Nostr Web Client

Thoughts on Phoenix fees

It cost me about 3K sats to send 1M sats to on-chain/cold storage

Today that’s about $1 to send $260

If I bought something at a retail store for $260, the store would pay the payment processor 3%, and then mark up their products by an extra 3%, and I would pay approximately $8 extra per item in hidden margin

I just paid a fraction of a percent transact in and securely store the soundest money ever created, and the proceeds went to two entities who are providing a high quality service: Bitcoin miners and Phoenix/ACINQ.

I’m a happy customer. And bullish af.

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Discussion

Chriso🇺🇸🇦🇺🦘⚡️ 2y ago

Send 1 Milly from nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 costs zero sats if your willing to wait 12 hrs. Idk, no plans to spend anyway. Are you buying on Phoenix? Do they charge to purchase?

boston wine 2y ago

Strike is my KYC stack. 12 hr patience to reach cold storage is chill

Phoenix is merely a layer in the non-KYC stack stack. More fees beget more freedom 🫡

Chriso🇺🇸🇦🇺🦘⚡️ 2y ago

I’ve never used Phoenix so didn’t realize it was non kyc. I’ve seen some debates about whether Strike was KYC or not. Since my name and bank account are tied to Strike I’d say it’s KYC.

boston wine 2y ago

KYC just means that a centralized entity knows how much Bitcoin you purchased, and knows your identity.

Strike, Kraken, Coinbase, CashApp, all KYC’d.

Non-KYC means you acquired the Bitcoin without relying on a third party who has your identifying information. That could be a cash exchange peer to peer, or a fiat payment over RoboSats, or home mining, or getting paid in Bitcoin.

Hope this helps 🤙

Chriso🇺🇸🇦🇺🦘⚡️ 2y ago

Thanks for the info.🤙🏻🫂