👋 I’m new to the world of cryptocurrency, so I apologize prematurely if my questions appear primary or foolish.
Not too long ago, I bought roughly 0.02 BTC (Bitcoin) utilizing my financial savings. Nevertheless, I found that the CEX I used is overselling their companies. They cost me a payment of 0.0005 BTC simply to withdraw my funds to the Bitcoin community, and I discover this payment to be too excessive for my preferences (for comprising, Binance fees a fifth of this quantity for a similar service). Unfortuantely, for geopolitical causes, my decisions are restricted to not-very-good CEXs.
My main purpose is to retailer my Bitcoin in a non-custodial pockets. Given the excessive withdrawal charges from the CEX, I consider that using the Lightning Community could be a greater answer for me. Nevertheless, I’m going through two foremost points:
I’m presently 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 usually requires an preliminary deposit, which may be expensive. Listed below are some wallets I’ve explored to date:
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Electrum: I initially thought-about utilizing Electrum, however to open a channel, I must 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 once I deposited 10,000 Sats from the CEX. Nevertheless, sending Bitcoin from Muun is kind of costly. As an example, sending round 10,000 Sats incurs a payment of 1,000 Sats (10%), which I discover to be extreme. Moreover, I’ve come throughout lots 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 payment is kind of steep at round 1%. I’m undecided if incurring such a excessive payment at first is price it, particularly since subsequent transactions nonetheless have vital charges.
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Pockets of Satoshi: I’ve tried this pockets as properly and located that it has the bottom charges and it labored nice (no less than with 10,000 Sats). Nevertheless, it’s a custodial pockets, and I’m not comfy risking my financial savings with them.
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Zeus: I’m presently contemplating Zeus as an possibility, however I’ve considerations. It seems that Zeus requires a considerable preliminary deposit (no less than 100,000 Sats). Moreover, I’ve heard that you simply may must run your individual node, which I’m unable to do. I’m additionally confused by the data on their web site and fear that if I pay 10,000 Sats to open a channel, it will not be the only 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 payment for opening a channel (520 Sats). Nevertheless, because it operates otherwise from different wallets, I’m uncertain if it’s the proper choice. Different assets point out that to securely retailer a big sum of money, I ought to open a channel with a considerable preliminary deposit. Nevertheless, 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 continues 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 considering 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 most effective!
If I handle to switch my property utilizing a Lightning pockets, I’m unsure about correctly shut the channel with the intention to return my funds to layer 1 (the Bitcoin foremost community). I consider this course of may range based mostly on the pockets I select to make use of.
May anybody please present steerage or assets about these wallets and the Lightning Community? I’m apprehensive about transferring all my Bitcoin right into a pockets and later regretting my choices.
I’m conscious that I want to teach myself additional about cryptocurrency, and I’m dedicated to turning into a complicated person finally. Nevertheless, I’m presently pressed for time and feeling a bit overwhelmed. Thanks prematurely in your assist! 🙏