Why ecash wallet vs lightning wallet? There aren't many differences, in my case for ease of use and to have an lnaddress for nostr the options for me are Wallet of Satoshi or Minibits, WoS is not available for US users, I'm in EU so no problem, it's just a matter of choice, ecash allows you to send a token in a text message like in this thread, LN doesn't. Ecash also adds more privacy, it also integrates well with nostr clients imo.
Cool thanks. So you have to keep keys for ecash also? Does that mean it's custodial? Can you get rugged? Like if I'm the only one with the ecash wallet keys, am I protected from a custodian rugging the wallet?
either u need trust a mint i.e. custodian or run own LND or CL node LIVE to become own custodian
use any one wallet learn play fast
Are there any privacy benefits if you run your own mint assuming you are the only one using it?
no - best is pay custodian fee move big amount to safe wallets
In before they call cashu a mixing service
nostr also same
So essentially you could push your whole kyc stack through this and it would be private afterward if you sent it to a new BTC wallet?
And do what exactly? Do you know what chainanalysis is capable of? The IRS is going to wreck you if you use bitcoin unless you use it their way, which excludes privacy tools like this.
No tools can make Bitcoin private, unless it hardforks, it's a transparent public blockchain. You can get some some psuedonymity via coinjoins, but all your transactions are still 100% visible.
A good analogy for mixing services is walking around naked, but you have a bag over your head...no one knows who you are, but you're still naked and vulnerable
I wouldn't do that. Neither i worry about KYC stack.
Minibits has "keys" for you to recover from the funds in case you loose your phone or uninstall the app. It does NOT prevent rugs, or the mint just going dark. Same thing with WoS. The difference is that with mints you can choose the mints you trust. If a friend of yours runs a mint or even a local business that you know, maybe you can thrust them. The only LN wallets that protect you from rugs are self custodial wallets, some of the are Phoenix, Zeus, and Mutiny among others. But these you have to deal with fees to open channels an manage liquidity. One advice I give is use a custodial wallet, and if you get to a point where you have many funds there and are worried about losing them just send them to onchain or to a self custody LN wallet.
Ok, yeah I don't keep many sats in LN wallets. Just Bitcoin Jungle and Alby. Mostly for orange pilling people in Costa Rica or zapping on nostr
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