Can Users Hodl with Lightning? \ stacker news ~lightning

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926 sats \ 17 comments \ @Krv 4 Jan lightning

Considering the potential for persistently high fees on the mainchain, which might pose challenges for many users, how can less affluent users hold onto their funds? Is hodling through the Lightning Network even a viable option, at current time? Via noncustodial tools like Phoenix, Greenlight, or LSPs, or others? I'm mostly thinking of people in fairly poor regions. Are they without any hodl solutions at this time with high fees on the mainchain?

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127 sats \ 2 replies \ @FallingD02 4 Jan

I like the idea of @DarthCoin: be your own bank with at least 3 chests, two on the main network for medium and long term, and one on the lightning network to be able to move quickly when you have to make payments.

0 sats \ 0 replies \ @OneOneSeven 4 Jan

Yes, these guides that I got a lot out of.

Deposit Only Bitcoin Wallets Be Your Own Bank How To Build Your Bitcoin Cold Wallet

0 sats \ 0 replies \ @TNStacker 4 Jan

https://m.stacker.news/10665

0 sats \ 0 replies \ @OT 4 Jan

It's not ideal to have these high fees before we have better scaling solutions.

Custodial LN is most likely going to be the default for tiny stackers.

Once they have a sizable amount it would be good to get them on chain holding their bitcoin safely.

0 sats \ 1 reply \ @Krv OP 4 Jan

I've used the Phoenix wallet and backed up the seed. They open a channel for you some how and fill the liquidity to support funds you add. They claim that only I have the signing keys, so they can't spend the funds. Imagine I put my cell phone in a drawer and don't use it for a year. Will the funds still be there? I hear about issues with forced closes. Would that likely happen during that year period?

10 sats \ 0 replies \ @02bcd3eeb0 4 Jan

https://phoenix.acinq.co/faq

0 sats \ 0 replies \ @phatom 4 Jan

If I'm doing so with my sats then you too can do it

0 sats \ 0 replies \ @faithandcredit 4 Jan

hodling is a 2013 thing

0 sats \ 0 replies \ @TheBTCManual 4 Jan

I would imagine something like Fedimint would be attractive to those who are extremely fee-sensitive, and might not be technical enough to hodling on LN or handle cost some channel open fees, and rebalancing, with the federation managing it i'm sure they can pass on those expenses across a larger group from both on-chain and LN, and drive more transaction density

0 sats \ 0 replies \ @fedelang 4 Jan

there is no hodl off chain.

0 sats \ 0 replies \ @TNStacker 4 Jan

It is part of a comprehensive strategy and helps to non-kyc your KYC says.

0 sats \ 0 replies \ @piecover 4 Jan

Yes

0 sats \ 0 replies \ @030e0dca83 4 Jan

If HODL means long term saving - lightning isn't the best option. You should always be online. If it's custodial wallet it's the same as you use exchange to HODL

0 sats \ 0 replies \ @fred 4 Jan

YES hodling in Lightning is very possible as I hold a lot of sats on my noncustodial wallet as a means to stay off the high fees of Bitcoin Network

0 sats \ 0 replies \ @smuglydawg 4 Jan

I want to add to this question since I know some that are starting out and having been able to collect a few satoshis with ZBD, Fountain.FM and SN. Good on-ramp to start the journey but it’s still holding on the LN.

Also, I believe they are all custodial based but after a certain amount it might be worth pooling and moving to noncustodial wallet or figuring out the cost to move to a main network.

510 sats \ 1 reply \ @deletedd 4 Jan freebie

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0 sats \ 0 replies \ @vindard 4 Jan

This isn't a problem if you open the channel and never receive on it (only send). There's no "prior state" that's disadvantageous to you.

Your only risk at this point is if your channel partner decides to force-close since you would pay the onchain fee as the opener. Can maybe be mitigated if channel partner provided an "offline channels" service where they open the channel, simultaneously push all funds to your end, and commit to not closing it.