WARNING: There are a number of scammers who are using my image and channel name to try to connect with my viewers on WhatsApp and other platforms to scam them. Just so you know, I will never refer you to "my personal trader" or try to connect with you personally to sell you something. I am trying to ban these scammers as quickly as they pop up. You can always recognize a scammer by clicking on the image and seeing how many videos he has. All of these guys have zero videos, while I have hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Bitcoin University from the imposters. Follow me on Twitter @mattkratter
@Bitcoin_University I know this video is primarily about reducing transaction fees but is Aqua wallet private? It doesn't seem to function as a node (i.e. download and use on-device blockchain to generate transactions). What info, if any, does it leak?
Excuse me, may I ask for your help with something? I’ve got USDT TRX20 stored in my OKX wallet, with the phrase (clean party soccer advance audit clean evil finish tonight involve whip action). What are the steps to transfer it to Binance?
Hey, could you possibly help me with this issue? USDT TRX20 is saved in my OKX wallet with the phrase (clean party soccer advance audit clean evil finish tonight involve whip action). What’s the process to send it to Binance?
Excuse me, can you please help me out with an issue I’m facing? In my OKX wallet, I keep USDT TRX20 and have my recovery phrase (clean party soccer advance audit clean evil finish tonight involve whip action). How do I transfer it to Binance?
I like how easy to use and simplified the UI is on Aqua wallet. This is the direction Bitcoin (or just crypto in general) needs to go in order to bring normies onboard, because normal people don't want to put 100 hours into learning how to use crypto, wallets, blockchains etc they just want money they can access to spend and save at any time.
Another point is using a blockstream jade, green wallet and aqua you can have a really nice setup. You’ll be able to protect your L-sats with a hardware layer and then, when you have enough to convert on chain, you can do that.
Another excellent video You have a knack of explaining things in a practical sensible way but it's not just the explanation, you do it while giving the overall context of the end to end big picture Explaining the situation and the context is the hallmark of a great communicator, and you certainly relay both in every video I've watched of yours Thank you
Missed you yesterday! I wanna say something toxic so you mention me again in a Saturday video but I’ll just say I appreciate this tutorial before I’ve even watched it!
What do you mean you can't peg out? I've pegged out multiple times using both Aqua and Sideswap. I'd recommend doing more research before commenting. It's trivial to peg-in and out of Liquid.
@@Bitcoin_University Sure, by the definition of "unilateral" that is true. However, there's no KYC to peg-in/out. There's nothing to identify me except potentially the BTC wallet I'm pegging in/out from. And given the broadly distributed setup of the federation, imo it requires far less trust then keeping my btc on exchanges or even Strike. The members of the Liquid federation are financially incentivized to protect that trust.
Hey Matthew, great video. I have the Swap button in my Aqua wallet and i'm in the US. I think I heard something about the iTunes store disabling it, so I think swap only works on Android phones...
I have been using Aqua for some months now, and I love the low fees. I also like being able to convert my lightning holdings to layer one from the app.
Honestly, it's not complicated at all. If someone thinks it is complicated it just shows how sad mankind has fallen. God gave us a brain, we should use it, especially for simple things like this.
Love your content. Thanks for educating a new bitcoiner like myself. 👏 In your opinion, Aqua or BlueWallet? I’m taking self custody for the first time.
If you're taking self-custody of BTC that you plan on saving for a while before spending, I would move it into cold storage by storing your keys on a Coldcard or Blockstream Jade hardware wallet that has been connected to Sparrow. I have videos on that subject that you can search for. If it's for short-term spending, then it depends what country you are in. In the US, I would use Aqua rather than BlueWallet, because BlueWallet is not easy for a beginner to use with Lightning. Happy to answer follow-up questions if you have them
@@Bitcoin_University Thanks for replying to me! I live in the USA. No plans to travel or spend BTC for a long time (5-10 years in my current vision). My goal is cold storage. My thinking was I wanted to get some experience with self custody in a hot wallet first. I am a iPhone user. Can Sparrow be used on a mobile device? If not, then it looks like I will be researching Aqua and potentially taking self custody there first.
@@KyleSylvestre Sparrow is only available for laptop/desktop. Nunchuk is a good interface for cold storage using your phone plus a hardware wallet. You should definitely play around with Aqua, but use only small amounts of money/BTC. I would never put my lifetime savings of BTC into any hot wallet, not even for a couple of minutes. It's a good idea to play around with all of these tools before committing serious amounts of money (whatever that means to you) to them. Practice adding sats, deleting your wallet, restoring your wallet to see if the sats are still there, etc
Awesome review, thank you! I'm curious about finding safer ways of storing large amounts of Tether. There's really a need for this, for those 1-2 year long and deep bear markets.
