No matter the subject, it's never easy to accept the realization that one's world view is incorrect. For many smart and educated people like Michael Saylor it took years to get it. Bitcoin's underlying philosophy itself, and its implementation challenge many well engrained ideas. It's also not a minor subject, it shakes the foundation of what you hold to be true all your life.
Bitcoiners often get disappointed with nocoiners (people who don't have Bitcoin) when trying to orange pill them (open their minds to Bitcoin), because they don't seem to understand the obvious. I urge us to be patient and understanding.
Learn to recognize the "5 stages of grief" most people go through while detoxing from fiat, and help them through the hurdles with patience and with compassion.
1. Shock and denial 😲
Initially people can't accept that fiat money and the global monetary system is not what they thought it is. They can't accept that the official narrative they have been thought in school and have been fed by mass media doesn't tell the full story. It's shocking to realize one has been manipulated.
People also can't accept that a pseudunomous economist / programmer(s) (Satoshi Nakamoto) can discover digital scarcity, and reboot the world economy with a more efficient and more just monetary system that doesn't rely on centralized powers.
This stage can take a relatively long time, because one has to learn a quite a bit about bitcoin while being in denial.
2. Anger 😡
Once people get over the shock, they often get angry.
They are angry for being lied to by the system, but they are also upset because they assume they missed out on buying bitcoin early.
Some construct or buy into various narratives that Bitcoin is actually dangerous because it will replace the old established monetary systems, or because it uses too many resources to run, etc.
At one point though, people do come to accept that this is happening no matter what.
3. Bargaining 🧐
The next step for intelligent people typically is bargaining.
They will ask: can we roll back time, and instead of bitcoin use another crypto coin that they can buy into early, or can we make the properties of bitcoin different so they would fit one's personal preferences (that typically turn out to be shortsighted)?
This stage is very important because people will learn through questioning about legacy systems, the engineering decisions made for bitcoin, about complex incentive structures, and other deeper aspects of the subject.
4. Depression 😕
As people understand more about the economy, financial systems, political powers, money in general, inflation, etc. they get depressed.
There is a lot of uneccessary injustice, unfairness and cruelty going on in the world, and bitcoin doesn't seem to offer a quick solution to all these problems right away. Most people in the world haven't adopted bitcoin to any level in their lives. There are massive powers who are opposed to change. How will we ever get over these hurdles?
Fortunately, most people are strong in heart and not willing to give in or give up. Many move on to the last and most important stage.
5. Acceptance and hope 🤩
Once people realize bitcoin is not an instant or perfect solution to all ills in the world, but it is our only fair shot to fix things, they reach the final stage. They start to see bitcoin's true value and ingenuity, and how it can be the foundation for a new fair monetary and economic system. The future doesn't seem bleak no more. Hope returns.
At this point, people start to do what they can to help to push bitcoin forward:
Most adopt it in their lives for savings and for payments
Some start to run a node and provide liquidity to the Lightning Network
Some can't hold back the good news and start to talk to their friends about bitcoin
Some transition into jobs where they can work on bitcoin and its ecosystem
This entire process is difficult, yet extremely rewarding. It not only gives back hope in the future and improves one's financials, but that hope cascades into other areas of life like health, relationships, improved moral values, etc. People start to feel empowered to take charge and embetter themselves and their communities.
If you're a bitcoiner, I don't have to convince you about the above. If you're a nocoiner, you won't believe me until you experienced the change yourself. Good luck on your journey no matter where you stand! 🚀
Whether you're a merchant, freelancer, employee or any other entity hoping to receive SATs through the Bitcoin Lightning Network, incoming liquidity is critically important for you. To be able to receive funds you need to have channels that are partially or full empty from your side.
Here are 21 ways you can generate incoming liquidity in no particular order.
1. LightningNetwork+
Right here on LN+ you can participate in a liquidity swap, a dual funded channel or join the liquidity pool. These are the only free options, but you need to open a channel to receive a channel of equivalent size. These are good options if you wanted to open channels to be able to send funds anyway.
2. LN Big
LN Big is one of the most well connected OG node operator offering large incoming channels for a fee.
