Bitcoin Ekasi Talks about Pheonix Wallet Experience \ stacker news ~bitcoin

In spite of this wonderful experience, I think as they grow, they might come to prefer blixt wallet due to the ability to get a large liquidity order (such as from LN Big or Amboss.space) and batch the opening of channels using nolooking. Perhaps even, as Bitcoin Ekasi grows, they might develop their own wallet which does this computer wizardry without user input.

Maybe Bitcoin Ekasi will become an LSP for their userbase one day.

Its exciting to watch these little grassroots Bitcoin community projects grow

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50 sats \ 3 replies \ @DarthCoin 5 Jun 2023

They should read my guide https://darthcoin.substack.com/p/bitcoin-private-banks-over-lightning

0 sats \ 2 replies \ @nerd2ninja OP 5 Jun 2023

They really should, but you should tell them, not me lol.

25 sats \ 1 reply \ @DarthCoin 5 Jun 2023

sorry, I never used twatter, don't have account to reply

0 sats \ 0 replies \ @nerd2ninja OP 5 Jun 2023

(neither do I, I just came across it after looking at the El Salvador volcano miner post)

31 sats \ 1 reply \ @DarthCoin 5 Jun 2023

I think also they do not know very well how to use Phoenix. And I will explain here a quick guide how it should be used.

Phoenix is opening a channel slightly bigger than what are you depositing, I could say with a 10% more. And for each channel opening is charging a 3000 fee. If you start spending from that channel, DO NOT spend it all, because they will close it. If you leave some sats in the channel and make another deposit from another LN wallet, but no more than the size of the channel (I would say with a 5% less), the sats will fit into that already open channel and will not be opening a new one. So no more 3000 sats fee.

If you deposit from an onchain address, then it will open a new channel even if you already have an almost empty channel.

I suggest to make first time a bigger deposit, and like that opening a bigger channel. Spend from that channel slowly until you reach the balance of 1% of it. Then refill. until 99%. And so on. In that way you keep that channel open and pay less fees.

Also keep in mind that after you open a bigger channel and do not want to open more channels, by mistake, disable the option “automatic on-the-fly channel creation” from Settings - Payment options and fees. Activate that option only when you want to open new channels. Remember, if you do not have enough “space” to receive, the payment will be failed, with that option disabled.

If you still have let's say 3 channels of 1M sats each with a 500k sats balance, you could still receive a 900k sats payment split into those 3 channels. But is not always working, it depends on the liquidity and routes in that moment that ACINQ have them.

TLDR: is better to not use small channels on Phoenix and try to never empty them totally, so to reuse.

0 sats \ 0 replies \ @shibe 5 Jun 2023

DO NOT spend it all, because they will close it.

I think Phoenix having clearer policies regarding this would be helpful. In my experience this hasn't been true. I have 2 channels that have been at 0 sat each for months, but they're both a few thousand sats of capacity each (I did a stupid and accidentally sent too much to Phoenix, opening another channel), so I'm guessing ACINQ isn't interested in closing these channels at the current feerate.

I would imagine having larger amounts going unused would lead to ACINQ wanting to put that liquidity elsewhere though, so YMMV

0 sats \ 0 replies \ @034fd487ab 5 Jun 2023 freebie

al principio no sabia como usarla por el tema de la liquides entrante con el tiempo entendi como funciona un canal y para esto recomiendo que para abrir un canal sea con un saldo promedio a 1 milon de sastoshi y balancearlo un canal es para recibir y hacer pagos recurrentes a medida que gasta o paga tendras liquidez entrante y asi evitas que se habran nuevos canales y que se ocacionen cobros por apertura