A short video I made to explain the "so what" of taproot in 10 minutes. If you like it, please subscribe to my new youtube channel :)
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I just got tired of paying high transaction fees on the BTC.
I also got tired of paying high routing fees on LN.
I guess now I have to try sidechain, which I am guessing will be sold as cheap solutions that will end up being 3 times the on-chain fees, just like Lightning Network is.
Lightning Network, you pay and eye to open the channel, you pay an arm to close it and your soul for routing fees.
I just moved some funds from my private channel to pay for somethings that I wanted to buy. It was fast but the fees were over 6k satoshi which was around $3.44 at current BTC price $56,190.00. So I guess it is a bullshit talk when you say LN will make transaction fees lower. I bet as onchain fees go up so will lightning network routing fees.
My use was not a test it is a legit transaction that I need it to complete because that was my wish. And I knew, and know that btc fees will go up in the future onchain as well as lightning network. The proof is in the picture, now I moved around $850 in value but I guess cheap tx in LN are just a pipe dream
Getting free satoshis is sweet as honey if you see it as a hobby that is because in this world nothing is for free, is always an exchange of something for something else.
To get some free satoshis is kind of a work around and not directly, I know this works on android only so you will need a phone that runs android.
This is what you will need:
1 Install fitplay application this will be the actual app that gives you the money.
2 PayPal your existante account will do, or create a new account with your real information.
3 your local bank account to withdraw your money from paypal
4 send the money to your prefer exchange to buy bitcoin.
The application works really easy you create an account with fitplay, install the apllicaiton that they sponsor, run the application for the time they specify and you will get points, those points can be exchange for PayPal, Amazon.
10k points make $1 but many applications pay 3k points for running the app for around 1 hour. Every time you run the application your games give you less points for more time running. Like I said before this is a hobby not a way to become rich overnight.
I already withdraw $17, with my phone in about a week, I only run the apps a couple of hours a day while I am watching my shows, you don't need to be clicking in the game, just go to developers option and put your phone to keep screen on while charging.
Pretty much run the sponsor game app, let it run go back to fitplay refresh your points, repeat until you get enough points to claim, to go back into the app you must click from the fitplay app so that it counts your play time.
Once you have enough points exchange it for your prefer gift card in my case is PayPal because that balance is transfer to my bank account to buy bitcoin with it.
Because $5 to $50 is actually little money or too few satoshis I send those funds to wallet of satoshi to later be transfer to my own channel, and I don't pay for the transaction on chain because Gemini exchange allows you to withdraw for free up to 5 transactions a month without charge.
If you live in USA you could buy bitcoin directly on PayPal, but I don't recommend buying your satoshis in a custodian service like PayPal. I use wallet of satoshi as a transition wallet not to save my sats.
I guess the next stop could be $100k, that means you can still get a few satoshis for $1 and if like my exchange doesn't charge you for withdrawing bitcoin (gemini) than you can put that $1 into your LN channel and set it and forget it, because eventually exchanges and everyone else may start to use LN just like a few exchanges now.
I guess the big news will be when exchanges like gemini, coinbase and binance say they will start accepting LN transactions, at that point LN would have won.
Many won't be able to afford bitcoin any longer and once $100k is hit that will mean 0.01 will cost you $1000, which is enough to open a LN channel, but once $1m bitcoin is here you will need much more money so that point if your wallet is only $1000 you will be force to use custodian wallets or pay for someone to open a channel to you.
Governments and banks must be thinking how to stop this because btc will make their money machine go broke, and in the future no one would be willing to accept payments on fiat, accept any fiat the government gives you and use it while still has value and exchange it for rent, food, clothing, metals or just Bitcoin or I would say satoshis.
This picture should tell you everything there is to know about what coin you should hold for the long term.
The first 10 coin have come and gone only BTC has been there in number 1 for 10+ years meanwhile those who bought the previous 9 coins in previous years are losing their money or lost it all because they are gone for good.
The two new comers will in a couple of years fade away and those who hold for too much will be holding empty bags of nothing, short term you may win but long term you want to hold the big orange boy.
And the rich won't risk their money either because bitcoin is risky itself for the rich, so why risk it for something that is even riskier. Eth big node capacity will be evident when a government starts a blockchain attack.
