LN has issues.
My biggest one is the utter complexity and inefficiency of locking BTC into the LN but then being disincentivized to return it to L1.
Swaps is the easiest method but I'm not convinced I like this in theory. Easily LN to BTC and vice versa is needed.
Don't want to be a backender or run a node full or pruned.
How does the Muun wallet do it? It seems that swap is effortless to my uneducated eyes đ¶đŸâ
Muun is pretty much an onchain wallet that operates via submarine swaps. Canât be called an LN wallet.
I see, thanks for the answer and explanation đ¶đŸđ«đ
Itâs actually quite complicated and to be honest didnât dig in that much, but there are heated debates regarding Muun and wether itâs model is ârightâ. It is convenient for the new user, but can unexpectedly overcharge + it introduces extra tension on the blockchain.
Submarine swaps. I want to know what's happening under the hood of these. I hope it's just not custodial funds being pegged and traded.
Interested in this as well.
Take a look at this high level explanation by #[8] https://thebitcoinmanual.com/articles/btc-submarine-swaps/
or this doc by LN labs: https://docs.lightning.engineering/the-lightning-network/multihop-payments/understanding-submarine-swaps
I guess WoS stays the best option for newbies. Canât expect the masses to run an LN node ..
True. But then the inconvenient true seems to be this is custodial.
Like... yuck.
Kinda defeats the ethos of Bitcoin.
WoS is great UX and all but I don't like the custodial nature of this.
Not your keys, not your coins. đ¶
I'm trying to learn as much as LN as I can and which wallets do what and what's under the good of each, without running my own node.
Totally with you on this!
Bitcoin Beach Wallet and Phoenix wallets too
Phoenix still needs you to have basic knowledge of how LN channels work, otherwise you can encounter an âunexpectedâchannel opening charge of 3k sats.
Another downside are fees. This is due to itâs noncustodial and trust minimised nature, yet I had to pay at least 1 sat for every zap. Itâs not much, but it adds up quickly.
Thatâs why #[7] is my number one zapping tool.
Needless to say that one shouldnât keep more than pocket money on custodial wallets.
So I believe a good setup (for mobile only experience) would be an open channel on Phoenix / Blixt , where you keep most of you LN sats and a one day worth of zaps on WoS. You can refill WoS from Phoenix on a daily basis paying minimum fees and use WoS for regular zaps paying virtually 0 fees. Moreover WoS supports NIP-57, which is a killer feature.
Bitcoin Beach Wallet is better in this way. Only phone number for registration. Good UX.
And lnbits.com (legend.lnbit.com) should be fine too
