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10 sats \ 2 replies \ @DarthCoin 18 Oct \ on: What am I missing here for Phonenixd... Should be basic stuff! lightning
I suggest to start using Phoenixd with opening a big channel, like 1-3-5M sats. Your commit fees will be insignificant comparing with the size of the channel and will not affect you too much. Also instead of paying 4 times (or whatever many times you deposit small amounts) min 3000 sats fees, you will pay only once.
Then if you need inbound liquidity, just move out half of the sats into another temporary LN wallet (could be even a custodial) or just buy an inbound channel from Acinq or any other LSP.
I will never complicate my liquidity with all these small deposits as "credits".
There is no way I'll pay 1M sats into anything, unless I know that it works...
The same will be the case for most when adoption really gets going, I think!
Also since I need to know all the gotchas here complications are fine, paying extra fees too, I might do things like setting up webshops for customers, and then 30k "deposit" is no problem, but 1M will be harder to explain...
Of course it would be easier to risk 1M when I'm used to all of this, and in that case I'd do what you suggest, move some of it to other lightning wallets :-)
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There is no way I'll pay 1M sats into anything, unless I know that it works...
You do not pay anything when you open a LN channel. You are signing a multisig contract. You can close it later if you do not want it and get your sats in onchain.
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