Believe me, eventually once their fiat starts to inflate away and people start to flee in mass to bitcoin they will start their attack. It has happen before it will happen again. Every government that experience hyperinflation always attack those who hold that which has held value against their br printing machine, in the pass was gold now it will be futile because bitcoin is digital.
You don't need too much only 0.003 btc will be enough to be part of this peaceful revolution, that today is $150 by the end of this year that could go from $30 to $15000. And don't worry the rich are already here so they may take your lunch in case you don't want it.
More sooner than later people will rush to hold at least 0.003 so if you have more than that consider yourself ahead of the masses because once $100k hits it will be accumulate satoshis literally, because not that many will have enough money for a single bitcoin. And after $1m is game over for fiat that is.
Wallet of satoshi, a good transition wallet for small transaction and large as well. A transition wallet is good because you will only use it to move funds from your own channels just for privacy, or to make your tx more easily done when sending and receiving. But a transition wallet means you will always settled in your own channel at the end of your business.
Not promoting WoS it is just that I control my own channels but I still need or find uses for custodian wallets. I also use Phoenix.
I have been using LN for quite some time now, some of the usage was to test, buy and sell altcoins, and collect some satoshi from faucets and otger free sources.
I have learned a few things one of them is that over time lightning network fees pay up if you keep your channels open and actually use them.
Now so far all of my usage will be considered testing only, but LN brings the usage of one satoshi into play, and I do believe in the future people won't hold that many cents but instead satoshis, if you hold 0.01 btc you will be considered better off than everyone else because people will only have the chance to accumulate satoshis.
Lightning network means 1 satoshi will be worth more than many other fiat currencies, and if you can realize that you will understand that coins like xrp and LTC are useless because btc will do it. On tokens that is next but eventually btc will have it, privacy is the only thing that btc is still working on it.
I have started to think that many altcoins are just a make the developers rich, and to accumulate more used or btc, if you actually have some trading skills, which is hard because it is hard to predict the market.
I would say in the future people will use their lightning network channel as a checking account, a custodian wallet as a debit card, and on chain funds as a long term savings account.
You won't show up to people your 0.003 channel because you will know that's enough to buy a house, and you won't show up your 0.01 btc to anyone either because you don't want to be kidnapped, instead you will recharge your prefer LN custodian wallet with a few satoshis so that no one knows you area bitcoin rich.
At that point 0.000025 btc may be worth one whole month of work value, and at that point it will be too late to be rich but you will have to work to get your satoshis.
Many will say that will be slavery but people will want to work for a few satoshis a day because they know their value will not decrease and 10 satoshis save up today will buy you the same amount of stuff next year. Meaning btc will be a reserve currency that doesn't devaluate and that your purchasing power is preserve even after years.
The system is rig to the core and you as a retail investor will always lose no matter what. and in the case you get together and try to gain the system they will turn the table on you in a heart beat. Lesson learned.
People need to get their money out of the stock market and get into Bitcoin. Your 401K will never make you any real money once you account for inflantion and market manipulation. Gold and silver won't saved you either because that market is also rig and if metals go to the moon you can bet the government will confiscate metals from retail investors.
The same if could happen to Bitcoin if you leave your coins on exchanges, so my advice will be to buy Bitcoin and hold it inyour own wallet that you control and that only you know the private keys, and for Gods sake don't buy altcoins they are made to get free Bitcoin for early adapters and developers.
If you check CMC list you will see that the top 10 coins always change with time meaning many altcoins that were top altcoins are gone and the investors will be only with hot air bags. ETH enalbes useless tokens, xrp is a bankers coin that will be never be used by banks because the fed will create their own goverment coins, bch is just a copy of Bitcoin, ltc is the same.
It is true BTC has high fees but that's a good thing because it means 1mb blocks can be shared faster in the case governments try to ban the use of the software, in the tor network it will be hard to run a chain with 32mn blocks, so the government can shut down the network.
I guess to keep the government from making Bitcoin ilegal you will need a way to share the blocks on a private network, and tor can't handle large bandwidth requirements I think at 4mb this could have a chance. What I am trying to say is that even when hardware can support 32mb blocks the internet can't. The opeining internet can but not networks like tor or ip2.