RE: How To Fund Your Liquid Bitcoin Wallet With SideShift

[chekohler]

Yes correct it’s a representation of Bitcoin on another chain called the liquid chain! So you’ll need your Bitcoin wallet set up for liquid to use it

You can also use lightning, if you want to let’s say swap hive for BTC in small amounts and hold it in your own wallet then the best I’ve seen so far is having a Bittrex account

There you can sell your HIVE for Bitcoin and then remove your Bitcoin from the exchange to a lightning wallet and you’ll pay no fees

Comments

[gillianpearce]

Hmmm. OK. Thanks for the extra explanation. Copied and pasted. 😍

!ENGAGE 20

Posted Using LeoFinance ^Beta

[chekohler]

I have about 5% of my BTC on lightning 10% on liquid and 30% with CEFI platforms and 55% on main chain in cold storage! If my percentage gets too big on one the other chains I draw down and lock it away

😬 don't want to risk too much

[gillianpearce]

Useful information and great timing. Thanks. I was just checking into the details of Celsius and Nexo etc. and wondering how much to put there.

Since my Bitcoin is still on various exchanges I suppose moving it to Celsius and Nexo etc. will probably only increase the risk slightly from where it currently is.

!ENGAGE 20

Posted Using LeoFinance ^Beta

[chekohler]

Yeah I’m not too confident over these platforms there no insurance and we don’t know how well capitalised they are so I don’t leave too much with them

I would really prefer a non-custodial service where I can lock my coins into a multi-sig instead.

Hopefully as things progress well get that

[gillianpearce]

I would really prefer a non-custodial service where I can lock my coins into a multi-sig instead.

I've heard others say they are waiting for this. But how do you lend coin for security if you don't give the lender access?

!ENGAGE 20

Posted Using LeoFinance ^Beta

[chekohler]

With multi sig wallets you can create let’s say a 2 of 3 key wallet so 2 keys of 3 release the funds

One key goes to you
One key with the platform
One key with the borrower

So when the deal is done you and the borrower sign off and you get the funds back! If there is a dispute the platform can sign off

If I default on the loan the platform and lender can sign off and get the funds back

[gillianpearce]

Sounds reasonable. I wonder why no-one has done this yet?

!ENGAGE 20

Posted Using LeoFinance ^Beta

[misterengagement]

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

[misterengagement]

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

[misterengagement]

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

[misterengagement]

Thank you for your engagement on this post, you have recieved ENGAGE tokens.