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How many software wallets do you have? Is it good to have a few? What are your faves?

What do you think of Exodus Wallet and Phoenix Wallet? If I already have WoS and Muun, is there use in having more?

I've tried to move away from Muun myself recently, despite its ease of use. Still have it ad a backup though.

Currently using Phoenix as my primary LN wallet, with Wallet of Satoshi linked here.

I also have a few stragglers sats in stacker news, Fountain and such for use on those platforms.

The "downside" with Phoenix is you're going to want to open as large a channel as possible the first time for the max amount you would want to hold there. There is a minimum 3000 sat few to open the channel but once it's open it's open until you hit the channel limit. Then a new channel would need to be opened and the minimum fee paid.

So if you use Phoenix make sure to open a channel large enough to suit your needs. And then you can move them back on chain and keep the capacity open. So initial use seems expensive but once it's done it's done.

Other than that use what you are most comfortable with at the time, we all move at our own pace.

Apologies if this is long winded, and I'm sure others have better inputs.

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Discussion

516add19... 2y ago

Thanks for the detailed answer. I’m curious to try Phoenix now. I’m worried it sounds complex though. Why did you move away from Muun?

poe😱 2y ago

First, sorry for my spelling. Can't seem to overcome autocorrect sneaks.

My gathering is that muun uses some behind the scenes stuff that isn't actually LN but something with submarine swaps and on chain, so the fees seem fine for tiny amounts but can be erratic.

I'll try and find some links to Stacker news articles I was digging through and put them here, and again not trying to dissuade you from muun. I used it a fair bit.

I'm still very much learning and not one to put too much credence in. Just a pleb.

516add19... 2y ago

No worries! Ahh I see. I just want to make sure my btc is safe with them for now. This is all new to me! Just a pleb as well! 😆🤙

poe😱 2y ago

There's a bunch of others but this is one take. So much deep diving and I still know nothing.

https://stacker.news/items/84104

516add19... 2y ago

I created a phoenix wallet. How do i open a large channel?

poe😱 2y ago

Under receive, you can select show a bitcoin address. You should see a QR and this message at the bottom.

This is the fee for opening the lightning channel and why this wallet took me a while to begin using. I opened three small channels, all paying the 3000 sats for opening "$10" channels.

And eventually sent an amount I would like to receive to make it worth the fees before sending back on chain in the future.

So I don't want to tell you to send a huge sum and have something for wrong.

But I'm also pointing out that the fee isn't a scam to simply "use the wallet"

Take your time. Keep looking and wait for someone else's input other than only mine. Please. I don't want to feel responsible for lost funds.

poe😱 2y ago

The 12 word recovery is if you need to re-download the wallet, or force close channels you control the key to the on chain address. As far as my understanding goes.

poe😱 2y ago

Also note, you are going to likely want to then transact the sats back to your main on chain BTC wallet. Leaving the receiving capacity open for future receiving, then when it gets full move to the on chain address.

Am I missing anything fellow nostriches?

516add19... 2y ago

No worries man. No pressure on you. I will take my time and proceed when comfortable. Right now there are so many aspect I haven’t grasped yet. Like what on chain even means 😂 Im a slow learner. I’ll get there eventually.