pull down to refresh

57 sats \ 14 replies \ @DarthCoin 22h \ on: Phoenix Wallet - Swap In lightning
I will pay two on-chain tx + 1% of the sats I am sending, correct?
Yes Phoenix, is using splicing. That means it will expand your existing channel and that involve more onchain fees and operation fees. Once you expand that channel, it remain the same, even if you swap out sats. But never swap out all of them, leave like 1-5% to keep the channel open.
I always recommend to new Phoenix users to start with a big channel and slowly swap out to another onchain cold wallet no more than 90-95% of that initial channel. Then refill it.
If you start with a small deposit you will pay all the time a new fee for the next deposit (if you didn't swap out existing sats).
Keep in mind important aspect: if you swap out ALL the sats, they will close the channel, so next time when you receive, it will cost you again those high fees.
write
preview
98 sats \ 5 replies \ @denlillaapan 19h
Um, correct me if I'm wrong here Darth, but I do believe they shrink your channel if you spend on-chain/swap out
reply
0 sats \ 1 reply \ @ek 6h
Not if you swap out using a swapping service like boltz. That means you pay a lightning invoice and the receiver sends you bitcoin onchain.
If you pay a bitcoin address using your Phoenix wallet, you are splicing out. That shrinks your channel, yes.
reply
0 sats \ 0 replies \ @denlillaapan 5h
Ah, Oka!
reply
0 sats \ 2 replies \ @nichro 18h
I believe this is the case too.
Basically onchain transactions expand and shrink the channel.
Receive BTC from onchain = channel capacity grows
Send BTC to onchain = channel shrinks
reply
0 sats \ 1 reply \ @denlillaapan 18h
Yup.
Will defer to Darth here, since he def knows more than me in this area
reply
0 sats \ 0 replies \ @ek 6h
See #959841
reply
0 sats \ 7 replies \ @itsrealfake 22h
the language of "swap" doesn't make sense to me... there's probably a glossary somewhere?
reply
33 sats \ 5 replies \ @DarthCoin 22h
swap = when you exchange the same item but on different levels or use cases. In this case, move sats from a LN channel into an onchain address.
Glossary Resources:
reply
0 sats \ 4 replies \ @itsrealfake 22h
interestingly, "swap" isn't present in any of those glossaries.
reply
0 sats \ 3 replies \ @DarthCoin 22h
Seems that you are new to Bitcoin...
Because many of those glossaries were written before LN existence... Until LN come out, we didn't have to do any "swap".
reply
0 sats \ 2 replies \ @itsrealfake 21h
I'm not terribly new to bitcoin... but I ignored a lot of information that seemed like shitcoiner noise. and the shitcoiners were always talking about swapping this or that.
peg-in/peg-out... swap... splice... all these are LN terminology that I haven't internalized the meanings for.
reply
0 sats \ 1 reply \ @DarthCoin 21h
yeah, the terminology have a lot of influence from wall street jargon too. How would you name the operation to move sats from a LN channel into onchain or vice-versa?
view all 1 replies
0 sats \ 0 replies \ @nichro 18h
I do think the "swap" word makes it confusing when first engaging with LN or Liquid. Always took a moment on Robosats when id see swapin or swap out, figuring out which one means going to LN and vice versa.
reply