I love Phoenix wallet as a Lightning wallet because it's self custodial. That means a full Lightning node runs on your smartphone, giving you full control over your Bitcoin Lightning funds. It's great for new Lightning users (minus the fact that it doesn't support Lightning addresses).

The latest Phoenix wallet now manages a single dynamic channel, there's no more 1% fee on inbound liquidity, it offers better predictability and control, and introduces trustless swaps from on-chain to Lightning and vice versa.

Phoenix believes that splicing will be game changing for Lightning wallet providers.

"We believe that the efficiency gains brought by splicing are so phenomenal that all wallets will eventually implement it. That is why this technological improvement marks the beginning of a new generation of self-custodial wallets."

https://acinq.co/blog/phoenix-splicing-update

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Discussion

Huuuuge update!

Absolutely.

I want in on that sweet sweet beta.

It is still a hot wallet and it cost .4% to send. Boooo

The 0.4% is Only for sending. If you are using it to receive what you buy when stacking, its free.

It's Lightning. Of course it's hot.

True, but keeping your seeds on your phone is just a disaster waiting to happen and you think 4000 ppm is reasonable?

Use a PIN to unlock instead of biometrics, don't install bullshit apps from random places on the Internet, and you'll be fine.

It's not the cheapest, but it covers the cost of opening and closing channels, things that normal node users have to deal with. In the grand scheme of things, since you don't have to do liquidity management, it's fine.

Maybe, but all it takes is just 1 zero day and all your funds will evaporate. Opening and closing channel, you only do once. But if you use it to zap, it will cost you an arm and a leg. 😁

LN is made to spend. Do you really want to bring your HWW everywhere you go ? Just keep your pocket change in a hot wallet , what you’d have in cash in your wallet basically.

4000 ppm is expensive but still reasonable IMO. Keep in mind that having the best node on the network at your disposal has a cost. 40USD to send 10000 USD instantly anywhere on the globe, pseudonymously in an almost trustless way is fair.

Most credit card provider charge more than double (or more) of that, and credit card can’t send money internationally.

Cheap? Not when I charge 10 ppm on my node.

ACINQ node+wallet is worth 400 time your node my friend

Not for a pleb. Unless you are a merchant, ACINQ node is just a liquidity drain. My node is enough for me to zap people without paying 4000 ppm but you do you πŸ˜†

Especially for a pleb. Other mobile nodes are too unreliable right now, and no random pleb will pay 600 hundred bucks to get an always-on home server node, with liquidity to handle and more. For a pleb paying 0,4 % on zaps is still cheap 40 cents for 100USD sent in zaps in an easy and still sovereign way is cheap

If you have your own node you should stop using WoS to receive your zaps IMO

What $600? A NUC is $200. I am charging 10 ppm on my node and you want me to pay them 4000 ppm on lightning? NO. I drain the WOS when I have enough sats don’t you worry about it. πŸ˜†

You seem to not understand that ACINQ users don’t want to handle buying a NUC +additional SSD, installing the software and dealing with all the problems associated, opening channels and managing liquidity.

A plug and play node could maybe do the work for the most curious among them, but it’s between 400 and 600 USD not 200 (see Umbrel home) and others.

They want a download, click send/receive non custodial LN wallet. You’ll have to spend at least 50000 USD before your cheap NUC solution matches the 0,4% fees of ACINQ πŸ˜‚

$50000? What r u even talking about? Lightning is supposed to be cheap and easy. Running a node is not hard and it is fun. All the sats you are paying ACINQ might be worth a lot in the future, but like I said you do you. I think this is a rip off and NO, You are not going to change my mind. πŸ˜†

Imagine telling nocoiners on the street that to use Bitcoin they're going to have to build a computer and install a bunch of software. Bitcoin is DoA at that point and will never grow beyond it's current users.

Yep 0,4% of 50000 USD is the price of your β€œcheap” NUC

Another big usability improvement is trustless swap-in and swap-out (splice-out). Looking forward for the iOS version.

But new swaps are worse in privacy.

Perhaps progress with BOLT12 will fit with the Lightning Address use case.

I am so lost with all of these wallets. A decade from now, which ones do you think we’ll be using?

I need to learn how to use it. How? Where?