3. Thor by Bitrefill
Bitrefill is also an OG lightning service. They offer incoming channels via their lightning product called Thor.
4. Yalls.org
Yalls is an OG Lightning social bookmarking site by Alex Bosworth, Lightning Labs developer, who offers channels for a fee.
5. Blocktank by Synonym
Blocktank is a new player in the space providing liquidity via a simple interface for a fee.
6. Coincept
Coincept is a brand new service that offers incoming channels for a relatively low fee, much like options 2 to 5.
7. LOOP by Lightning Labs
LOOP by LL allows you to send out SATs from your lightning node and receive them back on chain. You can use this service to create incoming capacity in two simple steps. First, open to any well connected node, check the node explorer right here on LN+. Second, loop out part or the entire channel capacity using Thunderhub or other tools that support looping out. You end up with a channel that is empty on your side, thus you can receive SATs immediately.
8. Flow by Voltage
Voltage is a cloud lightning node service. They offer easy purchase of channels from other nodes on the network. Flow leverages Lightning Lab's Pool.
9. Free channel by Voltage
If you have a node on Voltage.Cloud, you can request a free channel with a click of a button, which will allow you to receive 500,000 SATs once the channel is open.
10. Liqidity Marketplace by LnRouter
On the lightning analysis website LNRouter you can get an incoming channel for a fee from the Liquidity Ad Marketplace.
11. Magma by Amboss
On the lightning explorer website Amboss you can buy a channel for a fee at the Magma Marketplace. You can even automate your liquidity with the Hydro product.
12. Boltz
Boltz is a trustless (that's a positive thing) exchange that uses submarine swaps to exchange LN-BTC to on-chain BTC at low 0.5% fees.
13. Bitfinex
Bitfinex is a Bitcoin exchange that supports Lightning. You can create incoming capacity by opening a channel to BFX's node, and then sending a part or all of the SATs to Bitfinex, exchange the LN SATs to on-chains SATs at the exchange, and finally send the funds back to yourself on chain. This is a rather expensive option because exchanges charge fees when moving funds.
14. Kraken
Kraken is another major Bitcoin exchange that supports lightning deposits. You can do the same trick as described above for Bitfinex. Here is Kraken's node if you wish to connect to them.
15. FixedFloat
FixedFloat is a non-KYC exchange that allows you to swap lightning sats to on-chain sats easily for a fee of 0.5-1% depending on your settings. You can also swap any altcoins you may have lying around for fresh bitcoin sats at the same place.
16. ZigZag
ZigZag is also a non-KYC exchange similar to FixedFloat offering the same service for similar fees. This exchange is focused on BTC and LN, but it supports handful of altcoins too.
17. SideShift
SideShift is also a non-KYC exchange similar to the two above. Their fees are on the high end between 1-2%.
18. Deezy
On Deezy.io you can swap out your local lightning capacity for on-chain sats. This way, just like in the options 12-17 you will end up with incoming capacity on your existing channels and more sats in your on-chain wallets to open new channels.
19. Muun
You can create a mobile Muun wallet, and then send sats from your lightning node to it. Muun will charge for this service but somewhat similar to the options above 12-18, you will end up with a partially empty (from your side) channel on your lightning node.
20. ln2me
With ln2me you can establish a balanced channel by pushing half the capacity to their side on channel open and then requesting half back on-chain. This solution requires you to trust ln2me, so be careful.
21. Spend
The most obvious and perpaps somewhat overlooked way to generate incoming liquidity is to open a channel to a merchant who accepts Lightning payments and spend your SATs with them. Besides the already mentioned Bitrefill, which offers phone top ups and various gift cards, you can also spend your sats at hundreds of online merchants. Buy a hardware wallet at the Blockstream store, get plane tickets or book a hotel at Travala, gamble with Lightning Roulette, etc. Browse for more at LN Stores.
If you're aware of any other method to create incoming liquidity, please comment.
Dual Funded Channels (DFC) are a special and efficient way to open Bitcoin Lightning Network channels. They are now available on LN+. We call them Dual Funded Channel Agreements (DFCA) or "Dual Swaps". These are special "swaps" that are created between two parties and involves only a single channel. Let me explain (to the best of my ability) what dual funded channels are and how they can benefit you, and what are its downsides compared to swaps.
