I baited you with the title. It's not.
I know everyone recommends this and that wallet for XYZ reasons. I'm here today to briefly shill Phoenix Wallet as a hot onchain/LN wallet for noobs or even lazy power users. This might be interesting if you have never used it OR you used it anytime before a couple of weeks ago. If you are in the latter group, your experience is now outdated.
Okay, you might have heard a lot of noise recently about Phoenix and the new splicing stuff and how awesome splicing is. It is, but I'm gonna skip the technical bit today and present stuff from the user POV.
Okay, so what's the deal? Since Phoenix 2.0 started to use splicing, this is the cool stuff:
- You can send and receive onchain sats. You simply pay the miner fees when sending. That's it.
- You can send and receive through Lightning. Usual LN fees (the proper super low ones, not the stupid high ones from Muun and the like). I can pay a 10,000 sats (~3$) beer through LN and the fee will be around ~40 sats (roughly, one cent).
- You only see and have one balance. Everything you have is both spendable onchain and through Lightning. No need to juggle to balances and go around swapping like an idiot.
- The backup is a 12 word seedphrase. You know the drill. The wallet is noncustodial and you hold your own keys.
Feels like nothing? Well, to me, it feels like a gift from God. Giving a complete noob a wallet in 2023 before this option came around was a drama. You have to deal with a monster matrix of feature combinations, onchain vs lightning, custodial vs noncustodial, normal seedphrases vs crazy recovery schemes, etc. And no wallet crossed all the checks. Muun was the wallet that so far came closer to having it all, but it had its issues (weird backup approach, crazy fees for LN, lack of transparency on how certain features worked).
Now Phoenix has finally done it. The noobie installs it. Writes down 12 words. You send him his first sats through onchain or LN, whatever you prefer. He can then send it out again through onchain or lightning with reasonable fees for each option. All non-custodial and with a great UX.
I'm dramatically pumped about this. It's going to be such a great tool for onboarding people. And also as a personal wallet, even if you are an experienced node runner.
I would like to leave with a call to action. If you haven't tried Phoenix 2.0, please, do. And once you have, spread the message and show it to newbies so that they avoid other worse options (Muun? Already discussed. WoS? Custodial. Bluewallet? Two different balances for onchain and lightning).
Haha you definitely baited me. My inner toxic bitcoin maxi twitter shitposter rose up from with in and clicked just to tell you "what the fuck are you talking about".
Well done. Good article. I send sats now and go back to my cave.
You shamed me. I'll send him some more.
hahaha, the same happened here
Lol, I read the title and was going to come on and argue that Phoenix is better because it is easy to use and non-custodial.
I have been orange pilling people with Wallet of Satoshi. It was easy and no fees for opening a channel. I didn't really like it though as I was getting people into a custodial wallet.
Now I just pay the fee for opening a channel with Phoenix. Looking forward to the splicing and costs coming down on IOS.
To be honest, after reading who posted this I knew the title wasn't serious ;)
For me, this is the best thing about splicing:
Also, great opportunity to shill my own post about Phoenix 2.0
Indeed. The two balances are terribly cumbersome to explain to noobs. Having them understand at the same time that's all bitcoin, and not two coins, yet they have different ways of being transacted without providing a lot of background is impossible IMHO.
Great post. I feel the same way. I think you cost yourself some sats with that title!
FWIW I sent him 100 sats. He totally got me.
Devils advocate here. Muun still better if you use more onchain than lightning, you don't pay fees to receive, ever. I use both :D
... 10 sats.
:D
does this imply that the full balance in muun is sitting onchain?
Yes, correct , you have to pay onchain fees for every lightning transaction.
What are the fees like for sending to on-chain address from muun balance?
Assuming it costs more than chain fees.
well right now, a rip off I guess 350 sat/b are the minimun fee atm I think.
I only use muun as onchain wallet as I use phoenix as lightning wallet.
I use both too. Phoenix is quite cool but I still don't understand all the hate on Muun.
I agree, Phoenix is the GOAT
i was coming here to rage.
glad you put that as the first line..
nice one
Phoenix has been the best wallet for a long time in my opinion.
What I’m upset about in this update is the high fees for lightning transactions. 0.4% for every transaction.
As I posted elsewhere, that means a $100 payment will cost 40¢. Do you know how much that would cost with BCH or monero? BCH less than one cent, monero about 5¢. Any ETH L2 is probably also in the penny range.
I’m not saying that to promote alts. I’m saying that because lightning was supposed to be very cheap, and it’s now definitely not with Phoenix.
It's a fair point.
Yet, I think if you take into account these costs, you are probably gonna save sats using Phoenix. If you run your own node:
I guess it probably depends on how your usage looks like. If you do thousands of transactions, I guess eventually managing your own node will save you sats.
Well if they are gouging it just creates an incentive for a competing project to implement the same user experience but charge lower fees, so the free market will take care of it.
I lost $200 on Muun, because their wallet didn't refund me some sats I sent but that didn't make it to the other user. Fuck Muun! MFs!
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When I started using Phoenix, I finally stopped jumping between wallets. This wallet covers all my needs at the moment and I recommend it to all newbies instead of WoS now
Same. I was some times recommending WoS previously, but now I see no reason to do it.
Phoenix 2.0 is still android only, right?
The latest I see on my iphone is v1.6.3. If I read this post correctly (and it's pretty clear, so I probably am), the 1% initial deposit fee is no more with v2? That's the only thing stopping me from using it today.
tradeoff??? https://twitter.com/NostrIsBetter/status/1693608577309593924?s=20
Maybe next one Blixt and Zeus?
You deserve some sats. You got me too
Nice piece, thx! Call to action: successful!
Hmm, i like Muun.
Color me convinced.
I on-board any server, bartender, or person that smiles at me with either the Muun or Phoenix wallet.
I think the single balance is the Future of wallets for retail.
Been looking forward to this upgrade becoming generally available for weeks, but recently stopped checking daily.
Your sneaky post made me check again - and it is.
Well played, sir.
Ha!
Fees is very high, some times!
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