Layer 2 and hosted Lightning wallets are fine for small everyday transactions. We need more diversity in wallets and nodes. I was against lightning for the first few years, but I've come around to seeing it as an elegant solution to scaling. These wallets like WoS are like VISA and MasterCard are to trad-fi. Only with lightning there is no regulatory-enforced monopoly over payments. Anybody can set up nodes or develop and release a wallet app.
It does bother me that WoS handles something like 60-70% of lightning Tx volume. There needs to be more lightning wallets. We also just simply need to educate people about how to handle their finances in a Bitcoin world. Cold storage is your savings account. An on-chain wallet (with good security hopefully) is your checking account. That hosted lightning wallet is the small amount of cash you carry in your pocket or like a prepaid debit card. You don't put your net worth on it.
Libertas Primordium
npub1p5…e5ksj
2023-03-23 17:28:44
in reply to nevent1q…af8l
Author Public Key
npub1p5ryszcvdca78jdp5ewhu67zpyfz042m7nrha6mqx7a8wakrqrkqre5ksjPublished at
2023-03-23 17:28:44Event JSON
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"pubkey": "0d06480b0c6e3be3c9a1a65d7e6bc2091227d55bf4c77eeb6037ba7776c300ec",
"created_at": 1679592524,
"kind": 1,
"tags": [
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[
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"content": "Layer 2 and hosted Lightning wallets are fine for small everyday transactions. We need more diversity in wallets and nodes. I was against lightning for the first few years, but I've come around to seeing it as an elegant solution to scaling. These wallets like WoS are like VISA and MasterCard are to trad-fi. Only with lightning there is no regulatory-enforced monopoly over payments. Anybody can set up nodes or develop and release a wallet app. \nIt does bother me that WoS handles something like 60-70% of lightning Tx volume. There needs to be more lightning wallets. We also just simply need to educate people about how to handle their finances in a Bitcoin world. Cold storage is your savings account. An on-chain wallet (with good security hopefully) is your checking account. That hosted lightning wallet is the small amount of cash you carry in your pocket or like a prepaid debit card. You don't put your net worth on it.",
"sig": "65f10363fc59b8cfe3dc6498f3ce0116530ae2532472d5a49dc24a6668bf343228b20942120d58dfed3b2a044f643bb5d509412ffa996f0cf85c720f9b396f47"
}