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1 sat \ 4 replies \ @POTUS 7 Dec 2023 \ on: Best lightning wallet for retail stores lightning
If you are doing a self custodial wallet like Phoenix you are going to have to pay an on chain fee to set up a channel. With fees so high right now it’s not too fun. But if you did a 1 million sat channel, you pay the fee the first time and you should have enough liquidity to not need another channel and thus not have to pay any more on chain fees.
need another channel
From version 2.0.0 Phoenix works in a different way. They only use one channel instead of multiple ones.
Splicing allows altering channels by adding or removing funds. Instead of managing multiple channels, the app only has one single channel, which will then be modified depending on usage. This brings significant improvements:
- On-chain swaps (swap-in or swap-out) are now trustless.
- The static 1% fee for incoming payments that need new channels has been removed. Instead users pay the mining fee for the splicing operation.
- That fee cannot exceed the maximum fee set by the user (in settings > channels management). Default maximum is 5000 sat.
- A notification is displayed when an incoming payment is rejected because of the fee.
- The fee for outgoing Lightning payments is now static (0.4 %) and is displayed before sending the payment.
- Unconfirmed on-chain transactions can be accelerated.
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Yep phoenix wallet is best but you're gonna have to pay the high fee. Just send 1 million SATs to the wallet and then swap out half of it on chain so you can actually receive payments
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I'm not too sure what you mean by a 1 million sat channel, I'll have to look into that. Thanks for your help.
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he's right. read the guide I've sent you about private nodes. I explained there all these details about phoenix.
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