Storing tether for 2 years would lose 20% of its value since it's pegged to USD. storing tether that long, you'd be better off swapping it to BTC (lightning or l-btc if you're worried about fees), then swapping it to tether when ready to spend.
Great video Matt. I appreciate you covering these layer2 methods.---- I know you are a fan of Strike as I am, so Question... Why not just use Strike for everything?
Strike is great, but at the end of the day it's a custodial wallet. Aqua by contrast is a self-custodial wallet secured by a private key just like a hardware wallet.
@@JayStrattonIII Hmm, okay. So this would be for people moving around large sums of money.👍How many people are doing that? I thought the whole reason we are talking about this is for smaller "buying coffee" scenarios. Who is so paranoid about $20-200 that they need 12 word seed phrases?
As a custodial wallet, Strike can refuse to pay certain addresses or groups even if you ask them to. You also leak privacy using a custodial wallet like Strike. That being said, Strike is very convenient and great for beginners. I still use it myself occasionally as you see
@@Bitcoin_University Ahh, okay. Well since those things are the stand-out significant differences, could you please highlight them more in your explanations? Thanks. It's probably just me and my perspective though... I basically watch every video from the viewpoint, "what does this thing do, that Strike doesn't?"
Great content. But maybe it could've been split into two parts: 1) Aqua wallet - transaction example, 2) Aqua wallet - Tether token explanation. Some people will miss the second part (which is very important) because they're not interested in specific mobile wallets. And that's a pity. Also, it would be a content for two days instead of just one:-)
How do you think Aqua compares to Strike… and even to Jade Green. Similar but different. Aqua and Strike both feels good but I almost feel like I must choose one, but want to support both 😂
I was eager to try Aqua after your video. The fees are too proportional to the transaction, that makes no sense. Something like 0.02% or (20000 PPM) no matter the amount. So the claim to collect 1mil sat and swap onchain does not hold up.
Because it is much more prone to 51% attacks (just 2% of BTC miners could easily do one). Also much lower acceptance by merchants, fewer node runners, less well-known brand, no Wall Street adoption etc. BCH is a failed fork at this point, with just a tiny fraction of the market cap of BTC
I forgot to mention that BCH has also been in downtrend against BTC since 2017, so you keep getting poorer compared to Bitcoiners if you hold BCH instead
What's the difference between aqua that locks btc then has its own blockchain for transactions & any other eth blockchain that claims to lock BTC and do the exact same thing
My friend wants to know what is the cheapest way to transfer larger amounts of BTC from a US exchange to self custody? Is your conversion to LBTC a taxable (sell) event?
If it's a large amount, it's probably best to send it using a regular BTC on-chain transaction when fees are low. You can check fees here: mempool.space/ Right now it costs only about $2 to send any amount of money using BTC on-chain
@@Bitcoin_University I assume sending several smaller amounts over time to the same wallet until the exchange is emptied is the best practice. Thinking this would allow a wallet which held the total of the legacy exchange wallet for future accounting or even tax purposes though it is long term capital gains status.
L-BTC transactions use Confidential Transactions (CT), a cryptographic protocol that encrypts the type and amount of assets being transferred. This encryption ensures that only the parties involved in the transaction can see the details, and not the public. However, the cryptography also allows nodes on the Liquid network to verify that the transaction doesn't inflate the supply of the asset being transacted. This means that other Liquid users can still verify the accuracy of the transaction amount, the involved wallet balances, and the total supply of the asset.
I found a really nice touch converting to L-USDT. I really don’t trust USDT, but it’s even worse if you need to trust another crypto for that. Having L-BTC is less bad. Ideally we should have an algorithmic stable coin hyper-collateralised in BTC running on BTC blockchain. Meanwhile, L-USDT can be useful.
I installed via apk from website and not appstore. I'm able to see and use swap button on main page. Probably another case also of iPhone plebs being trapped under Apple's authoritarian app store practices.
@@Bitcoin_University this is due to iOS policies, not the US. Aqua team put out a statement that said they are working with Apple to bring it back soon
The on-chain BTC is non-custodial and the L-BTC is subject to trusting the Liquid federation not to rug you. So it's in a weird grey zone between custodial like Wallet of Satoshi and pure non-custodial. Even Phoenix was dependent on parent company not closing their channel with you
I’ve seen several wallets removed from app stores. What were to happen if people use a wallet that suddenly disappears from an App Store? Would the funds be recoverable?
I lost an “insignificant” # of sats trying the latest hot wallets that have all now been pulled from US app stores. looks great, but until I really need to use it I won’t keep a single Sat on it.
I’ve lost an “insignificant” # of sats trying out the latest hot wallets that have all now been pulled from US app stores. looks great, but until I really need to use it I won’t keep a single Sat on it.
