First time using lightning. The fee is higher than the Zap! π
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Discussion
Is this muun ?
Yes
Use the Wallet of satoshi or Muun Wallet app, they charge you practically nothing to move your satoshis. π
He used muun
Welcome to the future
Where is your zap icon on your profile?
Not all Lightning wallets are the same. Some have a setup fee because it does some technical lifting in the background to make it fully self custodial, such as Breez, or Phoenix, Mutiny, etc. Some charge a high fee because they're not true Lightning wallets but function as one, such as Muun.
If you used Wallet of Satoshi or Alby, you'd have no setup fee and have cheap transactions all of the time. But the caveat here is that they are custodial wallets.
Thank you. Wallet of Satoshi seems like the next simplest after Muun. Iβll try that.
Definitely try this. Your fees will drop by at least 100x :)
WoS is easy and convenient, sacrificing some security due to reliance on their node infrastructure. Phoenix enables more security with similar ease and convenience. Breez.technology is another self-custodied (thus more private & secure) LN application that ALSO integrates a retail POS feature and support for the Podcasting 2.0 v4v model.
Zeus is easy too, but requires connecting to a node (which can be outsourced for instance to the Lightning Tips bot wallet/node on Telegram), that exists on a scale ranging from fully outsourced, rented cloud nodes like Voltage, or fully self hosted on a Start9, Ministry of Nodes, DIY or other pre-built Rasberry Pi nodes.
You'll find a lot of these details on all these tools explained much more granularly by watching and studying the videos put out by nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8
Alby can be non-custodial if running a node and tying in through Zeus
Breez, Phoenix, Bitkit, Mutiny are true lightning wallets. You have a one time channel set-up fee
Damn, looks like your wallet automatically sent an on chain transaction to make the lightning payment.
Probably means you are using a non-custodial wallet, which in one way is great, but it comes with this trade off sometimes. Although outgoing payments are typically not the ones that run into this, and this might be more indicative of a bad policy in the wallet.
Can you share which wallet you used for this payment?
Get Phoenix wallet a non custodial lightning network wallet.. receive on wallet of satoshi and everyday move to Phoenix and zap out from Phoenix..
Muun?
Self custodial UX for zaps not great atm
BOLT12 will be a game changer
Try Alby + Zeus wallet
Muun isn't a "real" LN Wallet.
Muun works by using a lightning service provider that pays LN invoices for users through a smart contract. This is known as a submarine swap. When you make a lightning payment on Muun, the bitcoin is sent on chain to the lightning service provider along with the LN invoice generated by the user. That's why the fees are that high.
If you want it easy go with Wallet of Satoshi. Simple, but it's a hot wallet.
If you want it safe and you have big amounts of Satoshis I would recommend Phoenix Wallet.
It is Non Custody, what means you will get a 12 words seed phrase.
You will have to pay 3000 Sats to open a Channel and I recommend a big amount for the first transaction (for a bigger Channel).
That's why I use Wallet of Satoshi for my "daily" transactions and Phoenix as my "savings account".
Good Luck π
A few months ago the fees of muun Wallet where ok.. but with this ordinal things the fees exploded ...
Holy fuk
π€£
