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205 sats \ 9 replies \ @nerd2ninja 8 May 2023 \ parent \ on: Network congestion will turn out to be good for bitcoin adoption bitcoin
Adoption of the lightning network. I would like to take this time to remind everyone of all the mocking of the lightning network as having fees that are too high. No, rather on-chain to LN swap because on-chain is too cheap to bother with a proper lightning wallet.
On the other hand, fuck custodians. If using a custodian were an acceptable solution, we'd be using something inconvenient like gold or something. There are many improvements to the lightning network coming down the pipe that will make using a custodian sound silly.
everyone knows here that the LN is the solution.
And of course is better to use a custodial wallet for a beginner who manage small amounts that paying 10$ fee.
In fact I guess having high fees is good to try to kill this nonsense.
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let them start to use LN first, then we will educate them ("not your keys, not your Bitcoin")
not the opposite
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they can use LN but they can have their keys too.
in any case, education is good no matter how you use bitcoin.
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Non-custodial LN might not be enough, many people will be disincentivized to open their own channel with such high fees
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There are many improvements to the lightning network coming down the pipe that will make using a custodian sound silly.
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For me, getting away from custodians is the selling point that gets people on Bitcoin in the first place so that flow makes no sense.
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how you imagine your success rate with newbies proposing them right now $10-20 fee for non-custodial LN wallet, when e.g. starting with WalletOfSatoshi is free of charge - and for them the functionally is simply the same
option 1:
"start with free of charge LN wallet, and migrate to non-custodial version when on-chain fees are back to acceptable"
option 2:
force them to $10-20 starting fee just to keep away from custodians (but don't cry there is no LN adoption)
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option 3: I pay the $20 channel opening fee. The channel goes to my node. User doesn't gotta worry about a thing.
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If I would start now taking payments, I think is better to start accepting LN in a custodial wallet and after I put together 200 or 300$, I would send that to my hodl wallet (non custodial on chain) or I would open my first channel on a easy wallet like phoenix or breez.
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