reply on: Phoenix lightning wallet - questions on strategy for my use case \ stacker news ~lightning

34 sats \ 5 replies \ @clownworld 8 Apr \ parent \ on: Phoenix lightning wallet - questions on strategy for my use case lightning

When you spend on-chain from Phoenix, it’s splicing out, which means it’s taking bitcoin out of your lightning channel and sending it on-chain. This will always reduce your channel size.

Basically, if you want to maintain at least the same channel size, you have to always send from Phoenix with lightning, and use other services to convert to on-chain.

27 sats \ 4 replies \ @Signal312 OP 9 Apr

So, like @Scoresby suggested, perhaps transferring via Lightening using Boltz, then transferring off Boltz, on-chain.

This is starting to get quite complicated. And also expensive, all these transfers.

I know it's custodial, but using Wallet of Satoshi (with a VPN) seems like a reasonable option. And likely cheaper too.

68 sats \ 2 replies \ @ek 9 Apr

So, like @Scoresby suggested, perhaps transferring via Lightening using Boltz, then transferring off Boltz, on-chain.

I think that's where you're confused: It's not two transfers that require your interaction. A swap out is a single transaction as far as you can be concerned. You enter a bitcoin address and then you will be presented a lightning invoice. When you pay this lightning invoice, you will pay via lightning but you will receive sats into the onchain address you entered since they send a part of their sats that are already onchain to you.

I would recommend going to https://boltz.exchange/ and trying it out. You don't have to actually pay the lightning invoice at the end to see how the flow is.

0 sats \ 1 reply \ @Signal312 OP 9 Apr

Okay, thanks, I will give it a try. Swap out - gotta start learning this stuff...

50 sats \ 0 replies \ @DarthCoin 9 Apr

Here you have a good SN post about submarine swaps #163372

34 sats \ 0 replies \ @Scoresby 9 Apr

I actually think for the mostly receive use case phoenix is great.

I guess it also depends a little on how big the transactions you receive generally are.

I sell posters and t-shirts and stuff, so not huge transactions.

For my case it is cheaper than wallet of satosji because they nailed me with fees every time I transferred out to my cold storage.

Also, I'm in the states and they shut off service pretty quickly here, so you never can count on it.

Phoenix with a big channel to start and boltz out yo your cold storage when fees are low works pretty well for me.