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1171 sats \ 2 replies \ @DarthCoin OP 9h \ parent \ on: Bitcoin Beginner Saloon #2 bitcoin_beginners
Electrum is one of the oldest and most strong wallet apps ever existed in Bitcoin. I use it from day one and I still use it.
Depending on the user use cases mostly. But now that they have also LN integrated, it can be also a daily driver wallet app.
Indeed the mobile version is not so friendly and fancy as many want, but old bitcoiners like me doesn't care about fancyness, but looking more to utility and stability. And Electrum was always a beacon of stability. Very few times in its history had fatal errors or clunky and dysfunctional processes.
I would say that if you use a lot bitcoin on a desktop machine, Electrum MUST be your companion. For mobile version just sporadically or emergencies.
The LN implementation works excellent and with the swaps integrated is all that you need for a private LN node. Is simple and intuitive, without any bullshit. Now is even ready for nostr use.
So yes, the ideal use will be for somebody that do not want/cant to run a desktop LN node is perfectly fine. And I mention it in one of my guide about private LN nodes and how to use it.
Electrum is not really much different than Zeus or Blixt, in the LN terms. You can open the same LN channels as in Zeus and Blixt.
But yes in Electrum you have 2 modes of using LN: using trampoline channels or regular LN channels. But you cannot use both in the same time. Ah damn it I forgot to talk about trampoline channels in may recent guide on SN about LN channels types.
The best explanation of these trampoline channels is here:
https://www.voltage.cloud/blog/what-are-trampoline-payments-on-lightning-network
And here is also a list of peers that support these type of channels:
https://lightningnetwork.plus/node/03ecef675be448b615e6176424070673ef8284e0fd19d8be062a6cb5b130a0a0d1/node_channels
The other difference between these types of LN nodes, is that Electrum do not use neutrino to sync and read the chain blocks. It uses an Electrum server. That means you will have to connect to your own EPS/Fulcrum or use a well known public one, but be sure you are not leaking your IP/identity, so Tor/VPN will be required. But if you connect to a friend node, will be another trust level and no need for Tor/VPN. Now there are many local communities that offer these kind of servers for their members.
With Electrum yes there's a problem when connecting to a random public Electrum Server / Fulcrum. So as I said before Tor/VPN is required.
That's because Electrum is not showing you directly the channel reserves and commit fees. I wrote a quick guide on Blixt FAQ page about this aspect that apply also for Electrum: https://blixtwallet.github.io/faq#balance
Very good question!
In fact Electrum can be used on all three stages... but mainly for the "cache" level, the middle level where you do all the funds management in/out.
It can be used also for hodl/cold together with a TailsOS or just as a watch-only/deposit.
Electrum is really powerful if you know it better and can help you organize your funds, UTXOs, LN channels, liquidity etc.
I wrote about these scenarios in this guide:
https://darth-coin.github.io/wallets/lightning-cleaning-machine-en.html
A TLDR: you can use Electrum as a buffer zone to receive sats from many different sources, small or large amounts, KYC sources or non-KYC, it doesn't matter. You are using a disposable wallet anyways.
You receive, accumulate the amount you are willing to re-distribute and then compartmentalize it in many different UTXOs and LN channels or move liquidity through LN, make swaps etc.
That's why I said that Electrum MUST be your desktop companion.
I hope this mini guide explained most of your questions.
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Trampoline channels are really underrated but we still need more providers of these channels. I see improving it in time.
Definitely Electrum must be an app used for any user that call himself bitcoiner.
Thank you for asking about Electrum, maybe like that more stackers will read this mini guide and start using Electrum too, among other apps.
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