Benefits
The three benefits of dual funded channels:
You can create a channel that is twice the capacity of the funds you have available. For example if you have 1M SAT available, you can open a 2M channel.
Your newly opened channel is instantly balanced. So, following the above example, you will be able to send 1M and receive 1M on your new 2M channel.
You split the channel opening costs.
How to open dual funded channels?
In order to open a dual funded channel, you need to use special tools at this time. It's not available by default in LN wallets. For the popular lightning implementation LND there is an additional tool available called BOS (Balance of Satoshi) by LND developer Alex Bosworth, which helps you open dual funded channels. This is the tool we require you to use on LN+ in order to participate in the new Dual Funded Channel Agreements (DFCA).
Other lightning implementations like CLN also have experimental support for dual funded channels, but we're not yet supporting them. We will wait until the code is more mature, and we can potentially open dual funded channels cross implmentations. Until then, please only open or apply to DFCAs if you run LND and you're able to use the BOS tool.
Downsides
The three downsides of DFCAs compared to regular swaps:
You only get connected to one node, thus you have less direct and indirect connections.
You need to use a specialized tool like BOS, which could be potentially difficult for users, and thus there are less node operators you can work with.
You need to cooperate closely with the other party, because when you initiate a DFC a Terminal session needs to be kept open until the other party accepts the request.
How does it work on LN+?
On LN+ the user who starts the DFCA (participant A) will set the conditions for this special kind of "swap", including the capacity. For dual funded "swaps", A should only specify their your side of the capacity (half of total channel capacity). The total capacity will be the double of the capacity A specifies. For example, if the DFCA is for 1M SAT, the channel will be 2M SAT.
The cards showing the capacity show only the funding capacity (half the total) in order to be consistent with the triangle, square and pentagon swaps. When you search for swaps you want to find swaps that match the amount of SATs you have available to open a channel.
On LN+ as soon as participant B joins, A will be notified to get ready to accept the invitiation.
B initiates the channel open invitation in BOS. Once the invitation is sent out, participant A is notified again to go ahead an accept the invitation in BOS.
Once the invitation is accepted the channel opening transaction is sent out and the DFCA is complete.
If you are familiar with BOS, open or join some DFCAs!
Following up on a popular request, I'm announcing a new feature: LN+ Messages.
LN+ Messages is similar to DMs on other platforms with one notable exception: you can only send and receive if you have logged in using your Bitcoin Lightning Network node to LightningNetwork.plus. LN+ Messages is designed specifically only for Lightning Network operators to cooperate and communicate with each other in a private and safe way.
With LN+ Messages, you don't have to reveal your Twitter, Telegram or Email address to other parties. You can message each other without revealing any personal information. You don't have to spend SATs message embedded into a lightning transaction, and hope the other party knows how to read it. LN+ Messages works in any brower and supports rich formatting and sending images too (ex. screenshots to help each other if needed). You can even send a message to node even if they are not registered on LN+. They will get your message once they claim their node.
Features of LN+ Messages
New and read messages are clearly marked as such
You can usend a message before it's been read
You can flag messages that you consider spam or undesireable
You can block nodes from sending you messages
Optionally you can be notified by new messages on your email
How to Send
To message other node operators, go to their node profile (search under the Nodes navigation) and click the Message button with the envelope icon.
How to Receive
To read your messages click the Messages navigation item. You will be notified (bell icon) about any new messages you received in the navigation.
Happy messaging!
I'm eager to hear your ideas on how we can improve the service further.
Central banks and international organizations like the IMF are well informed and most definitely not stupid. They understand macro economics, game theory and technology. They are gigantic organizations and thus slow to act, but they make up for this with their immense reach and power. Despite this they are terrified of Bitcoin. Why is that?
When Bitcoin goes 10x or more from the current price, it will reach the range of market capitalization of the largest currencies in the world including Pound Sterling, Japanese Yen, Euro, US$ and Chinese Yuan. When this happens, in people's minds, the Bitcoin project turns from a spectacularly successful science project to a serious contender to claim the reserve currency status. What's more terrifying for current powers is that all odds are against the incumbents on all fronts.
