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0 sats \ 3 replies \ @DarthCoin 9 Apr \ parent \ on: Phoenix lightning wallet - questions on strategy for my use case lightning
You mistake was that you moved the whole balance into onchain.
As I said, Phoenix is closing the channel if you do that.
So you every time paid new fees for opening a new one.
But is strange why did you received only 800k from 1M, this is huge difference.
Something must be wrong.
That was just some example numbers, I left a substantial amount on Phoenix.
But I did move a chunk of it, on chain, in Phoenix, and not using the Boltz system that other posters mentioned like @ek and @Scoresby. The Boltz system appears to involve sending it to a bitcoin address via a lightening invoice. Seems complicated but I guess I'll try it. And there will be a fee as well. Ugh.
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Look at it this way: if you were receiving credit card payments, you'd be losing 3-5% on fees.
If your use case is lightning withdraws from an exchange or p2p trades, you could consider just sending directly to the boltz swap and skipping your on wallet altogether.
It really comes down to your use case.
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Wow, okay, so I need to learn more about this Boltz thing.
So if my main use case is receiving, then I could just create a lightning invoice in Boltz, give it a btc address, and then receive the sats to the btc address with a .5% fee from Boltz, and an on chain fee?
Maybe that's the way to go...
Though I guess you'd want to batch things up, so you don't pay too much in on chain (mining) fees.
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