Phoenix Wallet clarity \ stacker news ~bitcoin

1676 sats \ 14 comments \ @Anonomoto 31 Dec 2023 bitcoin

Could someone clarify Phoenix Wallet for me? Is the following correct?

My first deposit will consist of a (miner fee + 1k sats Phoenix fee) + (a second miner fee) to create the LN channel.

After the wallet is set up and funded, I want to send 95% of the wallet balance to Boltz via LN. If I push sats from my side of the channel, will it reduce the overall size of the channel?

Once the channel is opened and funded with roughly 4M sats, I'd want to prevent the channel from reducing in capacity, is there anything I need to be aware of to maintain channel capacity without incurring additional channel management fees?

Thanks

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42 sats \ 0 replies \ @nerd2ninja 31 Dec 2023

You can also request inbound liquidity which will guarantee that inbound side of the channel for 1 year.

10 sats \ 1 reply \ @designsats 31 Dec 2023

Channel never reduces its capacity. All you can do is decide if you want more on your side (to pay) or on their side (to accept). Generally Phoenix is awesoem for payers, difficult for merchants who mostly accept. You do well by creating a huge channel at the beggining. Thats the way.

0 sats \ 0 replies \ @Anonomoto OP 31 Dec 2023

Thanks, appreciated.

I just have to wait for the fees to subside to a level I'm ready to pull the trigger on. The initial deposit is from Muun, and they don't use RBF/CPFP.

10 sats \ 2 replies \ @Ed_Relight 31 Dec 2023

The channel you opened will only reduce in capacity if you send from it to BTC address ( = on-chain = splicing out). The general idea is great, when you do it, you'll have almost 4m sats of inbound liquidity available with no fees

0 sats \ 1 reply \ @Anonomoto OP 31 Dec 2023

So, splicing applies when sending (splicing-out) or receiving (splicing-in) on-chain?

Does splicing-in also apply to LN transactions greater than my channel's current capacity?

And finally, regarding the 'max-fee amount' in the Channel Management tab (iOS), is that the max-fee in sats I'm willing to pay to splice?

20 sats \ 0 replies \ @senf 31 Dec 2023

Yes to all three.

0 sats \ 2 replies \ @OT 31 Dec 2023

I think mobile LN is different to running a LN node where you need to balance your channels etc.

Phoenix only allow you to open a channel to them. Best to try wait for a good time to make the initial on chain TX. It used to be 3000 sats to open then 0.4% fees sending LN payments.

Do you need to loop out?

0 sats \ 1 reply \ @Anonomoto OP 31 Dec 2023

Once the channel is created, I'll push 95% of the Sats to Boltz.Exchange.

That should maintain the channel capacity and allow for further inbound transactions.

My channel will mostly be for inbound transactions before sweeping out to Boltz; in the future, I'll likely expand the channel when there is a quiet spell in the mempool.

0 sats \ 0 replies \ @OT 31 Dec 2023

Another option to save sats but some more risk is to swap into liquid. You can consolidate UTXO's and wait for an ideal time to peg back into BTC.

Some might not agree with this, but its been working well for me so far.

0 sats \ 2 replies \ @faithandcredit 31 Dec 2023

Phoenix Wallet is a way to reserve blockspace.

0 sats \ 1 reply \ @Anonomoto OP 31 Dec 2023

It is?

0 sats \ 0 replies \ @faithandcredit 31 Dec 2023

thats what it seems like to me but i could be wrong

21 sats \ 1 reply \ @deletedd 31 Dec 2023 freebie

deleted by author

0 sats \ 0 replies \ @Anonomoto OP 31 Dec 2023

Thanks, I think you've confirmed that I'm generally correct regarding the setup process.