pull down to refresh
26 sats \ 13 replies \ @Solomonsatoshi 2 Dec \ on: How Bitcoin Scales w/o Forks: the Lightning, Liquid, On-Chain Triangle bitcoin
Coinos.io online wallet is far simpler and easier for a new user.
Sure its custodial but what does that matter for a sum of $20?
Once they get used to LN and maybe want to start stacking then they might want/need to move up to a non custodial wallet.
Some custodial wallets are great, I have used them.
However in my opinion the question is how to provide 'non-custodial' tools to people too. Custodial wallets in the US at least are fast becoming kyc-mandatory...
And custodial tools in other parts of the world are not trustworthy. If you're living in a developing country with hyper-inflation, is it safer to trust a 'custodial' solution with shaky governments and bare-bones institutions (tons of corruption) in your country...
Or an 11-of-15 multisig based in Western countries where you actually hold the keys that's open-source? Because some people really face that choice.
I know this sounds like a simple decision but it may not be for some stackers in some non-western parts of the world.
reply
For someone just starting in Bitcoin and LN payments I suspect custodial is the place to start.
Definitely move on to non custodial over time but currently the complexity of non custodial still seems likely to be a significant barrier to new users.
Can you not use a coinos.io custodial LN wallet in the US?
reply
I'm assuming OP is describing a scenario in which custodial solutions aren't easily available. Coinos is great, but if they go the way of requiring KYC/blocking access in certain regions, where do you turn next?
reply
Sure if you cannot use it someplace then you cannot use it.
IDK if you can use coinos.io in US.
Can't see how anyone would stop you?
Hopefully the US Chokepoint2 obstruction of Bitcoin MoE will cease under the new administration?
reply
If I had to recommend one non-custodial tool for newcomers (at least in the United States) without looking at current 'on-chain' fees... it would be Blitz wallet and non-custodial liquid. For 30-50$ or so it has the perfect product-market fit.
Cashu/Fedi for small amounts (under 1000 sats/1$) and then liquid up to maybe 200$ max. Yes I know 200$ may be a lot for some people (it is) but if fees are 5$ on-chain and you want to onboard someone 'now' that 5$ quickly becomes 5% of the transaction cost and you have completely lost them on Bitcoin.
The goal is to get them to non-custodial lightning for social media interaction for sending and receiving. If it is for 'saving' only that is a bit different IMO... and atomic swaps lightning-liquid allow someone to 'spend' liquid everywhere lightning is accepted it is a great idea imo.
reply
Trouble is non custodial is far more complex than custodial.
If custodial wallets like coinos.io work in the US why not use them?
It seems likely the new US administration will ease back on the Chokepoint2 obstruction that wallet providers have been getting hit with.
reply
Re the new administration... we don't know yet.
Many Bitcoiners oppose the accumulation of sats custodially. I think there is a place for custodial lightning of course but it's much healthier, especially in the long run if people hold their own keys.
reply
Agree, but I have found coinos.io LN wallet useable for a non tech whereas non custodial wallets remain significantly more complex to operate for a newbie or non tech user.
Since the context of the post is about $20 beer money it seems OTT to get too concerned about custody...and much more imperative to select the most user friendly wallet for a first time user to start on.
I've never used Coinos in the US (so i'm not familiar with it).
But stacker news had to go 'non-custodial' with the sats otherwise pay lawyers big bucks to get a money-transmitter license. What do you think?
reply
Dont know why coinos.io wallet would not function adequately for someone living in USA.
SNs is in contrast incorporated in USA so it follows that it is subject to US chokepoint2 regulations.
Hopefully such blatant Bitcoin MoE obstruction will cease with the new US administration?
reply