Why Bitcoin is winning?
Bitcoin carries less risk, because it's international and not dependent on the natural, economic, or political events within a single country (or even continent) as opposed to every other fiat currency. Bitcoin's risk is decentralized among 195 countries. Ineviably there will always be a few countries where unfortunate events happen, but there will always be other countries where things go well. Being 100% invested in Bitcoin means you're diversifying across the globe. Bitcoin outcompetes fiat currencies in terms of long term stability, especially during black swan events.
Bitcoin fits the modern age, because it's designed to be the currency of the internet. The foundations are built on strong cryptography, thus it's significantly safer to transfer between parties across the globe. Compare Bitcoin's strong security to the most videly used legacy payment systems, the credit and debit cards that expose your private key (card number) to every single person and business you pay to. Bitcoin is also faster with settlement reached within seconds on the Lightning Network (LN) for smaller amounts, and within minutes on the base layer for any amount. Fiat systems are much slower, and settlement normally takes days. Bitcoin is also cheaper to send because sending smaller amounts on LN takes fractions of cents, and less than a dollar on layer one. Bitcoin outcompetes fiat currencies in features.
Bitcoin has better monetary policy, because it's reliable and predictable for decades and even centuries to come. It doesn't bend to the whims of any politician, or anyone else. Bitcoin can't be mined faster no matter how high the price is as opposed to gold. The concensus rules can't be corrupted no matter how much of it you own. Bitcoin outcompetes every other fiat based reserve asset in terms of management of money supply.
Bitcoin has the moral highground, because it's permissionless and maximally inclusive. Anyone with access to most basic, widely available cheap technology can open a Bitcoin and LN account and participate in the network and thus join the global economy ensuring they can provide for themselves and their families. It doesn't matter how poor, how uneducated, how old, or culturally supressed you're: you're welcome to use Bitcoin. Bitcoin outcompetes legacy systems in terms of serving humanitarian values.
Bitcoin is more efficient, because despite the critics who focus on the energy expenditure required for Bitcoin mining, the overall cost of securing Bitcoin is minuscule (similar to the energy required to run Christmas lights), compared to what is required to secure legacy fiat based system. Legacy systems require massive armies, and law enforcement agencies just to ensure the currencies aren't counterfeited and continued to be accepted for valueable commodities. Bitcoin outcompetes legacy fiat systems on cost effectiveness.
Can fiat be fixed?
Legacy fiat systems are only better than Bitcoin in one aspect: they are more widely accepted. But this advantage is evaporating as Bitcoin is growing in terms of usage. Bitcoin is superior and is winning overall. And this reality can not be changed. You can't fix fiat. You can't replace Bitcoin. The discovery of digital scarcity was a single historical event. It's not a technology that can be copied. Blockchain, the technology existed long before Bitcoin. Blockchain is just one of the several aspects and technologies which made Bitcoin's discovery possible.
Even if hypothetically a leading fiat currency was turned into a crypto coin which copied Bitcoin's properties perfectly, it would just be one of the many 10K+ copies (altcoins) that have been created that all failed to overtake Bitcoin. However, this hypothetical scenario can't even happen, because the huge amounts of debts need to be repaid and inflation generating money printing is the only way to do it. You can't tax your citizens more to create more fiat, because everyone either will go bankrupt or leave. You can't not repay the loans because the country goes bankrupt. The only remaining option is to inflate the currency away.
Also, if a hypothetical central bank digital currency (CBDC) was created, nobody would have the means to force it on other nation's governments, and all the citizens of every nation.
What's next for central banks?
I can think of three scenarios that central banks can follow:
Fight Bitcoin to death. This will be bloody for everyone involved, but eventually there is no way for fiat to win, because of the fundamentally inferior properties that can’t be changed as discussed above. In fact, such a fight may accelerate the adoption of Bitcoin, because it will bring the issues currently hidden from a big part of the population into the forefront.
Embrace Bitcoin as soon as possible. This means current powers will have to buy in and play by Bitcoin’s consensus rules. This would be beneficial for all participants, because we could inflate away the fiat debt and at the same time transition economies into a stable and fair Bitcoin standard that can last for centruries.
