0 sats \ 0 replies \ @vSats 13 Aug \ parent \ on: Lightning Wallet for a non technical newbie? lightning
I’m talking about this part, in the context of me being the children’s banker:
That’s the reason I will use this approach. I will send sats to them daily. So it makes sense for me to avoid the fees.
They will pay the fees when they send payments.
That is my understanding based on what I read. Did I get it wrong?
This is my experience. Mind you, im not new to Bitcoin, but is new to LN. I am also very technical, still I find choosing wallets mainly for its easiness and security.
I’m currently using Breez. I was looking to use Alby, but they are still in development, and I haven’t got an invite.
I’m looking ways to let my teenage children start stacking.
Have you joined the "Fedi Testnet" Community?
That particular one has a faucet and runs on Signet. You'll see the money part in that community.
I hope they will allow small communities for families. I'd love to onboard my extended family to bitcoin through simple apps like this.
In 2015, I worked for a bank until 2017 . I realized how fragile it was. People in the banking industry can know so much about you, and your information actually for sale. And not mentioned the normalized/institutionalized scams and frauds happening....
That is when I started to look at bitcoin again, and I left it there. Self custody this time.
Last year, I checked my Multibit Wallet, downloaded the blockchain, and my btc still there, all safe and sound. So I started catching up again. Installed electrum, moved my btc to the new wallet.
And this year when I got my Mt. Gox balance back, I bought a cold storage device and moved 80% of my btc there. I use the 20% as my learning fund, some sats went to LN so I can sign up here and bought my first post.
Tried some DeFi, using Wrapped BTC and Avee, but it's all complicated, so I'm just gonna hold and DCA for now.
Bank of Japan (BoJ) increased the Japan interest rates from 0% (has been that way for decades) to 0.25%. They did this because their currency keeps getting cheaper.
This makes people who borrowed money realized now they have to pay more, no more free money. The money they borrowed was used, among others, into investments; namely Japan Bonds, Japan Stocks. Even the US borrowed from Japan through US Bonds.
Now the people who borrowed started to sell the bonds, the stocks, in order to pay back the loans. This brings the price down.
The hack of Mt. Gox was the trigger, but the amount of btc I had in the exchange wasn't that much. So it was not the whole reason.
I started into buying bitcoin for its ability to move funds without relying on a third party (banking), but of course I need it to be secure. When I found out that Mt. Gox was hacked, I wasn't assured that the btc is secured. So, I moved on to different ways to move my funds. I realize now, I blamed the whole btc ecosystem for a single party mistake, but I guess I was none the wiser.
Does it make sense?