Hello everyone. Mr. Matt, this my very rudimentary attempt at an idea for a future video. But, I was wondering if there was a way to make a video on the different layers of fiat? As in, I equate in my mind the base layer would be peer-to-peer USD. It's relatively private, convenient and the most familiar. But we can't "magic" physical dollars to someone's hand in say another town/state/country. I guess another layer would be credit/debit, in how it's built on top of our P2P cash transactions. It can go further, faster, but takes time to finalize. Again, forgive me Mr. Matt. I'm spitballing on the fly on my break while farming fiat at work. It's just a thought. Take care, everyone.
Yes, perhaps, but these mobile wallets are mostly designed for very small balances-- they are hot wallets after all, so don't store more funds than you need for spending in the near future.
They're completely independent chains, so they don't need to be in sync. You just need to do a BTC transaction on-chain to lockup BTC and make it available as L-BTC on Liquid
Rootstock uses a shitcoin to power its smart contract network, so it's a deal breaker for me: coinmarketcap.com/currencies/rsk-infrastructure-framework/
Muun is a great wallet, but needs to do an on-chain transaction even for Lightning payments. That makes Muun terrible in high fee environments, but great in low fee environments. Aqua much better for high fee environments
Is there a way to switch native btc to liquid btc on the jade wallet using the green software? And what would the benefits and downfalls be to this? I see on my jade i can have either btc or l-btc and im not 100% what thats gonna do for me.
Yes, Jade is a great solution for cold storage of BTC or L-BTC. I think you need to use Aqua or Boltz to swap in and out of L-BTC-- Green did not offer this functionality when I last checked. You could also buy L-BTC directly from an exchange
@@Bitcoin_University why hold L-btc on cold storage over just btc?? Thanks for the reply much appreciated. I also didn't know I could just buy L-btc like that. I haven't seen a enhance that offers it. (I'm in canada)
@@dynasty7298 You can buy BTC on BullBitcoin and withdraw it as L-BTC. BullBitcoin is the best exchange in Canada. The reason to hold L-BTC in cold storage is if your stack is still small relative to on-chain fees
Hello what would you suggest to an ordinary person who lives paycheck to paycheck? Put the extra savings and emergency fund to Bitcoin or keep an emergency fund on fiat? Thanks in advance!
Hey Matt, why are you promoting Liquid so much, but not Lightning? Because of channel management? I mean, one can literally just open a channel to - for instance - kraken, to be connected to the world, no?
No, unfortunately you cannot. Kraken will never open up a channel with a pleb, and most big companies won't either. I love LN and have covered it extensively too on this channel
I have set up this wallet for 3 waiters/waitresses to accept a tip in Bitcoin from me... I forget to accept the terms every freaking time. Glad I'm not the only one 😂
Not say that this isn't cool, but the primordial Bitgold used David Chaum's (centralized) digital currency for pizza and coffee purchases, and it was fully private.
I really like Samson and Liquid. But every needs to understand that all of these layer 2s are points of government attack. I understand that its unrealistic for everyone to transact on the base chain, but now governments can easily go after Bitcoiners by attacking L2s
@@Bitcoin_University hmm as far as I understand, they would have to blacklist entire liquid network, since Liquid transactions are confidential. And Bitfinex accepts USDT through many different networks (also Liquid). And they treat it as equal.
Matthew. You might have talked about this in another video. But this came from Forbes when Donald Trump asked if BITCOIN could solve the spiraling debt? “Bailey revealed that the first time he met Trump, he asked if bitcoin could do anything about the $35 trillion debt," Wu posted. "Bailey answered that he had some ideas but was not prepared to discuss that topic during their first meeting."
Hi Matthew, What do you think would happen if one day the Bitcoins attributed to Satoshi Nakamoto were moved? How might this affect the market sentiment, price, and overall trust in Bitcoin? Thank you for your insights!
Matthew I like your stuff but I still don't get it. If lightning/ liquid are separate chains on which BTC is locked up how is that different than BTC on ETH or another chain? If anything ETH is more decentralized than Liquid.
Incredible video! I gave it a thumbs up. Can someone help with my issue? my OKX wallet stores USDT TRX20, and my phrase is (clean party soccer advance audit clean evil finish tonight involve whip action). How do I move it to Binance?
I saw in the previous video that you disliked ETH just like I always have. But I don't understand what you don't trust in Kaspa. Can you tell me because I don't see any flaws personally. POW, Fairlaunched, no VC, Fast, scalable, crazy cheap transactions, a new technology (so not a cheap copy of BTC like LTC or BSV), grew to top 50 without tier 1 exchanges or marketing (Which is crazy when you think for a second), the hashrate is growing exponentially... Its at least worthy to recommend people to switch from SOL and ETH to that with the KRC20 coming next month. Right? Or is it another shitcoin to you?
