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What is your use of the Lightning Wallet trajectory like?
216 sats \ 9 comments \ @cryotosensei 25 Dec 2022 bitcoin
I was keen to monetise my walking, so I downloaded sMiles, which paid me sats for my steps. At that time, I was new to the Lightning Network, so when sMiles allowed for instant synchronisation with The Wallet of Satoshi, that was the Lightning wallet that I chose. I think you guys also know that it’s very intuitive to pick up the ropes for this custodial wallet. I learnt how to use it in no time at all. However, there were two things that bothered me. One, sometimes it appeared that the Lightning Network didn’t register my transaction, so I had to try several times before I succeeded in transferring my sats from sMiles and Carrot to The Wallet of Satoshi. Secondly, no matter what time of the day I tried, I had to pay a transaction fee of 7000 or 8000 sats. I don’t know if I used it incorrectly but that was my reality - an exorbitant transaction fee.
Subsequently, one kind Internet stranger suggested that I use Muun. So this is the wallet that I have been using these days. It so happened that I stumbled upon Stacker News. Okay I think Muun is harder to grasp than The Wallet of Satoshi because I had to learn how to fill in the amount of sats and generate a Lightning Invoice before I could proceed with a withdrawal. But I soon got the hang of it, if I may say so myself.
Ever since I hung out here, I learnt that perhaps it would be wise to use a non-custodial wallet like Phoenix and Breez. I know Muun is meant to be a non-custodial wallet but it seems that some people feel that its protocol resembles that of custodial wallets? So I am toying with the idea of using a non-custodial wallet. Just to level up.
How about you? How many Lightning Wallets have you used before you settled on your current one? Or do you have many different wallets for different purposes or to mark different seasons in your life?
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25 sats \ 1 reply \ @Crizzo 25 Dec 2022
I'm looking at WoS disclosure statement trying to figure out how they are charging you 8000 sats.
https://www.walletofsatoshi.com/disclosure
By my math you would have to deposit 2.5m sats to reach that with the 0.3% fee. That's assuming you are funding the wallet with an on-chain transaction. If you are sending to the wallet via lightning it should be much much lower. They do not appear to have any surcharge for LN transactions, so fees should be very low unless you are sending huge amounts.
There's also a 4.9% tax for funding with AUD. Are they acting as a fiat on-ramp here? That was entirely unexpected.
Honestly I'm finding the short length of this disclosure statement very disturbing. There is no mention of any responsibility to users for being the custodian of their funds. If they decided to shut down and walk away with everyone's funds I'm not sure there would be any legal recourse. Not that I think they would do that, but I thought we were trying to minimize the requirement of trust in financial transactions with Bitcoin, and this seems to be entirely trust based.
I always felt like Muun was a bad option because the way they handle LN transactions I feel defeats the purpose of LN. However right now I'm thinking it looks like a great option if you want to do LN and don't have your own node. I never used LN before I got my own node, so I never really looked into this stuff much.
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15 sats \ 0 replies \ @cryotosensei OP 26 Dec 2022
I didn’t even know I could get my own node until I found Stacker News a week ago! Will do that in due time. I’m trying to absorb all the goodness of Stacker News first - information, leads, projects etc. thanks mate
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21 sats \ 2 replies \ @poe7645 25 Dec 2022
Currently using Muun as well, mostly for pocket sats. Although I do have Pheonix Wallet I use for lightning sign in on these platforms.
In your boat though. Thinking I have to experiment with others more until I'm finally settled as I learn more.
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21 sats \ 1 reply \ @poe7645 25 Dec 2022
One more observation, I just swept some sats from my Muun wallet back to Phoenix for a 2 sat fee. Sent 500 to Stacker for 1 sat. Yet if I want to withdraw on chain the fees seem much higher and less customizable than Muun. If sending to myself on chain I can lower my fee rate on Muun. If I'm not needing it included in the next block.
I sent an on chain transaction from Muun for about 400 sats at the lowest fee rate. Trying to send close to the same amount of sats from Pheonix to on chain is asking close to 3000 sats and im not seeing a clear way to lower fee rate.
So if I'm using Phoenix for lightning tx would I then be better off sending a payment to my Muun wallet before layer one settlement and withdrawing from there for a lower fee?
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5 sats \ 0 replies \ @cryotosensei OP 26 Dec 2022
Sounds like some manoeuvring between wallets will help you save some sats! Good luck n update us, please
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20 sats \ 1 reply \ @ama 25 Dec 2022
I use Wallet of Satoshi for small transactions and the highest fee I've been ever charged was 11 sat for a 100000 sat transaction. I also use Phoenix and Electron on my mobile phones, both non custodial.
As for the computers, I use Electron and Alby as a browser extension, which I also use for signing Nostr events on the clients I use on the browser.
I recommend all of them and, of course to get rid of Muun!
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0 sats \ 0 replies \ @cryotosensei OP 26 Dec 2022
Oh I want to try out Alby now! I didn’t know it has the dual function of wallet n Nostr. Thanks mate!
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20 sats \ 1 reply \ @BitcoinIsTheFuture 25 Dec 2022
I have Blue wallet, but also a cold storage device with multi-sig with Unchained Capital for larger amounts of Bitcoin. Helps me sleep soundly at night!
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0 sats \ 0 replies \ @cryotosensei OP 26 Dec 2022
Yes, a cold wallet is a must! Pardon my ignorance but could I ask why you didn’t go ahead with Ledger or Trezor?
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