I want to switch. Did you find it complex to use Phoenix?
Discussion
im gonna try it out today. been procrastinating 😂🤣
but it also has higher fees I've heard
plus you pay them 10k sats initially for their work of managing channels in the background and such
I have to pay them to use their wallet? Sorry this is all too complex for me at this stage. I’m jealous of all you able to understand all of this. Lol
yea maybe dont if your funds are already on muun you gonna have to pay double if switching to phoenix
Makes sense. I initially thought moving btc between wallets didn’t cost anything.
it's all trade-offs
ln.tips to WoS = basically free
with muun you get to easily swap onchain <-> ln
but pay higher fees
with phoenix you get to be self-custodial on phone
but pay initial fee for the service of not having to figure out to manage all the complex stuff
is this also bs? do let me know if so
#[3]
This is the way.
And never forget, only what you are okay losing, on chain cold storage is still thr safest, play with lightning, get comfortable, keep stacking.
Use what suits you and try and keep an eye on these trade offs. You're doing nothing wrong using Muun.
I created a phoenix wallet. How do I pay this fee?
click on receive and it'll give you a message that the funds being transferred should be at least 10k sats
i think it'll deduct 3k sats from it for channel creation..
im about to do it now as well, but i have two questions first im about to post
Youre not so much paying "them" to use the wallet, as the on chain fee to open a multisig channel to use sats on the lightning network.
And as far as I know a lot of these wallet solutions, unless you are directly running your own nodes, are never really fully non custodial.
Hit a wall, retreat and recollect. No shame in that. And I could be wrong. Think of all the progress we've all made from our first BTC transactions off an exchange.
