pull down to refresh

2 sats \ 5 replies \ @ek 3 Oct 2023 \ parent \ on: Phoenix 0.5% fee on every transaction is just killing the purpose of using LN. bitcoin

You sure that was the tx fee and not the fee to open a channel (includes mining fee)?

write
preview
296 sats \ 3 replies \ @iguano OP 3 Oct 2023

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.

reply
10 sats \ 1 reply \ @ek 3 Oct 2023
reply
21 sats \ 0 replies \ @iguano OP 3 Oct 2023

Also , when you receive a payment bigger than the inbound capacity you have you will be paying the onchain fee too.

reply
0 sats \ 0 replies \ @aoeu 7 Oct 2023

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

reply
0 sats \ 0 replies \ @aoeu 7 Oct 2023

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.

reply