Sorry for noob question. Are lightening payment fees based on % of the payment being transacted? How are they calculated? Where can I learn more about this and different wallets and stuff?
#asknostr
Discussion
They are set by lightning node operators on the channels they have open. You can dynamically set it to tell the network what you are willing to route at what fee. It can be fixed or percentage based. I recommend zero base fee + percentage of your choice.
Yes; fees are based on how your payment gets routed through the network, i.e. which nodes pushes your payment to the destination
Good Q, I actually don't have a good link for you for how payments are routed & what fee's someone pays. I'll find one & share
It all depends on the channel routing.
Somebody will explain this better, sorry at a NYE gathering.
Happy New Year!
Lightning payment fees are calculated by the nodes. You're relying on other nodes to route your payment. The node itself can specify how much they charge for your use of their channel.
In other words: your node is A. You have a channel to node B. But you need to send 1000 sats to node C. Node B has a channel with node C. Node B has it coded in their channel to charge 5 sats per route. So node A pays node B 1005 sats through your channel, then node B sends 1000 sats to node C through their shared channel.
Does this make sense?
I think so.... Here's my actual case that got me curious:
So that depends... If you were using Alby as a custodial solution, they have specific rules for using their node. I know I read somewhere they charged 1% for using their service or something like that. It's considerably cheaper when using your own node instead of someone else's.
Got it. Yeah I have not moved it yet. I keep decreasing the amount I am sending to have more than 1% remaining inside @getalby but their system just keeps not allowing the transaction saying I should leave 1% .
Ugh... That's super annoying. The only thing I can think to do in that case is just close the channel and move the funds on-chain instead. It was a pain to get all my sats off of Wallet of Satoshi too. They need a "send max" button or something
Thank you, you are super helpful! I wouldn't even know where to begin to do that. But I did get it completed and all done last night! 🙌🏻🙏🏻
This question arouse as I tried to process a payment and created a lightening invoice in one wallet and there was a fee number mentioned. Then when I tried to process that invoice through my @getalby wallet it wouldn't let me unless I left 1% of the sats of the payment I was making. (I was trying to get all funds transfered). The 1% was 4-5 times higher than the fee the other wallet mentioned. So it got me curious.
You can always check mempool.space and you look at the sats/vB. The lower the number the smaller the fees.