe Iāll just figure out paper wallets. Iām a simple guy and this is complicated lol. Happy to be stacking though. Just scared Iāll lose it all.
Lightning it's more tricky than onchain. I personally keep my btc in cold storage and just keep a small amount in WoS, they have your funds but it's ok and the easiest for beginners, if something happens to WoS I'm ok if I loose 10 usd or something. Most ppl here in Nostr go with WoS for some reason. But try a few and check which one you like most, but in my opinion avoid keeping a big ammout in a LN wallet.
I use Phoenix for sending zaps and Lightning Tip Bot for receiving zaps. When I have a good amount of sats built up on the tip bot, I send it over to Phoenix.
It's a little convoluted, but it's how I stay fully self custodial.
I donāt know anything about Muun but the name alone was enough to put me off of it
This hasnāt been my experience at all with Muun.
You experience has been ok?
Mine has been fine. You just have to use each wallet for what itās good for. Muun isnāt a great lightning wallet. Breez, Phoenix, Wallet of Satoshi are better for lightning. Muun is sort of a hybrid wallet. Your balance is on chain and it uses swaps to send sats from on chain to lightning and vice versa. Iāve seen some others post pretty wild fees, so as always your mileage may vary. Iāve just primarily used it as an on chain wallet for swapping in and out of lightning, and itās worked well for me for that.
Right. That makes sense. Maybe some are using it in the wrong way. I dont know. Im so new to all this. I was using Muun as a safe way to hold my btc until I get a hardware wallet. People were saying dont store on WoS. I bought my first small amount of btc recently and put it on Muun to be safe. Just looking for a good place for my btc until i figure out hardware wallet.
Wallet of Satoshi is custodial, so it is not wise to keep a substantial amount of sats on it. Up to each person what āsubstantialā means. Some are okay with more risk than others. For solely on chain mobile wallets I prefer BlueWallet. It gives you much better control over your funds and transactions than Muun. However, BlueWallet doesnāt perform on chain to lightning swaps like Muun does. So if you send from Wallet of Satoshi to BlueWallet on chain, for instance, you will pay whatever swap fee WoS charges. There are other swap services out there too but with all of them the fees vary, which is why Iāve used Muun for that. Best approach is to learn what each wallet is useful for and develop a strategy that works for you.
Piggybacking off this, Iāve found it fairly cost-effective to go from Lightning to Muun for an on-chain swap, then Muun to hardware, where you can set the miner fee.
Agree you have less (no) control over utxo selection with Muun, but since itās a submarine swap anyway (which I only partially understand) it gives me a sense that privacy is enhanced already. Well worth the slightly higher LN fees to send into Muun!
Lol I used to use Muun as a on-chain to lighting top up service.
Fees made that ridiculous.
Better to use boltz.exchange, fixed float, or some other means.
I believe (and I heard this a lot in heated exchange) that Muun is not a proper Lightning wallet. Itās does some on-chain transactions then does a swap thatās temporarily custodial etc.
I agree I think there are better starter hot wallets out there both on chain and layer 2.