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Are we at the point where it’s safe to setup a fedimint to onboard friends and family to Bitcoin?

I love giving away sats but I really don’t like “wasting” sats.

At least with a fedi instance you can recover people’s coins easily and when they’re ready they can withdraw them into their own custody without your help.

The problem with uncle Jim mode is it doesn’t scale with the amount of time and energy you need to spend with everyone when they have questions.

I want to be able to onboard thousands of people in a way that I know they are not going to lose their keys or their seed phrase.

It seems like with a fedi instance you can give like Santa and save like Scrooge.

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Discussion

ODELL 1y ago

NOPE.

Brad Mills 1y ago

Dang … wen

sauna 1y ago

Very cool use case.

calle 1y ago

you can use cashu: set up mint, connect to Lightning node, done.

Brad Mills 1y ago

Is it ready for HODLing for 3-5 years ?

calle 1y ago

You're in control of the Bitcoin, they hold ecash as a claim to their share. If you can hodl the Bitcoin and keep the mint running, they just need to store their ecash seed phrase, while also being able to use any Cashu wallet to make payments.

₿k 1y ago

I make them receive Bitcoin in Strike and when they are ready with a good enough stack, transfer them to Bitkey.

I gifted them Bitkey and helped them set up Trusted Contact (to prevent Bitcoin loss).

Felix 1y ago

You can setup a fedimint and use it with the fedi wallet today, works fine. The setup is a bit tricky though as there isn't too much docs yet.

If you want to run it alone as single custodian a cashu mint is easier.

You still have to keep track of how many sats you gave to whom as there are no user accounts. This also means people could scam you by claiming they lost access when they haven't.

Great benefits of these setups for the gifting use case is that you can easily print the ecash on paper and hand it over.

nout 1y ago

I was wondering the same - my idea: running a node and then have lnbits with accounts and connect it to some mobile wallets, like Alby Go.