Replying to Avatar bitcoin.rocks

Phoenix Wallet v2 is here!

Now you have even more reasons to never recommend Wallet of Rugtoshi again.

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B.O.P 2y ago

Can someone explain splicing to me

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The Daniel 🖖 2y ago

https://www.youtube.com/watch?v=dPKLkRK9bF8

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B.O.P 2y ago

If you have to pay a mining fee to dynamically change the size of the channel every time does this not defeat the purpose of using lightning?

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bitcoin.rocks 2y ago

AFAIK it turns what was a 2 tx fee operation into a 1 tx fee operation.

Before you had to close the channel and then re-open it. Now you can just splice.

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The Daniel 🖖 2y ago

It’s a lot cheaper this way since you are able to have more control over the on-chain fees. You never see this in a custodial wallet because they obfuscate all the channel management, but what you’re paying for here is total self-custody.

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bitcoin.rocks 2y ago

Well said 🫡