Coin Stories

Raj Patel: Speed Bitcoin Lightning Wallet, Stablecoins like Tether on Bitcoin, and Non-KYC Hurdles

Aug 30, 2024
Guest
Raj Patel
Raj Patel, co-founder of Speed and seasoned tech entrepreneur, dives into the world of Bitcoin Lightning Wallets. He discusses practical uses for Speed, contrasting custodial vs. non-custodial wallets and the implications of KYC regulations. Raj highlights the rising demand for USDT on the Lightning Network, fueled by global inflation. He also touches on Bitcoin's role in streamlining transactions and the potential for a global payment revolution, while advocating for initiatives that support charity within the crypto community.
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ADVICE

Keep Spending Wallets Small

  • Use custodial KYC Lightning wallets only for small spending balances like $200–$300.
  • Keep long-term savings in self-custody hardware or multisig solutions and avoid storing large sums on spending wallets.
ADVICE

Use KYC For Spending Products

  • Implement KYC for custodial spending wallets to reduce spam and abuse and to comply with potential money transmission rules.
  • Limit KYC to spending products and avoid imposing KYC on hardware or multisig self-custody tools.
ADVICE

Design For Everyday Use And Engagement

  • Design wallet UX to be sleek and simple so users adopt Lightning for everyday payments.
  • Include earn/tutorial features to encourage engagement in regions hungry for Bitcoin rewards.
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