Take control of custodial services. Governments and international agencies can take over exchanges and turn legacy banks into holders of Bitcoin. This way they can indirectly take control of Bitcoin without the need to buy in. This can be done through very strict regulation or literal takeovers. Self custody of Bitcoin and proof of reserves will however keep such actions in control.
Since I'm not aware of the existence of a world government or a coordinated power structure behind the curtains that can pull all the ropes, a single coordinated strategy isn't likely to play out. It's likely that all above strategies will happen at the same time. Either way, eventually the Bitcoin Standard and hyperbitcoinisation is inevitable in all scenarios. (Do let me know if there are other scenarios I didn't consider.)
What can you do?
What to do as an individual to survive the likely tumultuous transition towards the Bitcoin Standard?
Take self custody of as much bitcoin as possible as fast as possible
Learn how to secure your coins best
Learn how to run your own Bitcoin and Lightning node
Help the Bitcoin ecosystem as much as possible through development, education, participation, ideas, etc.
When you're running a Lightning Network Node you have the opportunity to earn SATs by routing money for other people. Routing means you receive SATs from one node on one channel and pass the funds on to another node on another channel. For this service you can charge a small fee. If you route a lot, these fees add up to considerable revenue.
Each channel you open to a node has a certain capacity and the funds are partially on your side and partially on the other node's side. In order to route effectively you need to ensure you have capacity in the directions people want to send funds.
The Lightning Network traffic is not public and the channel balances are not public either. So, it normally requires a node operator to guess which nodes need capacity and in which direction.
The LnRouter App, a paid service by the swiss developer Severin Alex Bühler aims to help node operators with the above problem, and some more.
Signing Up
In order to use LnRouter, first you need to sign up with your LN node by signing a message and then providing a contact email. Then, you need to sign up for a pro package which costs 16,800 SAT (at current Bitcoin prices: ~$8).
Now, you can search for medium and larger nodes (Tungsten and higher in LN+ ranking) and the app will provide you with several pieces of information as follows.
Liquidity
The exact amount in channels is not public information as mentioned above, but the LnRouter app by probing the nodes with routing transactions is able to estimate roughly the capacity of channels on each side and whether the channels are balanced or not.
Heavily unbalanced node: Not good
Relatively balanced node: Much better
Ideally every single channel on a node would be balanced (100%), but that's not necessarily a requirement for a node to be an efficient routing node. As long as the node has capacity to receive on channels where SATs want to come through, and also has sending capacity on channels it wants to forward to, the node will work very well for forwarding. However, it's definitely not ideal if the node's capacity is all on one side on all their channels. For example, either all channels are only able to receive or only able send. An efficient routing node would have a balanced capacity ratio.
In the first example above, a large node only has many incoming channels, and virtually no outgoing capacity. This means the node is not effective for routing purposes (but it's very effective for receiving payments if it's a merchant). If you're expecting to route or even just send SATs through this node you will be out of luck. It's better to avoid connecting to such a node, unless you're planning to pay invoices to this node.
Per channel breakdown of estimated capacity
As you can see on the image above, LnRouter gives a per channel breakdown of estimated capacity. You can have a rough idea about what's happening on a given node in terms of channel balances, and you can see if your node can complement the given node.
Speed and Connectedness
Speed and Connectedness Metrics
Besides liquidity, it's important to know the reaction speed of a node and how well connected it is to the rest of the network through its channels. The faster and more connected the node, the quicker the payments go through it, and thus the more likely it will be chosen by the payment routing algorithms.
Routing Score
Routing Score
The routing score is an aggregation of the data explained above and gives you a quick understanding how good the node is in terms of routing.
Conclusion
So, how do you make sense of all this data as a node operator, and how to decide what node to connect to? There are many strategies, but here are three possible ideas:
Find nodes that have a lot of local capacity and not enough incoming capacity, and open a channel to them. Any node that receives a lot of SATs and doesn't send a lot out will have this property and problem you can relieve.
Find nodes that have lots of incoming capacity but no local capacity. Establish a channel with such a node, and ensure to push capacity to their side, so you have an empty channel from your side. This can be achieved by asking them to open to you, or by rebalancing which could be difficult if the node is very unbalanced.
