What's a typical lightning transaction fee like?
350 sats \ 12 comments \ @ln_cortado 5 Oct 2022 bitcoin freebie
I just sent a 7.9 euro tx from Muun to SN and got a 0.04 fee (https://twitter.com/ln_cortado/status/1577728906693677079).
It's low, but not as low as I had been hyped up for.
It fares well compared to all Ethereum L2s (https://l2fees.info/), but still seems a bit too high for some of the use cases I imagined - namely micro-payments. Can't really pay $0.10 if the fee is 40%
Am I missing something obvious?
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544 sats \ 3 replies \ @DarthCoin 5 Oct 2022
I just sent a 7.9 euro tx
You are not sending euro over LN, you are sending sats.
Am I missing something obvious?
Yes, you are missing that Muun is the worst wallet ever. And is NOT a LN wallet, is just an onchain wallet faking LN txs with submarine swaps. That's why you are paying insane fees.
See more details in this article about comparing LN wallets. Pay attention to details about Muun. https://darthcoin.substack.com/p/lightning-wallets-comparison
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294 sats \ 2 replies \ @ln_cortado OP 6 Oct 2022 freebie
lol, that is ridiculous. I was expecting something like that! Thanks for the heads up.
And yeah, ack it's not euro - I'll try to modify the lingo. I was trying to give a better sense of amount of money spent vs fees -- but it makes more sense to talk in sats. I forgot where I am :)
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0 sats \ 1 reply \ @DarthCoin 6 Oct 2022
Is not about to "please" us with specific lingo. Is more about to change your mindset, for your own good.
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0 sats \ 0 replies \ @ln_cortado OP 6 Oct 2022
of course
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198 sats \ 0 replies \ @ek 5 Oct 2022
99% of my LN payments using Phoenix were 1-3 sats.
The only payment which was above that (3000 sats) was because I enabled automatic channel opening since I wanted to receive a larger payment. That was quite dumb but it was my fault since it told me how much it would cost beforehand. On-chain would have been less expensive.
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382 sats \ 0 replies \ @sommerfeld 5 Oct 2022
It has to be a Muun thing.
When using either my own LN or a custodial LN like WoS, I've never paid more than 1 sat fees and 80% of the time it's feeless.
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50 sats \ 1 reply \ @k00b 5 Oct 2022
Fees vary depending on the channels used in a payment route, and because payments aren't handled by centralized processors or stored in a blockchain, determining the global average isn't possible.
Some nodes charge 0 sats for routing through them, others charge much more. IME I've never been charged more than 1%.
Although Darth can be a bit aggressive about Muun, he's right. When you make or receive payments with Muun, you're actually swapping on-chain funds to lightning and vice versa.
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198 sats \ 0 replies \ @ek 5 Oct 2022
Yes, I used Muun first, too. Then I realized I just pay for the convenience of not knowing how this stuff works with massive fees. And I am not on LN to pay massive fees, lol.
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10 sats \ 1 reply \ @nullama 5 Oct 2022
I read the title as "feel like", and I was about to reply with: "like living in the future", lol
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0 sats \ 0 replies \ @faithandcredit 6 Oct 2022
using lightning gives anxiety because you are sending the transaction out into the ether, and hoping someone will pick it up and there is a route. if it doesent confirm within a second the anxiety start ramping up
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10 sats \ 0 replies \ @faithandcredit 6 Oct 2022
I pay roughly 25 sats per $10 sent over LN. Thats like $0.005 per $10 sent somewhere (Using Phoenix Wallet Android, should i not say that?)
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0 sats \ 0 replies \ @pony 6 Oct 2022
>using moon
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