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0 sats \ 2 replies \ @jakoyoh629 25 Nov 2023 \ parent \ on: What you need to know about ELECTRUM WALLET - bitcoin
I was using a custodial wallet and decided to install this one. At first glance, it seems simple but has everything I need. I have a basic question: to be able to send and receive satoshis on this wallet through the LN, do I need to open a channel? To open a channel, do I already need to have some satoshis? And finally, to receive satoshis, is it enough to have my phone turned on with the app in the background?
do I need to open a channel?
Yes. Any LN wallet must have a LN channel open in order to be able to operate over LN.
To open a channel, do I already need to have some satoshis?
Yes, Electrum is a self-custodial LN node so that means you need to open a LN channel, is not like any custodial wallet, that already have the LN liquidity open for their users.
to receive satoshis, is it enough to have my phone turned on with the app in the background?
Yes, is enough to just open it, no need to keep it all the time online.
But keep in mind that for receiving you need to have inbound liquidity too.
In Electrum case, to obtain that inbound liquidity, you will need to "make space" in your LN channels first. That means to spend something, or use a swap to move out (to another of your onchain wallets) a part of your liquidity you have in Electrum LN channels.
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Thanks
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