Look for well balanced and fast nodes. Connecting to them will increase the chances that the channels will be well managed from their side without you needing to do anything. And since the node is likely routing funds regularly, you will receive some of that traffic too.
Whenever you are opening channels, it's best if you open to a node within a swap right here on LN+, so your own node doesn't become unbalanced. However, that's no always possible, so you may need to find intermediate nodes to open to achieve your rebalancing needs.
Several plebs asked for the opportunity to have their nodes promoted above the girthy Iridium ranked nodes on the Nodes Explorer index page.
Thus, I'm introducing a small feature so you can Highlight your node profile on this site, on the LN+ Nodes Explorer Index pages, and in Node Explorer Searches. This will help your node to be found easier among the tens of thousands of nodes, and hopefully generate incoming liquidity for you from other nodes, and thus increase your total node capacity. It can also help people to find your business if you're running one.
If you're highlighting your node, consider adding an avatar or logo, and a short bio or description to your profile. Both pieces of information will appear on your Highlighted node profile card.
The Highlighting feature costs SAT 1,000 per day, currently US$ 0.49. (The price is denominated in SATs in an effort to transition to Bitcoin as unit of account.) You can pay for multiple days at once and you can extend the Highlighting as well. The more days left on your Highlighting the higher your node appears.
To Highlight your node profile you need to sign in with email or with lightning and then visit the Highlight page. You can also find all the necessary links and information on your node profile, in the Dashboard section (as long as you're signed in).
I feel there is a need to clarify what a Bitcoin Maximalist (or maxi for short) and a Toxic Maxi means, because it’s not used with the same meaning by all.
A common misconception is that a maxi is a blind Bitcoin believer. And a toxic one is the same taken to a whole another level. This is not the case.
Naturally, what follows is my take on the subject, but it’s strongly influenced by the ideas of important personalities in the space.
Before we get into the meat of the article, it’s interesting to note that the terms maxi and toxic were originally slurs coined (no pun intended) by altcoiners to describe bitcoiners. Just like in many other areas of culture (ex. cavalier, yankee, jew, impressionist, etc.) the name-calling fallacy backfired and the slurs were boldly reappropriated to become positive terms, and even badges of honour in some contexts where intellectual rigour and integrity are implied associated meanings.
A Bitcoin Maximalist is a person who believes Bitcoin is going to supersede all other forms of money in the end because Bitcoin was the discovery of digital scarcity. This unique event lead Bitcoin to become the strongest brand, most trusted coin, most capitalized asset, most accepted form of payment, most attractive project for developers, most secure system, and most decentralized network among other superlatives. This leading position will only stregthen further with time because of network effects.
Bitcoin being the object of maximalism is a matter of circumstance and not some fetish of a specific brand or persona. It’s just the recognition of the state of affairs and the dynamics at play.
A maxi understands that an altcoin can offer a better feature for a certain time by sacrificing other properties. For example trading decentralization and privacy for speed and low fees. But the discovery aspect and age will always favour Bitcoin, which will result in Bitcoin eventually reclaiming the leading spot in every measurable metric, and subsuming any potential ideas, thus forcing it to become the one and only that truly matters.
For example, for a while Bitcoin had high fees and blocks were full which according to casual observers was a critical issue threatening Bitcoin's dominance. Altcoins were rushing to capitalize on this perceived issue by offering various tokens of their own benefiting the creators. However, thanks to the work of many talented bitcoiners working in multiple teams the Bitcoin’s Segwit upgrade, Bitcoin’s Lightning Network and other side chains like Liquid solved this issue in due time. Now, we have multiple solutions to the transaction fee and speed issue. As a bonus, we also managed to increase decentralization levels by encouraging and incentivizing the running of significantly more full nodes with economic activity. As a secondary bonus, we also increased privacy because LN transactions are not publicly visible on chain. Subsequently, Bitcoin’s ecosystem now not only offers the best store of value feature, but also the best payment network, while simultaneously making the network more decentralized and private.
