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Phoenix Wallet - Send to L1 possibility for adjustable fees?
110 sats \ 8 comments \ @nkmg1c_ventures 17 Jun 2023 bitcoin
I've been using Phoenix Wallet fairly happily, but since the ordinals craze and the fees increasing I notice that the 'send to BTC' feature of Phoenix is chronically expensive.
For example current fees (not sure in terms of vByte) is about 2.20 USD. I don't see an option for lower priority, but I am fine waiting an hour or two for the transaction from Phoenix (LN) -> BTC to confirm.
I gather it's a profit motive thing, but does anyone know if you can adjust the fees on Phoenix? Are there plans to add a "low priority" send to BTC function?
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13 sats \ 6 replies \ @ek 17 Jun 2023
I gather it's a profit motive thing
Afaik, ACINQ does not gather any fees from onchain txs. They all go to the miners.
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0 sats \ 5 replies \ @nkmg1c_ventures OP 17 Jun 2023
The app has probably the best LN user experience I've tried, and I see they have fee settings for LN stuff. They should add a slider like there is in Electrum for the transactions going to Bitcoin layer
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0 sats \ 4 replies \ @nkmg1c_ventures OP 17 Jun 2023
I should add there's an option to connect to your own electrum server, where presumably you can set the sats/vByte
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3 sats \ 3 replies \ @senf 17 Jun 2023
You're still crafting the transaction in Phoenix, connecting to your own electrum server would just give you your own L1 info, no?
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10 sats \ 2 replies \ @nkmg1c_ventures OP 17 Jun 2023
When you go to the "Electrum Server" tab on the settings, it has a number of stats including some value for the sats/vByte. Presumably this is where the control could be added. I know from experience with my local electrum wallet you can set different fee rates.
Even if Phoenix wallet is crafting the transaction, it appears (stands to reason from menu, not sure) to be using the sats/vByte setting of the electrum server when creating the transaction. But that value is reported as a constant, untweakable value (in my case 42 sats/vByte)
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3 sats \ 1 reply \ @senf 18 Jun 2023
Interesting. There's also this in their FAQ: https://phoenix.acinq.co/faq#why-dont-you-let-me-set-the-feerate-myself-when-sending-on-chain
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0 sats \ 0 replies \ @nkmg1c_ventures OP 19 Jun 2023
Thanks for posting this. In that FAQ question they state
Note that there is no lock-in: you don't have to use our integrated swap-out service. You can use any third-party service, there are several, with varying degrees of trust and different fees.
I saw other stuff re: supplying your own Electrum server, it needs to be signed (not self-signed) but presumably this is how I'd get it done for cheaper? That's what they mean by using "any third party service?"
Also found this other thread from SN where the guy had the opposite problem from me lol:
#174743
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0 sats \ 0 replies \ @nkmg1c_ventures OP 17 Jun 2023
Even when I see in the mempool that there are many cheaper transactions getting confirmed every block, Phoenix keeps wanting to charge like 2.20 to get off LN and back to BTC.
Would it help to try at different time of the day?
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