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1183 sats \ 14 replies \ @siggy47 13 May 2023 \ on: Any good competitors for Wallet of Satoshi? bitcoin
One word-Phoenix.
It just works. Except I should have funded a bigger channel from the start.
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Can you ELI5 the reason?
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Phoenix is only for people who already got lots of sats imo.
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I'm trying to wrap my head around how Phoenix is non-custodial.
I understand you own the keys, but it connects to their node instead of you running your own.
Now, what would happen if ACINQ (the company) was suddenly wiped out off the face of the planet and their nodes disappeared and their mobile app stopped working? Would you still be able to force close the channel and withdraw your sats?
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From the Phoenix faq:
"Phoenix is trust-minimized, but not trustless. Wise people know that there is no such thing as trustless and that it's all a matter of trade-offs.
The following operations require trust:
channel opening (until the funding tx is confirmed)
swaps (you pay upfront, and then our node does the swap)
You can configure Phoenix to use your own Electrum server to watch the Blockchain and monitor your channels. This significantly reduces your dependency on third parties to secure your wallet.
For a more detailed overview of the trade-offs, see our blog post."
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Thanks. As for my exact question, I've found the answer:
If ACINQ disappears, you have to go to your Phoenix wallet (don't uninstall it until you've recovered your funds!) and use the "force close channels" feature. After 5 days your channels will be closed and the funds will appear in your on-chain wallet, which you can restore using your 12 word seed phrase.
All that assuming the mobile app does what it says it does (and it's open source, so has many people's eyes on it). The app stores static channel backups, which allow you to close the channels.
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Trying... How does Phoenix work? It pretends I'm receiving sats over LN without opening any channels or having any balance in the wallet. Sounds like Muun. Can you tell me more?
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AFAIK Phoenix opens channel when you do first receive of funds, and it is ok with zeroconf here.
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You open a channel with your first transaction. Look at the channels menu tab to see it.
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Phoenix at the first replenishment of the balance opens the channel. It is advisable to open a channel immediately for a large amount, since a fee of 3000 sat is charged for opening a channel. And if the liquidity is not large enough, then it may happen that the channels will be opened more often and for each opening of a new channel, you will again have to pay 3,000 sat.
You can top up on-chain (it’s a little expensive now) or from another LN wallet.
This is a very good solution, and non-custodial.
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Sent 30k sats and Phoenix says 27k and its still pending so probably waiting for something to get confirmed on-chain
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3k fee to open first channel. It's recommended you open a big first channel. Oh well. I did the same thing
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So first transaction will open a channel for me?
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The first incoming TXT have to be bigger than 10.000 SATS, and from here they will charge a 3000 SATS fee for opening a channel.
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