12 sats \ 6 replies \ @cleaningup12 29 Jan \ on: Where to ask some really basic questions on the Phoenix Wallet? lightning
You could open a different lightning wallet, maybe a custodial one, just to get a few sats built up. And withdraw your sn stash to that, just for the time being.
Because when you open a phoenix wallet, it'll try and open a channel for you, meaning, that's gonna cost a bunch! Like 20k sats or something
So if you're withdrawing your sats from sn to phoenix, it's trying to open a channel but you don't have enough sats yet and it'll cause an error
As far as I can tell Phoenix tries to open a channel (or expand a channel) every single time you receive. It honestly makes it kind of a weird experience for people that are mostly receiving sats. I haven't managed to come up with a solution for this other than withdrawing directly to my node, which already has inbound liquidity available. Unfortunately, this is pretty bad privacy.
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Ah was that was my legacy changeover thing that cost me a few sats!
I only started using Phoenix after they added splicing, and I always have high fees when receiving, but never when sending. If they're not doing a new transaction for each deposit into the wallet, then they're definitely being way too conservative with channel sizing.
In phoenix you have 1 channel, which can be grown or shrunk through a method called "splicing." When you have maxed out your inbound capacity, phoenix will make an onchain payment to grow the size of your channel.
A good practice here is to open a large channel (say, 500k-2m sats) and only need that on chain payment 1 time. If your channel is already open, expanding it (through splicing) to that range now while fees are relatively low is advisable.
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