Best lightning wallet for retail stores
2466 sats \ 21 comments \ @Simaan 7 Dec 2023 lightning
Hi everyone,
I am writing this post to ask a question that I've been having a hard time figuring out. As some of you may know, I own a deli based in Melville, NY and I have been accepting bitcoin payments on main chain since 2016. Recently I decided to add the option for lighting payments and I chose Wallet of Satoshi for that application. I was not a fan of the wallet not being self custody but the user interface was so good that I decided to use it anyway. Also, since I always transfer the bitcoin into cold storage and never keep any significant btc on exchanges, I didn't mind it too much. Since then, Wallet of Satoshi has departed from the app store and now I am looking for a new lightning wallet that has zero or little fees for creating lightning channels. I would also like to have a static lightning wallet address that I can reuse many times to accept payments because I would like to print the QR receive address and post it in the store so that way I can still accept payments when I am not in the store, The same way I do on main chain. As of right now, I am looking at using Phoenix wallet. However, at the current moment, the cost of creating a new lightning payment channel on Phoenix is 30,760 sats ($13). Does anybody know of a better lightning wallet or another way that i can accept lightning payments?
Thanks for your help!
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50 sats \ 11 replies \ @siggy47 7 Dec 2023
I think the person to ask is @DarthCoin. BTW, I'm due for another visit. I'll make sure I bring my sat loaded Phoenix wallet.
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452 sats \ 5 replies \ @grayruby 8 Dec 2023
Is this the Deli you did the post about a few months back?
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50 sats \ 4 replies \ @siggy47 8 Dec 2023
Yes. Simon is a committed bitcoiner, and his deli is excellent. We will hopefully have some local meetups soon.
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570 sats \ 3 replies \ @grayruby 8 Dec 2023
Awesome. Didn't know he was on SN.
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50 sats \ 0 replies \ @siggy47 8 Dec 2023
Yep. He's been here for a while.
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50 sats \ 1 reply \ @siggy47 8 Dec 2023
I was out tonight. I just noticed that the patriots won? WTF?
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217 sats \ 0 replies \ @grayruby 8 Dec 2023
Was wondering why you were replying to me after midnight.
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277 sats \ 0 replies \ @Simaan OP 7 Dec 2023
Thanks Siggy! I look forward to seeing you. also, thanks for introducing me to stacker news. this place is great.
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10 sats \ 3 replies \ @DarthCoin 7 Dec 2023
I don't understand why was created this "lightning" section. Lightning is part of Bitcoin, is not some kind of shitcoin or other technology... It doesn't make sense for me this territory, that's why I do not follow it.
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0 sats \ 1 reply \ @runningbitcoin 8 Dec 2023
What is a territory? In the world of Bitcoin, I see lightning as its own kind of territory. It's interconnected, sure, but it's still a part of the larger Bitcoin world. Just like @siggy47 created a 'Bitcoin for Beginners' territory – a dedicated space for newcomers to learn and start their Bitcoin journey. It's all Bitcoin, yes, but it's a unique spot within that world. So, why not create a similar space for Lightning? A dedicated area for specific lightning conversations.
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19 sats \ 0 replies \ @DarthCoin 8 Dec 2023
Useless. Please do not make me comment anymore on this useless territory.
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0 sats \ 0 replies \ @siggy47 7 Dec 2023
Soon only the old subs (bitcoin,nostr,meta,tech) will be visible unless you decide to subscribe to one of the new ones. That was the plan all along. They haven't shipped it yet.
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1211 sats \ 1 reply \ @DarthCoin 7 Dec 2023
Few weeks ago I wrote another quick guide for a small merchant. #313137
I suggest you to read it and think about which solution is better for you. Here also you have some of my other guides about LN wallets:
If you need more help, don't hesitate to ask!
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0 sats \ 0 replies \ @Simaan OP 7 Dec 2023
Sweet! I'll check it out. thanks!
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1 sat \ 4 replies \ @POTUS 7 Dec 2023
If you are doing a self custodial wallet like Phoenix you are going to have to pay an on chain fee to set up a channel. With fees so high right now it’s not too fun. But if you did a 1 million sat channel, you pay the fee the first time and you should have enough liquidity to not need another channel and thus not have to pay any more on chain fees.
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10 sats \ 0 replies \ @nullama 7 Dec 2023
need another channel
From version 2.0.0 Phoenix works in a different way. They only use one channel instead of multiple ones.
Splicing allows altering channels by adding or removing funds. Instead of managing multiple channels, the app only has one single channel, which will then be modified depending on usage. This brings significant improvements:
  • On-chain swaps (swap-in or swap-out) are now trustless.
  • The static 1% fee for incoming payments that need new channels has been removed. Instead users pay the mining fee for the splicing operation.
  • That fee cannot exceed the maximum fee set by the user (in settings > channels management). Default maximum is 5000 sat.
  • A notification is displayed when an incoming payment is rejected because of the fee.
  • The fee for outgoing Lightning payments is now static (0.4 %) and is displayed before sending the payment.
  • Unconfirmed on-chain transactions can be accelerated.
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0 sats \ 0 replies \ @f6287b82CC84bcbd 8 Dec 2023
Yep phoenix wallet is best but you're gonna have to pay the high fee. Just send 1 million SATs to the wallet and then swap out half of it on chain so you can actually receive payments
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0 sats \ 1 reply \ @Simaan OP 7 Dec 2023
I'm not too sure what you mean by a 1 million sat channel, I'll have to look into that. Thanks for your help.
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0 sats \ 0 replies \ @DarthCoin 7 Dec 2023
he's right. read the guide I've sent you about private nodes. I explained there all these details about phoenix.
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0 sats \ 0 replies \ @amaluenda 15 Dec 2023
You may check https://www.speed.app as an alternative to WoS for now.
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0 sats \ 0 replies \ @italiansatoshi 8 Dec 2023
Check out https://breez.technology/
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