21 sats \ 2 replies \ @clownworld 23 Aug 2023 \ on: Muun is the best wallet ever bitcoin
Phoenix has been the best wallet for a long time in my opinion.
What I’m upset about in this update is the high fees for lightning transactions. 0.4% for every transaction.
As I posted elsewhere, that means a $100 payment will cost 40¢. Do you know how much that would cost with BCH or monero? BCH less than one cent, monero about 5¢. Any ETH L2 is probably also in the penny range.
I’m not saying that to promote alts. I’m saying that because lightning was supposed to be very cheap, and it’s now definitely not with Phoenix.
It's a fair point.
Yet, I think if you take into account these costs, you are probably gonna save sats using Phoenix. If you run your own node:
- You have to open the channels yourself. That has a cost. Plus, force closures can cost you a lot of sats.
- Acinq's node is one of the best connected nodes in the network. That mains you will probably safe on fees from other hopes in your routes.
I guess it probably depends on how your usage looks like. If you do thousands of transactions, I guess eventually managing your own node will save you sats.
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Well if they are gouging it just creates an incentive for a competing project to implement the same user experience but charge lower fees, so the free market will take care of it.
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