this post was submitted on 24 Jul 2024
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i am surprised they went with bitcoin and not a privacy focused coin like monero
Honestly, if they can prove they don't have access to the keys, I might use their wallet, but BTC doesn't interest me at all because fees are high and it fluctuates too much, making it useless as a currency, and Monero is the opposite in both regards.
they say in the post that they’d like to add support for more options in future so i’ll wait to see what they add. another fully open source wallet is always a good thing i guess.
It's a self-custody wallet and open source. It's regular main-chain BTC but it does automatic address rotation. Unfortunately it doesn't support lightning, which is where the majority of Bitcoin transactions occur. Lightning offers significantly increased privacy, sub-second transactions and fees measuring in pennies.
Based on most business readings, the idea that most transactions occur on lightning is kind of ridiculous. You see tons of businesses that accept both main chain and lightning published statistics every single month and lightning is extremely low adoption and is not increasing.
In the last two months, Nostr users alone (decentralized twitter clone like Mastodon) sent each other 2.6 million tips (individual transactions) over Bitcoin lightning. In that same time period, Bitcoin main chain did around 20-40k. Most transactions are on lightning by number of transactions. Maybe not by total value moved, but lightning is pretty opaque and grants additional privacy, so it's hard to measure for that reason.
Lightning continues to grow and get upgrades (look up BOLT12 if you are curious about the latest upgrades which bring additional privacy enhancements).
Sure, but have a look at people actually using bitcoin or lightning to actually spend money on real goods and services such as at coin cards or cake pay or other services such as that and you will find that very very few people use lightning. Also, I am on Nostr promoting Monero. It is currently a Bitcoin safe haven but is slowly yielding to market forces as everywhere else is.
And honestly, that's fine. I'd like a secure store of value for moving funds from "savings" (e.g. BTC) to "checking" (e.g. Monero). BTC is easier to exchange w/ fiat, Monero is privacy-focused and I only want to use it for purchases anyway.
So honestly, them supporting lightning isn't particularly interesting to me. It seems Lightning has been cracked by the FBI, whereas Monero is likely still safe. If the FBI can do it, surely an interested third party can as well, and that's not great.