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Hey #asknostr, can someone weigh in on my lightning wallet experience?

I set up #Phoenix wallet as it sounded as close to a hardware wallet as a lightning wallet could be. Still rug pullable but less so than most.

Is that an accurate assessment?

Using Phoenix I learnt a lot about opening channels and liquidity, which is hidden from view on every other wallet I have used. So that is useful. And I can't imagine more than 1 in 100 noobs bothering to go that root.

Another observation, it seems to be more expensive to make transactions than on the usual non custodial wallets. Is this a fault with my setup, or is an advantage of non custodial providers that they can provide a cheap service because of scale?

What's up with Bolt 12? Phoenix offers a permanent Bolt 12 lightning option which sounds ideal for businesses. But I used Muun, blink, Speed wallet,Yakihonne and no go. Am I early or has that innovation moved on?

Coinos has a really slick set up for a permanent lightning address for a business website. I have gone with that for tip payments and will move any balances across to Phoenix for "self sovereign storage". Is that the way?

Thanks

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Discussion

Manánguri 9mo ago

Bolt12 is very new and only Phoenix and CLN have implemented it so far. Soon™ for the rest.

Phoenix only opens one channel through their own routing node. Phoenix supports channel splicing which hasn't been implemented by any other lightning node software yet. Their routing node has very high fees that you've already discovered.

Phoenix is fully non-custodial. You can't be rugged by Phoenix.

When you use a lightning address provided by someone else, they could reroute or cancel that address at anytime.

You can register your own domain name and setup your own lightning address. It's not that complicated. A business can easily add lightning addresses to their own domain name.

To get cheap fees with a mobile wallet, you can use any LND based wallet like Zeus or Breeze or Blixt and manually open channels to routing nodes with cheaper fees. If you use any automated channel management services, they'll usually have reasonable to expensive fees.

Housepainter 9mo ago

Thanks, I'll have to look into your points to understand better. Especially the lightning addresses linked to own domain.

Derek Ross 9mo ago

Phoenix is great for its simplicity. You can get started by just sending and receiving a transaction. You don't need to management liquidity or channels. Because of this, yes, you're right, it is slightly more expensive per transaction. They're charging you for this simplicity. They're charging you to do the management portion. It's still super cheap compared to on-chain so that's great and it's self custody!

Bolt 12 just isn't widely supported yet. Hopefully that changes in a year but it will take a while.

Yes, you got it! Use Coinos for ease of use with widely accepted Lightning addresses and then off-load to self custody Phoenix when applicable.