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Looking for a cost effective way to swap out LN/OnChain
845 sats \ 10 comments \ @zeus 20 Mar 2023 bitcoin
GM Stackers,
To be specific about my current situation, I cannot afford running my own node at the moment and my question revolves around these mobile wallets & web extensions: Phoenix, WoS, Coinos, and Alby.
I don't mind partial KYC with some of the wallets mentioned above because I'm experimenting with small amounts (still green in the LN space) but also want to save up every last sat while learning.
When I did my comparison, Coinos comes first at a 0.1% fee for swap in/out, then Wallet of Satoshi at a 0.5% fee (I assume this is their fee, without including the miner's fee)
I also gave a look at Boltz & FixedFloat and it'll cost me almost 50% of my total sats to swap out.
Based on your experience, what's the “cheapest” wallet or service to swap out for a beginner? I haven't tried anything yet and I want to hear from the community.
All feedback is appreciated.
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310 sats \ 0 replies \ @random_ 20 Mar 2023
Muun wallet.
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10 sats \ 1 reply \ @slender_trikes_0c 20 Mar 2023 freebie
don’t miss https://classic.coinos.io/
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0 sats \ 0 replies \ @DarthCoin 20 Mar 2023
Coinos is so underated. Very good service.
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10 sats \ 0 replies \ @Louferlou 20 Mar 2023
the swapping out process is free on Phoenix, you just pay on chain fees. But Phoenix beeing non custodial you'll have to pay a 1% fees (or a minimum of 3000 sats) to open a channel between your mobile node and ACINQ node (all of this is automated of course) So you better open a big enough channel once and for all (send all your funds a once to Phoenix) rather than many smalls one, but otherwise Phoenix is the best solution IMO Non custodial and free swapping out
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21 sats \ 0 replies \ @Brunswick 20 Mar 2023
Anything under 0.5% is a steal. You could try robosats if they turned swaps back on and set your desired price. Keep in mind that closing channels with liquidity on your side (outbound) has the same effect as swap-out so far as getting it off of a lightning channel but at the expense of the network effect. Likewise, opening a channel has a similar effect as swap-in. Another approach could be to use strike but it will cost you around 1% assuming you're able to ln send and onchain buy before the price moves too much in the wrong direction.
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0 sats \ 0 replies \ @Brks 20 Mar 2023
How are you getting a cost of 50% comparing Boltz and fixed float? Fixed float is 0.5% and Boltz is ~0.2%.
If you have a very small amount, which sounds like it might be the case, why bother swapping out? Your swapped out UTXO may become unspendable on-chain due to the fee market leaving you with 100% loss.
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0 sats \ 0 replies \ @karanjbhatia 20 Mar 2023
i just use Paxful exchange wallet which has both lightning and on chain. I keep only a small amount there and rest is in self-custody.
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0 sats \ 0 replies \ @ama 20 Mar 2023
Have a look at Electrum. It's an excellent on-chain and LN wallet that let you manage your own channels. You can use some public Electrum nodes for the time being, and move to your own later on, when/if you decide to run it.
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0 sats \ 0 replies \ @DarthCoin 20 Mar 2023
https://darthcoin.substack.com/p/lightning-network-submarine-swaps
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0 sats \ 0 replies \ @Darkbulb 20 Mar 2023
I think wos only swaps in?
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