1616 Sats Fee for a Lightning Transaction?
156 sats \ 12 comments \ @MastercardMaximalist 12 Jul 2023 bitcoin
I have sent a donation to a project on Geyaer yesterday and was quite surprised about the fees - 1616 Sats for a Lightning transaction from a Blink wallet to Geyser.
As the onchain fee was about 8000 sats, having a LN transfer with around 1/5th of fees of a onchain transaction seems a lot to me.
Do you guys have some tips on how to find out who took the fees (blink or a ln node on the route)?
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100 sats \ 3 replies \ @theinstagibbs 12 Jul 2023
What was the size of the donation in sats? It's all percentage based and depends on routing hops
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0 sats \ 2 replies \ @MastercardMaximalist OP 12 Jul 2023
it was a bigger donation, 6mm sats. But lightning being just 1/5 of the cost of an onchain transaction makes lightning look pretty bad to me
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154 sats \ 0 replies \ @energycurrency 12 Jul 2023
deleted by author
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130 sats \ 0 replies \ @pillar 12 Jul 2023
6 million sats is quite a large payment for the LN.
The cost of a LN payment scales with the size of the payment.
The cost of an onchain payment is independent of the size of the payment.
Hence, sending small payments tends to be cheaper on LN, and sending large payments tends to be cheaper on the main chain.
So, somewhere on the middle there is a dynamic frontier that splits which is the cheapest method. This depends on your node's connection, the state of the mempool and the general shape of the LN at any given time.
I would say that, with current context, the fee you paid for a 6 million LN payment was very reasonable.
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31 sats \ 0 replies \ @premitive1 12 Jul 2023
0.3% fee? lol. we have become so spoiled.
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10 sats \ 3 replies \ @2bithits 12 Jul 2023
There could have been some hops in between, each taking their cut.
It happened to me using blixt recently. I think a lot of LN nodes raised their routing fees after the onchain fees spiking this year
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0 sats \ 2 replies \ @MastercardMaximalist OP 12 Jul 2023
hmm, makes lightning kind of pointless and the bcashers were right?
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10 sats \ 0 replies \ @energycurrency 12 Jul 2023
deleted by author
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0 sats \ 0 replies \ @2bithits 12 Jul 2023
No
Lightning is getting better. More competition will bring lower prices. Or other technology will complement LN
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0 sats \ 1 reply \ @mudbloodvonfrei 12 Jul 2023
Is there a way to know the fees ahead of time? I'm kind of new to LN...
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0 sats \ 0 replies \ @MastercardMaximalist OP 12 Jul 2023
yea it showed it before the transaction
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0 sats \ 0 replies \ @narc 12 Jul 2023
fear if this starts to be common 🥶 my biggest incentive to stack small sats is precisely the affordable rates of the lightning network
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