396 sats \ 0 replies \ @DarthCoin 5 Sep 2022 \ on: Daily discussion thread

Tip of the day!

A small street merchant want to start accepting BTC. How?

Use case scenario

Let's say you have a friend, selling fruits and vegetables in an open market and want to start accepting, slowly sats for his products and HODL them into an onchain wallet. Being just a start, is not expected to have too many customers paying in BTC, so hodling is the right way to accumulate more.
For the beginning is nor really necessary to have a full node, all knowledge about LN, channels, fees etc Will be too much for a new coiner. In time can read and learn more. The main goal now is how to take sats fast without complications.

Requisites

  • have a basic smartphone with internet access
  • have a PC at home or better a simple HW
  • a bitcoiner friend to help him setup these firsts steps. For a total nocoiner, some aspects will not be well taken and could end up in troubles.

Steps to do

I know many will shoot at me for "recommending" a semi-custodial solution, but hold your horses, this is just to get used with accepting, without doing anything else. Yes, there are many other ways, I know, but we are talking here about a person that is not tech savy and just want to test... We will have more tips with other solutions, today we will use one that few knows it.
  1. Create an account on CoinOS - is a wonderful anonymous online tool to start taking some sats. Works also on Tor and have integrated swaps. You have also LNURL and LN Address. And many other little things that could help you. Give it a chance.
  2. Save the page as a widget on your friend phone. Any mobile browser can do that.
  3. Save the backup details in a safe place.
  4. Done, now he can start accepting BTC/LN with CoinOS, anonymously, directly on his phone. Onchain and LN too. But main goal is to take LN payments and swap them into his personal onchain wallet.
  5. On his PC at home, install Electrum or Sparrow. Or use a HW to setup that onchain HODL wallet.
  6. Create a new onchain wallet, save seed etc
  7. Extract the MPK (master public key) and save it. Optional Use that MPK to import a "watch-only" wallet into Sentinel or Bluewallet or any other onchain wallet app that supports "watch-only" wallets. Now can generate new BTc addresses to receive anytime he want, without "fully opening" his HODL / HW wallet. He can even delete Electrum or Sparrow from his desktop PC.
  8. Each day, receive payments into CoinOS LN
  9. End of day, just send them (the swap in CoinOS is directly integrated) to the watch-only wallet, onchain (generate a BTC address from Sentinel and paste it as destination in CoinOS).
Done, in simple steps that anybody can understand. Later you can advance in using more apps and solutions. This could be your first step.
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