pull down to refresh
378 sats \ 9 replies \ @DarthCoin 1 May 2023 \ on: Opinions on Phoenix Wallet? bitcoin
Yes, is a good wallet. I use it too.
The only thing "weird" is the channels management.
I was doing many experiments with it to find an efficient way to manage the funds.
Phoenix is opening a channel slightly bigger than what are you depositing, I could say with a 10% more. And for each channel opening is charging a 3000 fee.
If you start spending from that channel, do not spend it all, because they will close it.
If you leave some sats in the channel and make another deposit from another LN wallet, but no more than the size of the channel, the sats will fit into that already open channel and will not be opening a new one. So no more 3000 sats fee.
If you deposit from an onchain address, then it will open a new channel even if you already have an almost empty channel.
I suggest to make first time a bigger deposit, and like that opening a bigger channel.
Spend from that channel slowly until you reach the balance of 1% of it. Then refill. until 99%. And so on.
In that way you keep that channel open and pay less fees.
Indeed Phoenix is much better than Muun. And is supporting almost all types of LNURL. Definitely is good for newbies.
I have more than 3 years old channel in Phoenix. Big enough to not close it so far. The fee was much cheaper than now, and I have got like +100% channel capacity of my deposit if I good remember. So being early adopter was worth it ;)
he sats will fit into that already open channel and will not be opening a new one
btw, in: Settings -> Payment options and fees
there is: Automatic on-the-fly channel creation - and I keep this option switched-off for better control (for not being surprised)
reply
Oh yeah, I forgot about that option.
Good that you mention it.
reply
Unfortunately the option to disable automatic channel creation does not seem to be available in the ios version 🤷♂️
reply
Confirmed, it's not there.
reply
Muun isn't a LN wallet. Please stop comparing that abomination with actual LN wallets so that some people might get confuse and use that PoS.
reply
You know that because you will have more technical knowledge, but newbies don't know that.
reply
That's precisely why I was asking not to compare the PoS thingy with any actual LN wallet.
reply
Thanks for the information. I already messed up and created way too small a first channel. I didn't want to pay the 3000 sat fee again so I have been breaking up my LN deposits into smaller amounts. I will probably bite the bullet and open a big channel, pay another 3000 fee, then follow your suggestions. Oh well.
reply
After 300000, channel open fee is 1%. For example, 2020202 sats in should create a 2000000 sat channel.
reply