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0 sats \ 4 replies \ @garorant OP 27 Nov 2023 \ parent \ on: What's the best time to start using Phoenix Wallet? bitcoin
Thanks for the exhaustive explanation and the related article. I read it and I still have doubts in this aspect:
"For each payment you are doing, this wallet is using quite high fees, compared with other nodes. Yes, somehow they have to cover their expenses and support the dev team"
Which payment? I don't get that clear enough.
Which payment?
Normal payments you are doing with it.
Phoenix wallet have only a single LSP (liquidity service provider), that is their own Acing node. That means ALL your payments will go through that node only. And they charge fees for each payment you are doing.
If you are OK with that, go ahead, is a good app for starting.
Remember!
- This is NOT a holding wallet !
- This is just a LN wallet, for spending, day to day!
For holding, use an onchain wallet.
Please read this another detailed guide, to know how to do the 3 levels stash: hold, cache, spending
https://darthcoin.substack.com/p/bitcoin-be-your-own-bank-think-like
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Now I understand. Thanks. I'll have to keep learning what's the best way to store my sats since I've been earning them from the LN. They'll have to take a long route to be on the mainnet I guess 😅
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I just told you: read that guide how to think like a bank and organize your stash on levels.
It doesn't matter how you obtain those sats (onchain or LN). Important is to follow this simple 3 levels rule: hold, cache, spending
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Yeah I did read your guide. Still is a lot of info to process. Keep sure that I'll get to digest it completely, tho. Thanks again mate!
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