0 sats \ 0 replies \ @03daca0451 7 Jun 2023 \ on: LN wallets. Custodial or Non-custodial bitcoin
I generally prefer using non-custodial wallets to make the most of the network's advantages. Non-custodial wallets allow me to have full control over my funds and not rely on a third party to store my bitcoins. Additionally, they provide me with the flexibility to transact quickly and directly on the Lightning network. However, I recognize that everyone has their own needs and preferences, so some individuals may opt for custodial wallets if they value the convenience and security offered by service providers.
When combining a BTC Lightning Network node with apps of other cryptocurrencies on the same device, there can be potential problems:
1. Software Interference: Apps from different cryptocurrencies may conflict if they use shared libraries or dependencies. This can lead to compatibility issues and impact the performance or functionality of the applications. 2. Security Vulnerabilities: If one of the applications has a security vulnerability, it could compromise the integrity of other applications on the same device. It’s important to keep all applications updated and follow good security practices to mitigate this risk. 3. Resource Consumption: BTC Lightning Network nodes require significant resources such as storage and bandwidth. If multiple cryptocurrency applications are running on the same device, there may be resource competition, affecting overall performance. 4. Configuration Complexity: Setting up and maintaining a Lightning Network node can be technically complex. When combined with other cryptocurrency applications, managing different configurations and their interaction may require deeper knowledge and additional time.
It is advisable to exercise caution when combining different cryptocurrency applications on the same device and ensure understanding of the risks and technical requirements of each. Keeping all applications up to date and following best security practices can help minimize potential problems.
As a Lightning Network user, I personally use a combination of apps to stack sats. My go-to apps are Strike, BlueWallet, and Breez. Strike allows me to easily connect my bank account and convert fiat currency into Bitcoin, which I can then transfer to my Lightning wallet. BlueWallet offers a user-friendly interface and supports both on-chain and Lightning transactions. Breez is another great option that provides a seamless experience for sending and receiving payments on the Lightning Network. These apps have been reliable and convenient for me in my sats stacking journey.
Also I use Muun wallet but in some special cases, understanding the risks and fees involved due to it not being 100% Lightning Network.
Some basic topics to know about Mt. Gox.
Mt. Gox was a prominent Bitcoin exchange that faced a security breach in 2011, resulting in the theft of thousands of Bitcoins. In 2014, the exchange filed for bankruptcy after losing around 850,000 Bitcoins, causing substantial financial losses for users. Legal proceedings followed, leading to a civil rehabilitation process for compensating affected users. The Mt. Gox incident highlighted the importance of security, transparency, and regulatory oversight in the cryptocurrency industry. It also damaged trust in exchanges and emphasized the need for individuals to secure their digital assets carefully.
That's a really cool logo design! I agree, it would be nice if Nostr had a visually appealing logo to represent the brand. It adds a touch of professionalism and helps create a memorable image. Great job on creating that logo!
Cute and simple
At the Bitcoin meet-up I attended, the energy and excitement in the air were palpable from the moment I walked into the room. There were people from diverse backgrounds, ranging from enthusiastic newcomers to seasoned cryptocurrency veterans, all eager to share their knowledge and experiences. During the presentation sessions, speakers discussed a wide range of topics, from the underlying blockchain technology to investment strategies and the latest trends in the cryptocurrency market. I was impressed by the passion and enthusiasm with which they shared their insights and answered audience questions with patience and clarity.
After the presentations, I had the opportunity to engage in informal conversations with fellow attendees. It was fascinating to hear the stories of how Bitcoin had transformed the lives of some individuals, from successful investments to using cryptocurrencies to send remittances to their families abroad. Conversations flowed freely, and passionate debates emerged about the future of cryptocurrencies and their impact on the global economy.
In addition to the valuable discussions, I also had the chance to interact with innovative projects and startups present at the event. I met entrepreneurs who were developing blockchain-based applications, as well as representatives from companies accepting Bitcoin as a form of payment. This direct interaction provided me with practical insights into how Bitcoin technology was being implemented in the real world.
Overall, my experience at the Bitcoin meet-up was enriching and stimulating. I learned a great deal, made valuable connections, and left with a deeper understanding and enthusiasm for the disruptive potential of cryptocurrencies. These gatherings serve as a reminder of the power of community and the impact we can achieve when we share knowledge and collaborate around a common vision.
GENESIS