Row 6869

Row ID: 6869 | Dataset Entry | Axioma AXP Content Repository

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This page contains data entry 6869 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

I posted my experience as a comment in another post but I feel like it deserves it's own.

There was an event in November or December in Calgary, Alberta, Canada called the Saturday Sat market. I went with my dad. At the time, I was just beginning to have doubts of BTC after about 8 months of being a maxi. My doubts were a result of Peter McCormack's recurring question on his podcast, "Can you truly be self-sovereign without owning a UTXO?"

When I was at the event, the fees on the main chain were something like $50 CAD. In order to fund my lightning wallet, I had to buy liquid BTC from an exchange (Bull Bitcoin), and swap it into lightning. Annoying for me but I could manage.

Once I went to buy items from vendors, I found some people were either using Wallet of Satoshi without realizing the custodial nature of it or other non-custodial lightning wallets. One vendor that used Phoenix Wallet, ended up paying the $50 to fund his lightning wallet. When someone would try to pay him, his channel would overflow (as far as I understand) leading to more payments just to RECEIVE a lightning payment. I believe he ended up using Wallet of Satoshi for the remainder of the event. It's too bad, because he was trying to do the right thing by using the non-custodial service.

When I went to buy my first hardware wallet at the same event, I used Phoenix Wallet to try to pay. Some error occurred that was along the lines of not being able to find a derivation path. The vendor had to receive the payment using Muun Wallet after it didn't work with his lightning wallet (not sure which).

I met BTC Sessions there and asked him about his thoughts on not everyone being able to own a UTXO in the future. He gave me an answer involving fediments and covenants which I still don't fully understand. I smiled like it was enough to not make me worry but in reality, I still felt that BTC wasn't the perfect money that I was preaching it to be.

All these work-arounds to avoid using layer one are complicated and really not that efficient. Lightning requires on-chain payments which are bound to get more expensive over time. Liquid is a side chain that requires trust in those who run it. Anything beyond those methods is getting too complicated for me to want to use. I'm not a person who has a great understanding of everything bitcoin, but I do know more than the average person. With that in mind, the average person is not going to want to use these complicated methods to transact.

FieldValue
text I posted my experience as a comment in another post but I feel like it deserves it's own. There was an event in November or December in Calgary, Alberta, Canada called the Saturday Sat market. I went with my dad. At the time, I was just beginning to have doubts of BTC after about 8 months of being a maxi. My doubts were a result of Peter McCormack's recurring question on his podcast, "Can you truly be self-sovereign without owning a UTXO?" When I was at the event, the fees on the main chain w…
label r/btc
dataType post
communityName r/btc
datetime 2024-05-14
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Raw Record

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  "text": "I posted my experience as a comment in another post but I feel like it deserves it's own. \n\nThere was an event in November or December in Calgary, Alberta, Canada called the Saturday Sat market. I went with my dad. At the time, I was just beginning to have doubts of BTC after about 8 months of being a maxi. My doubts were a result of Peter McCormack's recurring question on his podcast, \"Can you truly be self-sovereign without owning a UTXO?\"\n\nWhen I was at the event, the fees on the main chain were something like $50 CAD. In order to fund my lightning wallet, I had to buy liquid BTC from an exchange (Bull Bitcoin), and swap it into lightning. Annoying for me but I could manage. \n\nOnce I went to buy items from vendors, I found some people were either using Wallet of Satoshi without realizing the custodial nature of it or other non-custodial lightning wallets. One vendor that used Phoenix Wallet, ended up paying the $50 to fund his lightning wallet. When someone would try to pay him, his channel would overflow (as far as I understand) leading to more payments just to RECEIVE a lightning payment. I believe he ended up using Wallet of Satoshi for the remainder of the event. It's too bad, because he was trying to do the right thing by using the non-custodial service. \n\nWhen I went to buy my first hardware wallet at the same event, I used Phoenix Wallet to try to pay. Some error occurred that was along the lines of not being able to find a derivation path. The vendor had to receive the payment using Muun Wallet after it didn't work with his lightning wallet (not sure which). \n\nI met BTC Sessions there and asked him about his thoughts on not everyone being able to own a UTXO in the future. He gave me an answer involving fediments and covenants which I still don't fully understand. I smiled like it was enough to not make me worry but in reality, I still felt that BTC wasn't the perfect money that I was preaching it to be. \n\nAll these work-arounds to avoid using layer one are complicated and really not that efficient. Lightning requires on-chain payments which are bound to get more expensive over time. Liquid is a side chain that requires trust in those who run it. Anything beyond those methods is getting too complicated for me to want to use. I'm not a person who has a great understanding of everything bitcoin, but I do know more than the average person. With that in mind, the average person is not going to want to use these complicated methods to transact. ",
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