2 sats \ 3 replies \ @3 15 Jun 2023 \ on: What best describes your involvement with Bitcoin/Lightning? bitcoin
I want to learn but dont know where to start with lightning. I am very experienced using bitcoin traditionally, and have done plenty of transactions using electrum, but never used lightning.
Since you are already familiar with Electrum, go on Channels, Open channel, choose size and fee, Send transaction, wait conf, done. You can send lightning transactions. My pleasure :)
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Lightning has much better privacy by default than regular on-chain transactions and is much cheaper! I would recommend getting the Phoenix by ACINQ and swapping on-chain Bitcoin for LN Bitcoin using Boltz
https://boltz.exchange/
People generally put less Bitcoin into Lightning compared to their savings since Lightning needs hot wallets to work behind the scenes, but it works best for everyday payments
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Phoenix has swaps built into the application itself. The tradeoff is that they aren't trustless since you pay ACINQ and then they do the swap, the benefit is that ACINQ doesn't charge a fee (besides the mining fee), whereas Boltz charges 0.5%-ish.
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