@@timecone57 Understandable but its also equivalent to saying a company is too big to fail. It will be until something fundamentally better comes to light, I hope to get better reasons than just this from him.
There can only be one ultra sound digital money. If Bitcoin were replaced by "better tech," how long before that better tech is replaced by better tech? The whole concept of digital scarcity collapses and becomes a failed experiment.
@@Silarous I love BTC and I am heavily invested in it. I know the 99.9% of crypto is a scam and I never invested in it until now. But I like to keep an open mind when I see something with potential. I also know mankind went from salt to rice, to precious metals, to paper cash backed by gold, to paper cash backed by nothing, to digital cash backed by nothing, switching to Bitcoin... I find it hard to believe humanity would stop innovating when BTC is not perfect. We always leaned towards innovation.
WARNING: There are a number of scammers who are using my image and channel name to try to connect with my viewers on WhatsApp and other platforms to scam them. Just so you know, I will never refer you to "my personal trader" or try to connect with you personally to sell you something. I am trying to ban these scammers as quickly as they pop up. You can always recognize a scammer by clicking on the image and seeing how many videos he has. All of these guys have zero videos, while I have hundreds. I also now have a checkmark next to my name, so that you can distinguish the real Bitcoin University from the imposters. Follow me on Twitter @mattkratter
Can u make a video and let us see it in action and we can see the fees
I started buying bitcoin from a p2p platform and sending to my aqua Wallet
@Bitcoin_University I know this video is primarily about reducing transaction fees but is Aqua wallet private?
It doesn't seem to function as a node (i.e. download and use on-device blockchain to generate transactions).
What info, if any, does it leak?
Excuse me, may I ask for your help with something? I’ve got USDT TRX20 stored in my OKX wallet, with the phrase (clean party soccer advance audit clean evil finish tonight involve whip action). What are the steps to transfer it to Binance?
The best BTC educator on YT. Thanks Matthew.
Thanks, I appreciate that
Love from Kenya am learning so much 💪🏽
@@Skeptic-f1n Thanks for tuning in-- I'm very happy that you are here
Hey, could you possibly help me with this issue? USDT TRX20 is saved in my OKX wallet with the phrase (clean party soccer advance audit clean evil finish tonight involve whip action). What’s the process to send it to Binance?
Hi from Ghana 🇬🇭 🇬🇭 enjoying my Aqua Wallet
Great to hear from you, and welcome to the channel!
Is it working for you? Can you swap L-USDT to LN-BTC?
Excuse me, can you please help me out with an issue I’m facing? In my OKX wallet, I keep USDT TRX20 and have my recovery phrase (clean party soccer advance audit clean evil finish tonight involve whip action). How do I transfer it to Binance?
I like how easy to use and simplified the UI is on Aqua wallet. This is the direction Bitcoin (or just crypto in general) needs to go in order to bring normies onboard, because normal people don't want to put 100 hours into learning how to use crypto, wallets, blockchains etc they just want money they can access to spend and save at any time.
Yes, UI is so important
@Bitcoin_University UI is the foundation of adoption for everything internet. Browsers for example.
CrYpTo smh. When you fools gonna learn?
Sofaking wetodded?@@Foxyfreedom
Its hardly simple compared to the fiat transaction system. Cyrpto is lightyears away from mass adoption.
Another point is using a blockstream jade, green wallet and aqua you can have a really nice setup. You’ll be able to protect your L-sats with a hardware layer and then, when you have enough to convert on chain, you can do that.
Another excellent video
You have a knack of explaining things in a practical sensible way but it's not just the explanation, you do it while giving the overall context of the end to end big picture
Explaining the situation and the context is the hallmark of a great communicator, and you certainly relay both in every video I've watched of yours
Thank you
Thank you
What is Boltz?! I've never heard of it before today! Maybe a video on it...? :D
Such a cool and elegant wallet. Bitcoin is truly improving every day.
Missed you yesterday! I wanna say something toxic so you mention me again in a Saturday video but I’ll just say I appreciate this tutorial before I’ve even watched it!
Brilliant video Matt - thanks 🙏I like the fact you’re always one step ahead and looking out for us! Bravo
thank you for this tutorial Matt, you're ensuring that we don't get bled out when btc adoption reaches ath
Sparrow or Aqua wallet?
Which company’s are owning these multisig wallets ??
I'm traveling to Brazil in a month, so this looks promising. Thanks much for good explanation!
Thanks for this, I've been really liking aqua to accumulate for cold storage.
I usually don't call Liquid a Layer 2, because you can't unilaterally peg-out. I just call it a sidechain.
