Replying to Avatar ContrarianAgrarian

No… should I? Well, given the note, I’m assuming yes, so I should ask “why should I?”
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matata 2y ago

Phoenix is a self-custodial bitcoin lightning wallet that acts as a Bitcoin lightning node on your phone.

You get 12 words (= your seedphrase) with which you can restore your funds anytime if you lose your phone.

you control your keys, phoenix cannot rug you

wallet of satoshi for example can (not that they have this intention, but using centralised custodians opens you up to a lot of vulnerabilities to indeed lose your sats)

so, no trust required with phoenix.

read more here: https://lnshort.it/lnwalletguidenostr also read the FAQ on their website phoenix.acinq.co

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ContrarianAgrarian 2y ago

Self custodial is great & vital (IMHO) but several wallets offer that.

I did not realize that it was possible to have a lightning node right on your phone! That’s amazing! I’m going to need to look into that and likely download/run it.

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matata 2y ago

yes, not only phoenix. breez and blixt too.

but phoenix imo easiest.

which one do you like?

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matata 2y ago

i still use wos/ln.tips to receive zaps on here tho btw

phoenix doesnt offer a way to receive zaps (lnurl), but you can still send from it.

.. i basically use it as a secure way to save bitcoin in on bitcoin lightning and it can swap L1<>L2

bitcoin on-chain is for deep cold storage (longterm saving)

you want to setup phoenix BEFORE the mempool fees (onchain) become high, this so you can still transact with like 1 sat in fee, independent of the mempool fee environment..

while it would cost a premium price for everyone else to move bitcoin around on l1 and between l1 and l2, you'll be able to still send v cheaply and lightning fast.. in a self-custodial way.