In a previous post, I asked how to best onboard new users to Lightning during high mempool fees because of a friend. That friend asked me again for some help and we made a deal:
He will download Phoenix and I will send him some sats and then he will send them back to me. I will also download a wallet to receive and send Cardano in turn.
My conclusion is that Lightning is "objectively" superior for the following reasons:
- Cheaper: You only pay a higher channel open fee on Lightning. That's 3k sats for 200k sats received on Phoenix for example. On Cardano, it's always a onchain fee which is higher than fees on Lightning (which can be as low as 1-5 sats). So Lightning fees scale better.
- Micropayments: You can't send less than 1 ADA - at least on Exodus, don't know if that's a network limit or just wallet limit. You also can't send amounts which leave you with less than 1 ADA. Using Phoenix, you can send as low as one sat. In fact, Lightning uses millisats internally.
me trying to send back the 50 ADA I received
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Privacy: ADA uses onchain addresses and Exodus even reuses addresses. I was able to find the whole balance of the wallet of my friend using the blockchain explorer using our transaction IDs.
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Mindset: The whole app seems to be more about trading than actually using the network for what it's supposed to be used. I didn't even find how to receive something without asking my friend. There are also invite codes for better trading fees:
where is the send and receive button?
if you invite people, you earn 20% of their trading fees
@padde now joined SN and told me that he will introduce himself in the following days :)