Ok ..
I think I may stop using #PhoenixWallet .. before the new fee structure I was paying around 800 sats in transfer fees (acceptable and respectable as fees go), now I'm paying in excess of 4,000 sats!! for the same transaction!!
That's a hefty mark up!
😬
#thecustomerisalwaysright
A mí también me parece costoso las tarifas de phoenix
To receive via lightning and send onchain works fine.
So Phoenix is only good as a swapping service now? If I want to transact with other plebs I have to use another wallet if I want low transaction fees?
These are fees imposed by the wallet creators, there are network fees on top!
I'm sorry, I don't mind paying a small fee, but when the fees have increased x5 it's a little on the nose, don't you think?
You should try to only open larger channels with larger transactions first. Next, these fees are the cost of being a self custodian of your Lightning funds. Running your own node comes with a cost. Phoenix is providing a service.
The transaction was large enough, and my migrated channels were ample ..
Also, to send 1 sat it costs 4 sats!? .. this makes no sense!
As I have said, I don't mind paying fees to a service, but an increase of x5 is asking too much of a lowly pleb .. 🤷🏻
their fee schedule should be as follows:
- only mining fees are due on incoming payments (vs 1%/3000 sat)
- 0.4% for sending Lightning payments (vs 0.05% - 0.5%)
Exactly! .. sending payments at that rate is quite high, don't you think?
With Phoenix, I'm used to paying around 0.1% or less (which I think is reasonable) .. I'm afraid I just can't keep using lightning, paying at those rates, for everyday transactions .. I have to look elsewhere
I don't have much experience besides one test transaction so I guess I can't really comment on this too much besides stating what the fee schedule is supposed to be and how it's supposed to work.
Min 4 sat fee too, confirmed by them when I asked on twitter a few weeks back.
They develop a insanely good app and provide all the infrastructure and lend you bitcoin as liquidity. IMO the price is more than fine considering the hidden costs of credit cards.
I'm sorry, but I don't think that we should be comparing it with a doomed system .. that would be like tempting the fates 🤙🏼
That being said, if I wanted to pay those kind of fees I would be using bitcoin onchain, not the lightning network .. 🤷🏻
The lightning network provides instant settlement, onchain doesn't. If you want everything for free you have to self host which costs time.
Lightning is supposed to be instant settlement for a fraction of the cost of onchain.
I never said I wanted it for free, I was quite happy to pay the previous fees. Like I have said in the comments in this thread, a markup this high is quite hefty, and a minimum cost of 4 sats makes a 1 sat zap not worth the effort.. 🤷🏻
It's .4% now right? Which seems decent to me. I think you just need to be careful sending larger amounts, but that has always been true with Lightning
Essentially, the issue is that they have *increased* their prices. If you feel comfortable with that then that's ok. I'm not comfortable with it, therefore I willn't be using Phoenix in the foreseeable future .. 🤙🏼
You were also paying 1% to add inbound liquidity - this is strictly better as inbound only costs fixed on chain fees now.
Their fee structure mirrors the actual cost structure better now.
Which may be a one time action, given a large enough "deposit". But for day to day spending the prices are now painfully high
