If you are planning to take this kind of three tiered approach, here would be my recommendations:
Tier 1: SMALL balance for zapping and receiving zaps with a lightning address.
Alby - It is custodial, but has a lot of convenient Nostr integrations and you should be clearing out most sats from it into your Tier 2 wallet every week or two.
Tier 2: Medium balance for occasional spending and building up before transferring to cold storage (savings).
Muun - If you will predominantly be receiving funds into this wallet, then Muun beats Phoenix, since you will usually see the higher fees in Phoenix when they need to increase your liquidity to allow you to receive funds.
Phoenix - If you will be spending and receiving more or less evenly, then Phoenix may be the better option, as you will usually see the higher fees in Muun when a channel must be opened for you to spend.
Tier 3: Large balance, but highly secure, on-chain wallet with private keys held in a dedicated signing device. Software: Sparrow - This is wallet software you download on your PC to view your balance, your individual UTXOs, to generate receiving addresses (NEVER reuse the same address), and to create transactions when you want to send.
Hardware: ColdCard Mk4 - There are plenty of good signing devices out there, but the ColdCard is my favorite for a number of reasons. Sparrow wallet has a guide on how to set up your wallet with a ColdCard here: https://sparrowwallet.com/docs/coldcard-wallet.html
Only you can really decide what you consider a Small, Medium, and Large balance, but here's my general rule of thumb:
Tier 1: Less than 100k sats
Tier 2: Less than 3m sats
Tier 3: Minimum 1m sat deposits each time. You don't want a bunch of small UTXOs.
*These amounts are likely to change as the price changes this cycle.
It's great to see you progressing in your Bitcoin journey. Please keep asking questions!
/ CuratedNSFW
npub1rv…5cjtw
2023-11-25 01:04:22
in reply to nevent1q…j0c9
Author Public Key
npub1rv08kght99a7xwckm0qpmzw09m5gwppequgqd8lwu74eakgaavwsp5cjtwPublished at
2023-11-25 01:04:22Event JSON
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"created_at": 1700874262,
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"content": "If you are planning to take this kind of three tiered approach, here would be my recommendations:\n\nTier 1: SMALL balance for zapping and receiving zaps with a lightning address.\nAlby - It is custodial, but has a lot of convenient Nostr integrations and you should be clearing out most sats from it into your Tier 2 wallet every week or two.\n\nTier 2: Medium balance for occasional spending and building up before transferring to cold storage (savings).\nMuun - If you will predominantly be receiving funds into this wallet, then Muun beats Phoenix, since you will usually see the higher fees in Phoenix when they need to increase your liquidity to allow you to receive funds.\nPhoenix - If you will be spending and receiving more or less evenly, then Phoenix may be the better option, as you will usually see the higher fees in Muun when a channel must be opened for you to spend.\n\nTier 3: Large balance, but highly secure, on-chain wallet with private keys held in a dedicated signing device. Software: Sparrow - This is wallet software you download on your PC to view your balance, your individual UTXOs, to generate receiving addresses (NEVER reuse the same address), and to create transactions when you want to send.\nHardware: ColdCard Mk4 - There are plenty of good signing devices out there, but the ColdCard is my favorite for a number of reasons. Sparrow wallet has a guide on how to set up your wallet with a ColdCard here: https://sparrowwallet.com/docs/coldcard-wallet.html\n\nOnly you can really decide what you consider a Small, Medium, and Large balance, but here's my general rule of thumb:\n\nTier 1: Less than 100k sats\nTier 2: Less than 3m sats\nTier 3: Minimum 1m sat deposits each time. You don't want a bunch of small UTXOs.\n*These amounts are likely to change as the price changes this cycle.\n\nIt's great to see you progressing in your Bitcoin journey. Please keep asking questions!",
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