11 sats \ 6 replies \ @aoeu 3 Oct 2023 \ on: Phoenix 0.5% fee on every transaction is just killing the purpose of using LN. bitcoin
Just ran into this today. Was going to do a Phoenix to Phoenix invoice which was typically less than 5 sats. With the new version it would have cost 4000 sats. Crazy.
Back to using Mutiny, Zeus, Breez
You sure that was the tx fee and not the fee to open a channel (includes mining fee)?
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sending "big" amounts like >50$ will cost you more on phoenix than on-chain (with the current on-chain fees).
But if you are sending 100$ or more constantly, onchain is cheaper even with high fees.
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Ah, I see:
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Yeah, with 1-2 sat/vB onchain LN is only useful for micropayments.
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Also , when you receive a payment bigger than the inbound capacity you have you will be paying the onchain fee too.
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I have plenty of channels open with outbound liquidity higher than $100 and pay much less than what on-chain fees would cost. If I was doing thousands of dollars, then it would be different
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Yeah, definitely not opening channel fee. Onchain fees were really cheap at the time. I ended up sending the transaction on Zeus for a much cheaper fee. Zeus has some cool new LSP features where you can run an embedded node on your own phone.
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