As a maxi you understand this self reinforcing and unsurpassable dynamic and thus ‘believe’ in Bitcoin. You learn about Bitcoin, you invest in it, and work in the Bitcoin ecosystem if you can. Not necessarily because you believe that all properties of Bitcoin are best at all times, but because overall Bitcoin can’t be surpassed due to realities explained above. Bitcoin constantly draws in value and talent increasing its gravitational force over time.
As a maxi you understand that working on or investing in anything else is suboptimal on the long term, and it’s only a distracting gamble at most on the short term. You see altcoins as an unfortunate waste of time, energy, and capital with little to no utility in the grand scheme of things. At best, they only serve as test cases to invalidate ideas.
Also, maxis recognized that if maximalism was ever proven wrong, meaning Bitcoin were to be overtaken by another coin it would show that any coin can be and will be toppled by other newcomers over and over without end. The victory would invalidate the victor. Such an event would disprove the idea that a decentralized network can ever last long enough to build prosperity and stability upon it. It’s either Bitcoin succeeding or the entire grand experiment failed no matter who is on the top at the moment.
Most maxis at one point studied altcoins. Maximalism isn’t a position of ignorance. In fact maxis are often more knowledgeable about alts than the altcoiners themselves because they looked at the properties of various projects critically without a positive bias.
You are not a maxi to begin with. You become one as you learn and understand more. You can’t help it, you come to the inevitable conclusion eventually if you put in the time and energy to educate yourself by reading books and code, by listening to accomplished and well informed people. By actively participating in the network by running a node, working on a project, educating on the subject, or accepting Bitcoin at your business, etc.
You become a Toxic Maximalist when you realize the widespread distraction and scamming of a significant number of victims by altcoiners. To encapsulate this destructive nature, altcoins are often called shitcoins or cleptocurrencies. I welcome shitcoiners to bravely embrace the slur word shitcoiner just like bitcoiners embraced the slurs used to label them. No takers? I guess the reappropriation technique doesn’t work when the slur describes reality.
You develop into a toxic maxi when it dawns on you that we have one shot at making this once in a lifetime discovery work, and change the world to the better. We hope the Bitcoin standard will bring equality and opportunity to billions, reduce wars, and bring about unprecedented prosperity. Bitcoin is bigger than us. We owe it to our future generations to try to make it happen. We don't want to sacrifice this opportunity by wasting resources on distractions like endless number of shitcoins, fixing failing fiat, or trying other provably futile detours.
I don’t blame the victims of shitcoiners. I know it takes time to dig yourself out, and potentially grow into a maxi. Many maxis are exceptionally smart people. It took them little effort to grasp maximalism. But, others like me, are less gifted. We can get distracted by superfluous things. It’s harder for us to filter out the noise and takes us longer to internalize complex ideas.
Thus, I’m willing to educate shitcoin victims when they show an interest to learn. I want to help them free themselves from the grip of fiat and shitcoinery.
However, if you are one of those scammers, you will have no mercy. You should expect your ‘project’ to be scrutinized and exposed for what it is by toxic maxis, who are an essential part of Bitcoin’s organically evolving immune system, defending against corruption and misinformation.
Bitcoin maximalism is a passive state of understanding. Toxic maximalism on the other hand is activism that fends off toxic concepts in this intellectual battle of ideas.
To give you a quick overview of your swaps, you can visit the new My Swaps page (link only works if you're logged in).
On this page you can see all your swaps with a status bar on top informing you of the latest state of the swap, and whether you need to take any action.
You can access this page by clicking the My Swaps button on the home page, or in your dashboard section on your node profile.
Let me know if you would like to see any improvements and additional information.
Bitcoin LN payments became very popular recently because they are easy, instant, extremely cheap and provide a good level of privacy compared to other traditional payment methods. Whether you're selling a product or you're a freelancer accepting payments from clients, you should consider accepting payments over Bitcoin's Lightning Network.
In this post I will discuss 3 options with various levels of difficulty and set of features. In later posts I will go into greater detail on how to set up each option.