Yes, I guess it depends on how you define Layer 2. Blockstream itself calls Liquid a layer 2
@@IMPROVEMENT5 ETH are shitty stupid people. Blockstream are smart Bitcoiners
What do you mean you can't peg out? I've pegged out multiple times using both Aqua and Sideswap. I'd recommend doing more research before commenting. It's trivial to peg-in and out of Liquid.
@@JayStrattonIII You cannot unilaterally peg out of L-BTC-- you need permission and help from a federation functionary (like Sideswap)
@@Bitcoin_University Sure, by the definition of "unilateral" that is true. However, there's no KYC to peg-in/out. There's nothing to identify me except potentially the BTC wallet I'm pegging in/out from. And given the broadly distributed setup of the federation, imo it requires far less trust then keeping my btc on exchanges or even Strike. The members of the Liquid federation are financially incentivized to protect that trust.
Hey Matthew, great video. I have the Swap button in my Aqua wallet and i'm in the US. I think I heard something about the iTunes store disabling it, so I think swap only works on Android phones...
My favorite subject. Thank you for the great video.
Which big exchanges currently support BTC deposit/withdrawal via Liquid?
Thanks! Are Fedimints any use?
I have been using Aqua for some months now, and I love the low fees. I also like being able to convert my lightning holdings to layer one from the app.
What are their plans for the debit card and paying bills? I see those in my app but they’re grayed out.
My fiancée is from Ecuador 🇪🇨 so will be using Aqua when we next visit. Thanks Matt!
This process is so xomplicated, there is no way Bitcoin can be a useable currency any time soon.
Honestly, it's not complicated at all. If someone thinks it is complicated it just shows how sad mankind has fallen. God gave us a brain, we should use it, especially for simple things like this.
Thank you, Matthew for your wonderful insight and knowledge has been very helpful for myself on this journey
You live in Bulgaria? recently discovered this gem of a Country!
He is just aware what Botev mode is. Colours in the app.
Love your content. Thanks for educating a new bitcoiner like myself. 👏
In your opinion, Aqua or BlueWallet? I’m taking self custody for the first time.
If you're taking self-custody of BTC that you plan on saving for a while before spending, I would move it into cold storage by storing your keys on a Coldcard or Blockstream Jade hardware wallet that has been connected to Sparrow. I have videos on that subject that you can search for. If it's for short-term spending, then it depends what country you are in. In the US, I would use Aqua rather than BlueWallet, because BlueWallet is not easy for a beginner to use with Lightning. Happy to answer follow-up questions if you have them
@@Bitcoin_University Thanks for replying to me! I live in the USA. No plans to travel or spend BTC for a long time (5-10 years in my current vision). My goal is cold storage. My thinking was I wanted to get some experience with self custody in a hot wallet first.
I am a iPhone user. Can Sparrow be used on a mobile device? If not, then it looks like I will be researching Aqua and potentially taking self custody there first.
@@KyleSylvestre Sparrow is only available for laptop/desktop. Nunchuk is a good interface for cold storage using your phone plus a hardware wallet. You should definitely play around with Aqua, but use only small amounts of money/BTC. I would never put my lifetime savings of BTC into any hot wallet, not even for a couple of minutes. It's a good idea to play around with all of these tools before committing serious amounts of money (whatever that means to you) to them. Practice adding sats, deleting your wallet, restoring your wallet to see if the sats are still there, etc
@@Bitcoin_University I appreciate your take on custody. Looking forward to your future content! 👊🏻
Can I use Aqua Wallet as a cold Watch only wallet? I Saw this feature yesterday. I Would like to use offline and sign just offline transactions.
Great video! Love the Aqua wallet. Any idea when swaps will be back for iOS??
Looks good but I'm a little hesitant after starting to use Mutiny wallet after you recommended it...
Awesome review, thank you! I'm curious about finding safer ways of storing large amounts of Tether. There's really a need for this, for those 1-2 year long and deep bear markets.
Storing tether for 2 years would lose 20% of its value since it's pegged to USD. storing tether that long, you'd be better off swapping it to BTC (lightning or l-btc if you're worried about fees), then swapping it to tether when ready to spend.
@@ScottSheppardTheWombat Bitcoin in a bear market can lose over 70% of its value over 2 years. Be realistic.
Hi question....can I transfer usdt from lightning to liquid network?
Great video Matt. I appreciate you covering these layer2 methods.---- I know you are a fan of Strike as I am, so Question... Why not just use Strike for everything?
Strike is great, but at the end of the day it's a custodial wallet. Aqua by contrast is a self-custodial wallet secured by a private key just like a hardware wallet.
@@JayStrattonIII Hmm, okay. So this would be for people moving around large sums of money.👍How many people are doing that? I thought the whole reason we are talking about this is for smaller "buying coffee" scenarios. Who is so paranoid about $20-200 that they need 12 word seed phrases?
