Transfer your fund from Wallet of Satoshi immediately! \ stacker news ~bitcoin

I personally use Phoenix. Transaction fees to send first Sats are pretty high. But they're mining fees, structure for in app fees is there https://phoenix.acinq.co/faq#what-are-the-fees.

100 sats \ 3 replies \ @Catcher 28 Nov 2023

This blog post even didn't get the date right. Most of the people are not ready for self custody and get surprised by the heigh fees of their 1st transaction to Phoenix. Custodians should and will exist for small amounts and ease of use.

11 sats \ 2 replies \ @Marconius_Solidus OP 28 Nov 2023

Thanks for noticing that, I've no idea how it got it. Changed it.

But most people weren't ready for Bitcoin and still it evolved from storing private keys on Linux Laptop to HW wallets.

Most people are not ready for self custody, but that doesn't mean that we shouldn't encourage them to do so.

I believe that Bitcoiners should be more educated on LTN.

Yeah, promise of instant payments with almost zero fees is just marketing.

Or maybe LTN is just failed project, like some say.

My message is here to people to encourage people to self custody their coins and use FOSS solutions only.

0 sats \ 1 reply \ @Catcher 28 Nov 2023

I don't think it's a failed project, I just think in the future you will have to choose one of the custodians cause it's the most frictionless way. Or maybe you will even have L3 at this point, like CashU. Personally I run my own node, but I have direct channel with WoS and I top up my WoS account form time to time for zaps and other small payments. I'm not a commercial node operator, so my channels are simply not good enough and sometimes path is too long, fees are heigh, HTLC get stuck, etc. So having an ease of use with bit of trust with a risk to lose 20-30€ - I'm ok with that. Maybe we end up local custodians / LSP in the neighbourhood so you will trust them with small amount of sats for ease of use and if something happens- you know where they live:) kinda Fediment approach, as I understand it.

1000 sats \ 0 replies \ @SpaceHodler 28 Nov 2023

I have 29k sats in my WoS.

The idea of starting an LN node and paying 30k sats to open a channel doesn't seem very appealing.

I understand why you'd want that if you're a merchant. But for me it's play sats, like sats I withdraw from SN.

When I occasionally get more, I move them to Liquid and once I have let's say 1m sats there, I move them to the base chain.