What are typical fees using #Phoenix? I sent 500k sats from #Strike to Phoenix. Strike charged me 51 sats (great deal). Phoenix charged 5000.
Discussion
when you first use Phoenix to receive sats, you’re opening up a new payment channel, which does cost at least 3000 sats; I believe it scales up if you’re sending a considerable amount, although I can’t be quoted on how they calculate it
any subsequent sats received may or may not require new payment channels to be opened, as it depends on how much space you have in each channel and how few/many sats you receive
besides any typical routing fees, there is no charge to sending sats
Thank you. I guess the transaction I was referring to was significantly bigger than what I had in the wallet previously. I’ll test again.
I appreciate your feedback.