As a custodial wallet, Strike can refuse to pay certain addresses or groups even if you ask them to. You also leak privacy using a custodial wallet like Strike. That being said, Strike is very convenient and great for beginners. I still use it myself occasionally as you see
@@Bitcoin_University Ahh, okay. Well since those things are the stand-out significant differences, could you please highlight them more in your explanations? Thanks.
It's probably just me and my perspective though... I basically watch every video from the viewpoint, "what does this thing do, that Strike doesn't?"
@@fsb2cool2care if you’re in the US, strike will also send you a 1099 and report your bitcoin transactions to the IRS.
the "advanced settings" tab didn't work for me at all, I thought there was no way of getting my seed phrase and deleted it.
10:40 BTC price??
Either Aqua is trolling us, or they really are the wallet from the future
Do you still like the Muun wallet?
Great content. But maybe it could've been split into two parts: 1) Aqua wallet - transaction example, 2) Aqua wallet - Tether token explanation. Some people will miss the second part (which is very important) because they're not interested in specific mobile wallets. And that's a pity. Also, it would be a content for two days instead of just one:-)
Do you think aqua wallet is better option than mutiny?
GOOD MORNING, AND THANK YOU MATTHEW ❤
Good morning!
Is the Aqua wallet similar or equivalent to Bluewallet?
If I receive a tainted bitcoin and convert to lightning , will it erase the trail?
How do you think Aqua compares to Strike… and even to Jade Green. Similar but different. Aqua and Strike both feels good but I almost feel like I must choose one, but want to support both 😂
I was eager to try Aqua after your video. The fees are too proportional to the transaction, that makes no sense. Something like 0.02% or (20000 PPM) no matter the amount.
So the claim to collect 1mil sat and swap onchain does not hold up.
very nice enough holding my small btcs on exchanges , i will explore jack strike lightning and options like this
to receive via lightning or liquid, you must set the amount? You can't have an open public key where people can send random amounts?
Couldn't we have something like the liquid network but without the federation? Just everyone mining it for fees and running their own node.
At this point why not just bitcoin cash besides adoption reasons?
Because it is much more prone to 51% attacks (just 2% of BTC miners could easily do one). Also much lower acceptance by merchants, fewer node runners, less well-known brand, no Wall Street adoption etc. BCH is a failed fork at this point, with just a tiny fraction of the market cap of BTC
I forgot to mention that BCH has also been in downtrend against BTC since 2017, so you keep getting poorer compared to Bitcoiners if you hold BCH instead
What's the difference between aqua that locks btc then has its own blockchain for transactions & any other eth blockchain that claims to lock BTC and do the exact same thing
Liquid uses BTC. Other chains use shitcoins. wBTC on Ethereum relies on a single custodian-- BitGo, unlike Liquid which relies on multiple parties
Informative and helpful as always, thank you Matt!
My friend wants to know what is the cheapest way to transfer larger amounts of BTC from a US exchange to self custody? Is your conversion to LBTC a taxable (sell) event?
If it's a large amount, it's probably best to send it using a regular BTC on-chain transaction when fees are low. You can check fees here:
mempool.space/
Right now it costs only about $2 to send any amount of money using BTC on-chain
@@Bitcoin_University I assume sending several smaller amounts over time to the same wallet until the exchange is emptied is the best practice. Thinking this would allow a wallet which held the total of the legacy exchange wallet for future accounting or even tax purposes though it is long term capital gains status.
I thought the side chain argument was about 6 months ago? Or is this something else altogether?
I think that was the drivechain proposal, which I'm against
@@Bitcoin_University thank you for the correction
You are the best as always 👍
How do we know liquid doesn't print lbtc if txs are confidential?
L-BTC transactions use Confidential Transactions (CT), a cryptographic protocol that encrypts the type and amount of assets being transferred. This encryption ensures that only the parties involved in the transaction can see the details, and not the public. However, the cryptography also allows nodes on the Liquid network to verify that the transaction doesn't inflate the supply of the asset being transacted. This means that other Liquid users can still verify the accuracy of the transaction amount, the involved wallet balances, and the total supply of the asset.
I found a really nice touch converting to L-USDT. I really don’t trust USDT, but it’s even worse if you need to trust another crypto for that. Having L-BTC is less bad. Ideally we should have an algorithmic stable coin hyper-collateralised in BTC running on BTC blockchain. Meanwhile, L-USDT can be useful.
Matt, do you do these videos in one take every time?
Yes, usually, but then lots of editing
The Liquid network is quite centralised though. I'm surprised it doesn't use a PoS system. At least that system is more decentralized.
