👋 I’m new to the world of cryptocurrency, so I apologize upfront if my questions appear fundamental or foolish.
Lately, I bought roughly 0.02 BTC (Bitcoin) utilizing my financial savings. Nonetheless, I found that the CEX I used is overselling their providers. They cost me a charge of 0.0005 BTC simply to withdraw my funds to the Bitcoin community, and I discover this charge to be too excessive for my preferences (for comprising, Binance expenses a fifth of this quantity for a similar service). Unfortuantely, for geopolitical causes, my selections are restricted to not-very-good CEXs.
My main aim is to retailer my Bitcoin in a non-custodial pockets. Given the excessive withdrawal charges from the CEX, I imagine that using the Lightning Community could be a greater answer for me. Nonetheless, I’m going through two most important points:
I’m at present trying to find a pockets that has low charges, each for depositing my Bitcoin and for making future withdrawals or transactions. I perceive that opening a Lightning channel typically requires an preliminary deposit, which will be pricey. Listed here are some wallets I’ve explored thus far:
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Electrum: I initially thought of utilizing Electrum, however to open a channel, I have to make a previous deposit. This implies I must switch Bitcoin from my CEX to Electrum, which is problematic due to the excessive withdrawal charges I discussed. I do not know if there’s a workaround to deposit some BTC there.
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Muun: I used Muun and located that they charged me no charges after I deposited 10,000 Sats from the CEX. Nonetheless, sending Bitcoin from Muun is kind of costly. As an illustration, sending round 10,000 Sats incurs a charge of 1,000 Sats (10%), which I discover to be extreme. Moreover, I’ve come throughout loads of skepticism relating to Muun’s security and transparency for storing massive quantities of Bitcoin.
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Phoenix: I additionally tried Phoenix, however the preliminary deposit charge is kind of steep at round 1%. I’m undecided if incurring such a excessive charge initially is value it, particularly since subsequent transactions nonetheless have important charges.
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Pockets of Satoshi: I’ve tried this pockets as effectively and located that it has the bottom charges and it labored nice (at the very least with 10,000 Sats). Nonetheless, it’s a custodial pockets, and I’m not snug risking my financial savings with them.
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Zeus: I’m at present contemplating Zeus as an possibility, however I’ve considerations. It seems that Zeus requires a considerable preliminary deposit (at the very least 100,000 Sats). Moreover, I’ve heard that you just may have to run your individual node, which I’m unable to do. I’m additionally confused by the knowledge on their web site and fear that if I pay 10,000 Sats to open a channel, it is probably not your best option for me. I wish to keep away from dropping cash or going through excessive charges afterward.
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Blixt: Lastly, I’ve experimented with Blixt, which appears to have a low charge for opening a channel (520 Sats). Nonetheless, because it operates in a different way from different wallets, I’m uncertain if it’s the proper choice. Different sources point out that to securely retailer a major sum of money, I ought to open a channel with a considerable preliminary deposit. Nonetheless, I don’t see a warning about this on Blixt, which raises my doubts additional. It additionally warns of loosing all my property as a result of remains to be in beta, which is horrifying.
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Breez: Breez appears to be underdeveloped. I learn someplace that its developer simply gave up!
For now, I’m pondering of utilizing a pockets to withdraw from CEX with low prices after which switch property to a bodily pockets. Though, I am undecided if that is the very best!
If I handle to switch my property utilizing a Lightning pockets, I’m unsure about tips on how to correctly shut the channel to be able to return my funds to layer 1 (the Bitcoin most important community). I imagine this course of may fluctuate primarily based on the pockets I select to make use of.
May anybody please present steerage or sources about these wallets and the Lightning Community? I’m frightened about shifting all my Bitcoin right into a pockets and later regretting my choices.
I’m conscious that I would like to teach myself additional about cryptocurrency, and I’m dedicated to changing into a complicated person ultimately. Nonetheless, I’m at present pressed for time and feeling a bit overwhelmed. Thanks upfront in your assist! 🙏