All 3 options support the following features:
For online stores: Generate invoices dynamically for products and services
For freelancers: Generate payment requests with a specific amount
Rich reporting of invoices and transactions and their status
Invoices can be paid with Bitcoin (on-chain) or Bitcoin Lightning (off-chain)
You can transfer your revenue into your own safe hardware or other trusted wallet
Custodial Services
Speed, Neutronpay, and OpenNode are excellent payment processors that provide a rich set of features for businesses, who wish to accept Bitcoin LN payments. This is your easiest option for implementation, however it comes with some limitations.
Advantages
Easiest implementation using an embed code and a template for basic payments
Easy implementation of payments using APIs
No need to manage a Bitcoin Node or Lightning Network channels
Easy and fast transfer of Bitcoin earnings to on-chain or off-chain wallets you control
No server costs of any kind
You don't have to worry about downtime
You can convert Bitcoins into dollars if you want
Disadvantages
Requires trust with a third party
Some of them require KYC
No full control over your Bitcoin Node
You may pay a small fee on transactions
Non-Custodial Cloud
Voltage is a very reliable service that provides Bitcoin LN nodes and BTCPAY servers in the cloud. With Voltage you can re-create your own OpenNode like setup. The initial setup is somewhat harder, but you gain more control over the payment system. You will need to buy two things from Voltage: A Bitcoin Full Node with Lightning and a BTCPAY Server. Once they are running you can integrate the BTCPAY server to create an easy to embed code, use the API to connect your website, or issues payment requests right from BTCPAY server.
Advantages
No need to physically setup your own hardware locally or build it in the cloud yourself
Spinning up a Bitcoin + LN node and a BTCPAY server takes literally seconds
You don't need to wait to download the Bitcoin blockchain
You can easily connect your Bitcoin LN node to your BTCPAY server
You get 100% of your revenue
You own your private keys
You can connect to your node with any Bitcoin or LN app
You don't have to worry about downtime
No KYC of any kind
Flow by Voltage makes it easy to create incoming liquidity
Voltage will give you a free 500K SAT incoming channel
Disadvantages
You still partially rely on a third party (Voltage) to run your node
You are not downloading and vefirying the blockchain yourself
You have to pay a monthly fee of $27 (Bitcoin LN node) + $7 (BTCPAY server) per month
Non-Custodial Self Hosted
There are several options to completely self host and operate a Bitcoin LN node together with a BTCPAY server or an LNBits wallet. This option is similar to the above Voltage solution, because you're running your own servers at home at your office. With this option you go one step further on being independent from any third parties. This is the best option for sovereignity and control, but it comes with responsibilities of managing your servers, which is an important consideration.
The most popular option is Umbrel. With Umbrel you have to build your own Raspi Pi server or use a Linux computer. With an Embassy node, the hardware is prebuilt for you and you're still running it at home.
Advantages
You have 100% control over your setup
You own your private keys
You can connect any Bitcoin or LN app to your setup
You get 100% of your revenue
No KYC of any kind
You download and verify the blockchain yourself
No monthly or transactions costs of any kind
Disadvantages
You need buy the hardware which can be several hundreds of dollars depending on your preferences
Takes time to build the hardware in case of Umbrel
Takes a bit of time to learn how to install the Bitcoin LN and BTCPAY server nodes
Takes time to download the Bitcoin blockchain
You have to worry about downtime in case your power is cut
You need to take care of backing up your private keys and LN node
You have to create incoming capacity for your LN node
Conclusion
So, which option should you go for? It depends on your situation.
You have no time or inclination to learn how to setup your own servers: go with OpenNode or Voltage.
You're technically savvy and not afraid to learn new things, go for Voltage or Self Hosted.
You're going to accept a lot of payments and need very robust setup: go with OpenNode or Voltage.
You're going to accept a lot of payments and you don't want to manage incoming capacity: go with OpenNode.
You want to keep 100% of the revenue: go with Voltage or Self Hosted.
You want to have 100% self sovereignty: go with Self Hosted.
You don't have good electricity or internet: go with OpenNode or Voltage.
You need dollars not Bitcoin: go with OpenNode.
If you need help with any of these setups, feel free to contact us and we will help you with advice.
Note: Remember not to trust anyone with your private keys or setting up wallets for you, because that will compromise your security and will result in loss of funds. Double check every advice from multiple sources, and do everything yourself as much as possible, or use well trusted parties.