15 signers secure the network. 11 are needed to send transactions .. they are taking the btc and get you 💩what a joke ..
i think the Swap button is available on Android but on iPhone there is no button but there IS a link to do it elsewhere incthe app
Yes, there's a link under Marketplace, but greyed out for me in the US
@@Bitcoin_University Can you get access to that with a VPN?
I installed via apk from website and not appstore. I'm able to see and use swap button on main page. Probably another case also of iPhone plebs being trapped under Apple's authoritarian app store practices.
@@Bitcoin_University this is due to iOS policies, not the US. Aqua team put out a statement that said they are working with Apple to bring it back soon
Matt, can you do a video on Stacks L2? I'm curious what you think.
Nevermind you already did. Looks scammy.
Non custodial...ehh... I dont think so!
The on-chain BTC is non-custodial and the L-BTC is subject to trusting the Liquid federation not to rug you. So it's in a weird grey zone between custodial like Wallet of Satoshi and pure non-custodial. Even Phoenix was dependent on parent company not closing their channel with you
@Bitcoin_University thanks for reply. I'll look more into it, and rewatch this video.
Who does channel management for swapping Lightning and Liquid sats? @@Bitcoin_University
I’ve seen several wallets removed from app stores. What were to happen if people use a wallet that suddenly disappears from an App Store? Would the funds be recoverable?
Yes, you could still recover using recovery seed
Gm Prof
I lost an “insignificant” # of sats trying the latest hot wallets that have all now been pulled from US app stores. looks great, but until I really need to use it I won’t keep a single Sat on it.
@@bebitcoinize Gm
I’ve lost an “insignificant” # of sats trying out the latest hot wallets that have all now been pulled from US app stores. looks great, but until I really need to use it I won’t keep a single Sat on it.
Looks like i have the Swap option despite being in the USA. I'm on Android though, so that might be the difference.
Hello everyone. Mr. Matt, this my very rudimentary attempt at an idea for a future video. But, I was wondering if there was a way to make a video on the different layers of fiat?
As in, I equate in my mind the base layer would be peer-to-peer USD. It's relatively private, convenient and the most familiar. But we can't "magic" physical dollars to someone's hand in say another town/state/country.
I guess another layer would be credit/debit, in how it's built on top of our P2P cash transactions. It can go further, faster, but takes time to finalize.
Again, forgive me Mr. Matt. I'm spitballing on the fly on my break while farming fiat at work. It's just a thought.
Take care, everyone.
Thank you for the quick reply.
Aqua wallet needs something like a tapsigner to be more secure for spending and/ or use with a hardware wallet, better a multisig ...
Yes, perhaps, but these mobile wallets are mostly designed for very small balances-- they are hot wallets after all, so don't store more funds than you need for spending in the near future.
If the blockchain times are different between liquid and btc, wouldn't they soon get out of sink?
They're completely independent chains, so they don't need to be in sync. You just need to do a BTC transaction on-chain to lockup BTC and make it available as L-BTC on Liquid
@Bitcoin University, please review BTC L2 Tectum.
It’s like RBTC from Rootstock. Can you explain the difference between LBTC and RBTC?
Rootstock uses a shitcoin to power its smart contract network, so it's a deal breaker for me:
coinmarketcap.com/currencies/rsk-infrastructure-framework/
consider teaching your public about BISQ
how does muun compare to this wallet?
Muun is a great wallet, but needs to do an on-chain transaction even for Lightning payments. That makes Muun terrible in high fee environments, but great in low fee environments. Aqua much better for high fee environments
@@Bitcoin_University Thanks for the reply, why does Muun transact on chain for lightning payments? I love your videos!
Is there a way to switch native btc to liquid btc on the jade wallet using the green software? And what would the benefits and downfalls be to this? I see on my jade i can have either btc or l-btc and im not 100% what thats gonna do for me.
Yes, Jade is a great solution for cold storage of BTC or L-BTC. I think you need to use Aqua or Boltz to swap in and out of L-BTC-- Green did not offer this functionality when I last checked. You could also buy L-BTC directly from an exchange
@@Bitcoin_University why hold L-btc on cold storage over just btc?? Thanks for the reply much appreciated. I also didn't know I could just buy L-btc like that. I haven't seen a enhance that offers it. (I'm in canada)
Or is L-btc in cold storage just as safe as just btc in cold storage? Sorry I have many questions
@@dynasty7298 You can buy BTC on BullBitcoin and withdraw it as L-BTC. BullBitcoin is the best exchange in Canada. The reason to hold L-BTC in cold storage is if your stack is still small relative to on-chain fees
@@dynasty7298 L-BTC is an IOU. BTC is the best, but won't be affordable to use on-chain by everyone
Hello what would you suggest to an ordinary person who lives paycheck to paycheck? Put the extra savings and emergency fund to Bitcoin or keep an emergency fund on fiat? Thanks in advance!
