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I'm just starting my btc journey... I've heard about Coinjoin for on chain Utxos in Sparrow and Samourai wallets.. But Joinstr is it supposed to do the same on the main layer or in lightning network? What about the fees?
Thanks
No worries we are here to share and learn. Joinstr is primarily designed for on-chain Bitcoin transactions, similar to CoinJoin implementations in wallets like Sparrow and Samourai. It is not specifically tailored for the Lightning Network, which is a separate layer on top of the Bitcoin blockchain designed for faster and cheaper transactions.
Regarding fees, the fees associated with Joinstr transactions will depend on various factors, including the current network congestion, the number of participants in the CoinJoin, and the wallet or service you use. CoinJoin transactions often involve multiple inputs and outputs, which can make them larger in terms of data size compared to regular Bitcoin transactions. As a result, they may have higher fees than standard transactions.
The privacy benefits of CoinJoin, which Joinstr provides, can be valuable to users concerned about the traceability of their Bitcoin transactions, and while the fees may be slightly higher, the increased privacy and anonymity can outweigh this cost for some users.
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There is only the miner fee (and the Nostr server if it is not free). No extra fees, no extra payments. Just the minimal needed for doing what is done.
It's a decentralised system that provides privacy almost free for everybody. Support the project 💪