My experience with the Phoenix Wallet and Splicing! ⚠️

Your very first transaction in the wallet opens a channel on the Lightning Network. Pay close attention to ensuring that this initial transaction carries sufficient liquidity. Opening a new channel entails one-time miner fees and operational charges. Miner fees are incurred because the first transaction to open a channel happens on-chain. A pro tip: Keep an eye on mempool congestion (sat/vb) to save a few sats. Speaking of which, there's something exciting on the horizon called splicing, but more on that later. My personal misstep was commencing with a channel of only 10,000 sats.

The consequence? Subsequent challenges in transferring even small amounts of liquidity to my Phoenix Wallet via Lightning, often entailing high fees. Thus, it's paramount to commence your channel journey with substantial liquidity, based on your anticipated use, and to avoid recurrent fee burdens.

Now, let's dive into what makes Phoenix Wallet truly extraordinary. Phoenix Wallet is revolutionizing the Lightning Network with Splicing! 🔥 Say goodbye to the woes of traditional channel management. With Splicing, Phoenix Wallet now operates with a singular dynamic channel, eliminating the once-standard 1% fee on inbound liquidity. This means users now enjoy complete control, enhanced predictability, and trustless swaps as the new standard. Additionally, the slimmer on-chain footprints translate to amplified efficiency. Welcome to the future of self-custody! 💡⚡️

I hope this helps you and you encounter no issues. 🫡🫂🦩

#Splicing #Bitcoin #LightningNetwork #PhoenixWallet #Nostr #Plebs #Plebstr