Darth onboarding moms
Darth onboarding moms
Choosing the right BTC/LN wallet for a new user
We've seen many users that are stuck with using one or max two wallet apps and also choosing them for their features and NOT for the specific situation of use.
This is a wrong approach.
Choose your wallets based on your own usage and situation you encounter using your BTC. Some aspects to be taken in consideration:
There's no such thing as "best wallet" for everything. Remove this bias from your mind. Choose with your own knowledge, not because x and y told you so.
I would not "recommend" any wallet app in particular, but those that are open source and have a good reputation/history and respect the golden rule of Bitcoin: not your keys, not your bitcoins.
Stay away from "multicrapto" wallet apps. Are a fucking trap and usually are not open source! Bitcoin Only! You have been warned!
Use not just 1 or 2, but 3 or 5-6, each one will have its own moment to be used and take advantage of their best features for the case you need.
Learn more about each wallet app, to know them better and know in which case you could use the one that have the most appropiate features. Here I wrote 2 guides about BTC/LN wallets:
c. and many other guides about how to use wallets, submarine swaps, LN "Infrastructure Spending Machine"etc on my Substack blog, in English and Spanish
Learn how to use the method of "3 levels stash", as I describe it in this guide
Think like a bank, not just be a bank...
A. HODL = your "central bank" with most of your stash, your reserve bank, barely moving it, onchain
B. CACHE = your "commercial bank" with medium size amounts, for redistributing to HODL and SPEND, onchain and LN, nodes channels etc
C. SPEND = your spending pockets, with small amounts, enough to cover your regular spending, LN, with funding source from your "CACHE bank".
Don't be too obsessed with "self custody only". If is non-KYC it could have advantages in some cases. Not all custodial is bad. Be obsessed with "self-custody-only" for your HODL wallets not the spending wallets.
This is where many users make the mistake and do the opposite. You can easily have your own wallets on your own node, as a "funding source" for all these custodial wallets.
Move small amounts (enough to cover your spending habits) to them and use them. If are non-KYC, you have almost nothing to worry about "privacy", sometimes is even better not to reveal your own private node when you receive, not talking also about spending from these wallets as a good front wall.
Each wallet app have its own technology implemented: some use directly nodes, some use electrum server, some will use neutrino, some use Tor, some use LND others Immortan or CLN, or both. Don't make the mistake of putting them all in the same situation/use case. Each implementation have its own advantages and disadvantages, depending on which situation you are.
We are still early into Bitcoin and LN development. So first, test, learn the functionalities of each app you use and if you can, help the developer(s) of the app to improve it, give them the right feedback, don't complain. They don't know all situations or devices you are using, so give them as much information you can and explain ALL steps you did if you have an issue.
Try to collaborate and help to make it better. Once you know better the app, help other new users to use it.
Devs usually are busy with coding and they get bored with people complaining all the time about same things (mostly because users do not read manuals, FAQs, do not investigate more how to use the app). Bother the dev only when is a real issue or bug, that the community couldn't help you too much or many other users encounter the same situation with no exit.
MAY THE ₿ITCOIN BE WITH YOU!
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