Monday, July 5, 2021

Rapid fire questions re: Lightning, Multi-sig, stablecoins, EMP, DCA services, etc. Thanks in advance!

Hi much appreciation to this sub for helping me on bitcoin journey, really appreciate how friendly y'all are, and how thorough y'all are even with questions you've probably heard dozens and dozens of times. Some rapid fire Qs:

  • Where is best place to learn about lightning, is there a noob friendly lightning wallet you would recommend? How widespread is adoption?

  • Where is best place to learn about multi-sig wallets? My reasoning here is I want to make sure my wife/kids have access to this stuff in case I get hit by a bus and wife somewhat resistant to setting up her own wallet, memorizing seed phrase etc. If i set up multi-sig for the family, will I need confirmation from other party before everything? Or is there a way where I can just make it easy for another person to access, but don't need both parties to turn the key before sending money?

  • I keep a small amount of fiat on the exchange so that I can buy when I see dips. It just sits there and doesn't collect interest tho. Should I keep this stuff in stablecoins that do collect interest? I understand that buying and holding is not a taxable event, but converting one coin to another counts as a sale. So If i buy stablecoin, and then use it to buy BTC, does that trigger taxable event? What else should I know about stablecoins? (US Citizen)

  • What would happen if, e.g. a giant solar flare hit the earth and knocked out all electricity and internet etc etc etc. Assuming we could get the rest of society up and running, what would happen to the BTC network if "the internet got shut down" for some period of time.

  • Bitcoin audible advertises for swanbitcoin.com which, from what i can tell, offers a service where you prepay, and then it auto DCAs for you on a daily/weekly/monthly basis and auto sends it to your hardware wallet. Pretty nice, except that the lowest fees you can obtain are .99% (if you're upfronting the most amount). Most exchanges offer .5% If i'm generally checking exchanges on my own fairly frequently and DCA'ing on my own schedule, is there any reason at all why I might use one of these services? Am I missing something? Do you pay that extra money PURELY to mindlessly automate it for yourself?

thanks for all the help


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