Timo on Nostr: Custodial is the way to go for Lightning, I don’t know why everybody makes such a ...
Custodial is the way to go for Lightning, I don’t know why everybody makes such a drama of it. Yes, you have to trust someone else, but unless you have huge amounts of money in your wallet, I think that’s ok, I can live with that. If someone steals your money, he‘s still committing a crime, it’s illegal. But if you have let’s say 500,000 Sats in your wallet, even if it gets stolen, it‘s not the end of the world. You probably get more likely scammed somewhere else in your life.
„I cannot send or receive money before I opened a channel“, „the amount of money I can send is determined by the size of the Lightning channel“ - all these are no-go‘s. If you cannot send or receive money immediately after installing the wallet, nobody will use it. Why? Because there are many other options to send your money - instantly and free, in the fiat world and in the crypto world.
Lightning won’t work, if every user has to make on-chain transactions. This needs to be hidden from the user. Phoenix is doing a pretty good job here, but to make stuff really work smoothly, I would go custodial.
„I cannot send or receive money before I opened a channel“, „the amount of money I can send is determined by the size of the Lightning channel“ - all these are no-go‘s. If you cannot send or receive money immediately after installing the wallet, nobody will use it. Why? Because there are many other options to send your money - instantly and free, in the fiat world and in the crypto world.
Lightning won’t work, if every user has to make on-chain transactions. This needs to be hidden from the user. Phoenix is doing a pretty good job here, but to make stuff really work smoothly, I would go custodial.