321 sats \ 8 replies \ @jk_14 9 Jun 2023 \ on: I wish someone had warned me about using self-custodial lightning wallet bitcoin
Recommended path in case of Phoenix wallet:
- send at least 300k sat to the freshly created wallet (just to pay for on-the-fly channel creation not more than 1% fee effectively)
- if you have Android smartphone - switch off automatic on-the-fly channel creation option to have full control over it
- patiently wait untill your channel capacity will reach $500 after next halving ;)
Regarding 2 I recently contacted the support team. They are working on having the option to switch off automatic on the fly channel creation on iOS
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Why don’t people like on the fly channel creation? Using iOS
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every on-the-fly channel creation cost you 3ksat
that's why a bigger channel like 300k sat at the beginning is reasonable scenario
with Phoenix I usually do "orange pill" with 150ksat:
- I send 300k sat to some newbie
- then he/she send me back 150k sat
This way they get slightly above 300k capacity channel with 150k sats in it
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shame on me, I just used 200k to open a channel a few hours ago:#190509
But yeah, 300k sats makes sense because of max(1%, 3k) for the channel open on Phoenix
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I’m using Phoenix. Should every deposit be over 300k sats, or do smaller deposit amount get combined with an existing channel?
Or does every deposit create its own channel?
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if incoming payment overflow the free space that you currently have in your LN channel - it will create a new channel and that's why it will cost you at least 3k sat fee, unless you have switched off automatic on-the fly channel creation
For example I have 800ksat channel, filled in 50% - so I'm ready to send or receive up to 400ksat (without additional 3ksat fee), and it was sufficient for me so far...
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And what if I don't have enough inbound liquidity and I disabled on-the-fly channel creation? Would I be unable to receive payments?
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of course you can activate on-the-fly channel creation, in such case
my suggestion is to activate it rather "on-demand"
but if you don't care about sudden 3k sat fee - keep it activated
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