What can you do with Subaccounts?
Thousands of @Alby Hub runners may share their Hub through subaccounts with their friends. The Friends & Family app in the App Store of your Hub makes the management super simple. The end result being a much higher level of decentralization on the lightning network than we have today, while still allowing seamless onboarding of new users without them having to understand about channels, liquidity, or even the first thing about bitcoin or lightning.Subaccounts can also be used to better manage your activity and balances across apps - you'll only see transactions made by that app rather than your entire wallet, and since NWC allows apps to not just pay, but receive - you can easily see earnings from your activity on a single app.
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278 sats \ 0 replies \ @thebullishbitcoiner 13 Nov
Bullish on subaccounts.
I’m looking forward to the cool applications of it aside from sharing liquidity with friends and family.
For example. @rolznz used a subaccount for his donation feed in the Sat Parity Tracker app.
He said there might be a special “isolated” app added to the hub, but it sounds like it'll be similar.
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233 sats \ 0 replies \ @BlokchainB 13 Nov
Yay!!!! No more LN bits complicated setups ahaha
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11 sats \ 11 replies \ @Solomonsatoshi 13 Nov
Using custodial LN wallets in comparison Albys network fees are considerably higher than coinos.
For example 555 sats sent from coinos LN wallet - zero fees charged.
whereas to send a 1 sat payment (for a comment on SN) from Alby wallet cost 1 sat network fee while a 2100 sats payment from Alby incurs a 17 sats fee.
Why are Albys network fees so much higher than coinos?
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32 sats \ 10 replies \ @Rexdentron 13 Nov
Routing fee... duh
If you want it to be cheaper then make your own path by opening a LN channel to your endpoint to minimize hop
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0 sats \ 0 replies \ @nym 13 Nov
Good question.
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0 sats \ 8 replies \ @Solomonsatoshi 13 Nov
I am no tech person and coinos does all that routing for me for much cheaper than Alby.
Why does Alby charge so much more in network fees than coinos?
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0 sats \ 3 replies \ @nichro 13 Nov
Custodial options (coinos, WoS, ...) will be cheaper because they have giant nodes with channels to a ton of other nodes, big and small
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30 sats \ 2 replies \ @Solomonsatoshi 13 Nov
But I am talking about my custodial Alby wallet.
That's what I am using.
Why are the Alby network fees so much higher- like for like?
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21 sats \ 1 reply \ @nichro 13 Nov
Oh thought you were comparing running own node vs custodial.
My bad.
Good question. Some variation is expected, but not sure about Alby specifically. Could be many factors. Maybe they have less channels, less efficient routes. Also depends who or what you zap.
It's a fair question, but the answer is likely multifactorial. It's less straightforward than comparing spread rates / prices / fees at exchanges for example where it's just a business decision from the top down.
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21 sats \ 0 replies \ @Solomonsatoshi 13 Nov
Speaking of spreads looking at the Alby platform option of topping up your account it takes you via another provider to buy sats and it looks like about 1% fee over market rate.
It was hard to exactly calculate the margin in part because price is now quite volatile.
Alby looks like a very professionally presented platform but also definitely more expensive than some of the alternatives.
There's sure to be a place in the market for many different styles of wallet and more competition is healthy.
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0 sats \ 3 replies \ @0xbitcoiner OP 13 Nov
Maybe coinos are attracting people?
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0 sats \ 2 replies \ @Solomonsatoshi 13 Nov
Maybe Alby are overcharging?
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2 sats \ 1 reply \ @0xbitcoiner OP 13 Nov
Maybe. It's the market working, people decide!
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11 sats \ 0 replies \ @Solomonsatoshi 13 Nov
Yes that's exactly why I raise the issue of the network fees being charged so that we can have an informed market where we can choose which provider to use.
From my own experience Alby did have better liquidity on certain routs but coinos is far cheaper in terms of network fees.
So I am using both, but mostly coinos as the network fees are negligible in comparison.
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168 sats \ 2 replies \ @Rsync25 13 Nov
Wow! We need to more wallets with this functionality
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100 sats \ 1 reply \ @0xbitcoiner OP 13 Nov
Yep! I think this feature will help a lot onboarding people.
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0 sats \ 0 replies \ @Rsync25 13 Nov
exactly
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0 sats \ 2 replies \ @sangekrypto 13 Nov
Does that mean the Alby app is free to use? and can it connect anywhere?
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0 sats \ 0 replies \ @Alby 19 Nov
Everything at Alby is free, except for our Cloud service, where you pay us to host Alby Hub on our premises (and maintain, update, back up, give additional perks like premium support, partner discounts etc)
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0 sats \ 0 replies \ @0xbitcoiner OP 13 Nov
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