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11 sats \ 7 replies \ @aoeu 17 Oct 2023 \ on: Help me Understand Phoenix Fee Concept bitcoin
I was a big user of Phoenix, but lately the 0.5% fixed fee to send on Lightning is causing me to stop using them. It makes sense for those that do not open a large channel, but something that typically cost 20-30 sats in fees ended up costing me 4000 sats in fees with the new system. I'm thinking about closing my channels and moving them to my embedded Zeus node.
Same with me. I no longer use them regularly because their fees can get up to and cross onchain fee equivalents very quickly!
Still haven't found a good solution that's not my own node and not custodial for fee efficiency 🤷🏽♂️
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their fees can get up to and cross onchain fee equivalents
When that happens, consider sending on-chain instead, there is no overhead you will only pay the mining fee. Depending on amount/feerates/etc., on-chain makes more sense than Lightning sometimes. The new Phoenix precisely allows you to get the best of both world.
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Well I can't find the post, but I spoke with a user months ago about how they sent like a very large amount of money over LN and regretted it due to the fees, and when I asked why they didn't just use on-chain for a transaction that large, they just said that they didn't know.
Is there a way to warn the user about what the fee for their send is about to be to then recommend the use of on-chain (based on going on-chain fee rates)? Just a little "Are you sure" pop up in some way? I do believe that would be a quality of life improvement for some users.
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Yes we are planning something like this. We already have a somewhat similar screen for unified invoices.
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My situation too, but I was following the mempool and onchain transaction was slightly cheaper than Phoenix. I ended up paying 20-30 sats on embedded Zeus node (10-20x cheaper than Zeus)
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Check out Zeus. Their TestFlight version has an embedded node that works great and is much cheaper. Can open own channels or allow LSP to handle that for you. Self-custodial
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I posted about it here:
#285486
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