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0 sats \ 10 replies \ @ek 1 May 2023 \ on: Opinions on Phoenix Wallet? bitcoin
Oh, really? lol, I have been using Phoenix for a while and didn't know that.
I used Swap-out services like https://swap.deezy.io/ instead.
I need to check if Phoenix is already the better option
You missed this one about swaps?
#163372
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I've seen it but didn't properly read it. I think I thought "I already know what swaps are" and missed the mentioning of Phoenix in the comparison.
It was even explicitly mentioned at the end, lol:
Phoenix: inital setup is expensive but then you enjoy swap outs without fees (apart from miner ones). A really convenient alternative if you are looking to be swapping out multiple times and for an extended period of time.
Thanks for linking the post!
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That's why the "bookmark" feature is really good on SN :)
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I bookmarked this post now too, haha
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I just looked at your chart again. Phoenix is the only one without a swap out fee.
Pretty impressive!
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It's not from @DarthCoin (even though I can see why you thought it was, haha) but from @aftermath
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My apologies. Credit where credit is due
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From their FAQ:
Swap-out (sending from Phoenix to a bitcoin address): variable, depending on the bitcoin mempool usage and our current UTXO set. Note that we're not taking a cut here, everything goes to the miners.
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But, I believe to protect themselves, they set the miner fee because they want it confirmed asap. It can be hefty especially if mempool full. So smaller swap outs may be better handled somewhere else that charges a percentage. But nice to have the on chain payment option (swap out) available. Also swap outs do not reduce channel capacity, so if a fat channel is created, it stays fat ;)
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Crazy, will test this soon
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