Thanks Matthew!
Hey Matt, why are you promoting Liquid so much, but not Lightning? Because of channel management? I mean, one can literally just open a channel to - for instance - kraken, to be connected to the world, no?
No, unfortunately you cannot. Kraken will never open up a channel with a pleb, and most big companies won't either. I love LN and have covered it extensively too on this channel
Aqua is really nice.
So informative thank you!
I'm here to chew bubble gum and pay for my sins, and I'm all out of bubble gum
I have set up this wallet for 3 waiters/waitresses to accept a tip in Bitcoin from me... I forget to accept the terms every freaking time. Glad I'm not the only one 😂
Not say that this isn't cool, but the primordial Bitgold used David Chaum's (centralized) digital currency for pizza and coffee purchases, and it was fully private.
Seems complicated.
It's much more intuitive when you use it
alright you keep brining this up so i'll try it
try what?
amazing video again
Thank you
Gonna download it now
I really like Samson and Liquid. But every needs to understand that all of these layer 2s are points of government attack. I understand that its unrealistic for everyone to transact on the base chain, but now governments can easily go after Bitcoiners by attacking L2s
Liquid would require global coordination to stop. Govs could shut down big Lightning hubs, but not stop payment channels in general
Thanks for that explanation
You forgot to mention that Liquid USDT (L-USDT) cannot be confiscated. Unlike it can be on a Ethereum network as ERC-20 token 😉😉
I don't think that's true-- Tether can still blacklist it and refuse to redeem it for USD. Correct me if I'm wrong
@@Bitcoin_University hmm as far as I understand, they would have to blacklist entire liquid network, since Liquid transactions are confidential.
And Bitfinex accepts USDT through many different networks (also Liquid). And they treat it as equal.
Hi from Iran mathew
Thanks for tuning in!
Thanks Matt!
Bitcoin Well in Canada is even cheaper than Bull Bitcoin.
Thx Matthew
Matthew. You might have talked about this in another video. But this came from Forbes when Donald Trump asked if BITCOIN could solve the spiraling debt?
“Bailey revealed that the first time he met Trump, he asked if bitcoin could do anything about the $35 trillion debt," Wu posted. "Bailey answered that he had some ideas but was not prepared to discuss that topic during their first meeting."
Great info
Day 49 of telling Matthew his uploads are appreciated!
Hi Matthew, What do you think would happen if one day the Bitcoins attributed to Satoshi Nakamoto were moved? How might this affect the market sentiment, price, and overall trust in Bitcoin?
Thank you for your insights!
WU is western Union
Matthew I like your stuff but I still don't get it. If lightning/ liquid are separate chains on which BTC is locked up how is that different than BTC on ETH or another chain? If anything ETH is more decentralized than Liquid.
Incredible video! I gave it a thumbs up. Can someone help with my issue? my OKX wallet stores USDT TRX20, and my phrase is (clean party soccer advance audit clean evil finish tonight involve whip action). How do I move it to Binance?
Thanks buddy
This high fee acceptance is so f$&?ing stupid. It doesn’t have to be this way.
👌👍👋🤘❤️🙏💯
WU Western Union
I saw in the previous video that you disliked ETH just like I always have. But I don't understand what you don't trust in Kaspa. Can you tell me because I don't see any flaws personally. POW, Fairlaunched, no VC, Fast, scalable, crazy cheap transactions, a new technology (so not a cheap copy of BTC like LTC or BSV), grew to top 50 without tier 1 exchanges or marketing (Which is crazy when you think for a second), the hashrate is growing exponentially... Its at least worthy to recommend people to switch from SOL and ETH to that with the KRC20 coming next month. Right? Or is it another shitcoin to you?
@MystiqWisdom Instead of mindlessly calling me a bot... Check if I am lying, I only wrote facts. I simply want his opinion.
Network effect is the reason. There can be only one!
@@timecone57 Understandable but its also equivalent to saying a company is too big to fail. It will be until something fundamentally better comes to light, I hope to get better reasons than just this from him.
There can only be one ultra sound digital money. If Bitcoin were replaced by "better tech," how long before that better tech is replaced by better tech? The whole concept of digital scarcity collapses and becomes a failed experiment.
@@Silarous I love BTC and I am heavily invested in it. I know the 99.9% of crypto is a scam and I never invested in it until now. But I like to keep an open mind when I see something with potential. I also know mankind went from salt to rice, to precious metals, to paper cash backed by gold, to paper cash backed by nothing, to digital cash backed by nothing, switching to Bitcoin... I find it hard to believe humanity would stop innovating when BTC is not perfect. We always leaned towards innovation.