22 sats \ 6 replies \ @vindard 17 Oct 2023 \ parent \ on: Help me Understand Phoenix Fee Concept bitcoin
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 🤷🏽♂️
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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