#phoenix wallet inbound deposit fees to open a channel. Is this normal? Here are 3 different deposits.

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looks like ETH gas fees, 😂

Lightning is good .. For miners.. 👀👀

Yes. When using wallets like Phoenix or Breez

You are paying Phoenix to perform the service of opening a channel and pushing received funds to your side to use for future lightning payments. With most capacity on your side, anytime you receive more funds that EXCEED your available inbound liquidity will force them to have to open more channels as they do not want to hold custody.

You can avoid this fee over and over by...(easiest to hardest)

1) using a custodial service provider (meh)

2) pushing larger amounts first, then spending out to free up liquidity. e.g. you can swap out some to on chain elsewhere

3) run your own node and lightning server on top and manage channels on your own.

Some service providers seen in step 2 charge different fees. Examples are Phoenix, Muun, Breez, Mutiny, OlympusLN/Zeuspay, etc.

Receive - spend - so I can receive again to avoid opening a channel? (This is total shit). Lots of balancing to think about. Probably not for me. I will keep a few hundred K sats around just to give away.

the wallet should hopefully be warning you if you are creating a receive invoice on it that will cause it to need to open a channel.

thats how breez works. see referenced image. the 68109 amount varies depending on my wallet balance vs channels and available inbound liquidity

i use a combination of custodial (alby, ln tips), phone node (breez) and server node

Mutiny charged me this. Then wanted to charge me again the same amount. I decided I had, had enough of Mutiny.

Phoenix has been hitting people with a ton of fees to splice in for what feels like each transaction since that big upgrade they did.

You sent on chain thats why there is a miner fee.

How do you send off chain?

To send off chain meaning through the lightning network you need a lightning address.

What do you meean off chain exactly because that doesn't rwally make sense

I guess I have no idea how to use lightning. Fuck it.

And you kept expanding your channel i can see by the times

I was stacking sats. Figured thats what people preach here.

You dont stack on lightning you know that are you not an og bitcoiner as you say

I had bitcoin on the main chain a long time ago. Not lightning until recently.

No need to hodl on lightning network thats not what it was designed for. It was designed just to move the btc fast. You are not supposed to hodl on lightning

The only way to do bitcoin right is running a bitcoin node, and a lightning node. The general public is not going to do this.

We will get there.. 3-4 years ago I didn't run a node now I do next is a lightning node. You see, it's step-by-step. We will get there

Monero wins. I have no doubt.

Hahaha ok.

No one stacks lightning? Only bitcoin?

Frqnk you not very nice acting all dumb and shit. You k ow exactly how this works. You must be bored. Hahaha its ok go troll someone else because im knowledgeable in this shit.. hahaha have fun Frank.. hahaha talk to you later

I stack to my own lightning node and then move on-chain to cold storage. But I’m managing my own liquidity. You’ll keep hitting those big feels if you try to stack to phoenix. Check out some of BTC Sessions YouTube videos to get a little background in how lighting liquifying works. It’s like a abicus. And you have to keep it balanced for in and out transactions. If you’ve used WoS or Alby in the passed they do all that in the background for you. But that’s the cost/risk of using a custodial service. They could rug you at anytime.

Phoenix/breez/mutiny they are all non-custodial but each of them Handle liquidity differently. I like Breez because it will open channels based on what you send and provide you with liquidity but not keep charging you or closing channels randomly. I’ve only ever had one channel close with Breez. And it’s been like 2 years

So I guess you send over all at once your biggest amount to play with.

Then do not deposit anymore - until you spend some first - then you can deposit a bit more, up to your original amount on your first deposit.

If you do multiple smaller deposits - you get hammered each time, because they are opening a new channel.

What a pile of diarrhea. Glad my fiat banks do not do this.

I play with lightning. (Like a shit coin)

But Monero doesn’t play these silly games. XMR forever. Nodes, Mining, spending, saving, using, security, privacy so much better.

Yeah. If you never spend from that channel. They’ll have to splice in to add more liquidity if you do another deposit. You have to keep balance on the channels so you can spend/receive from it. Ideally you can open a “larger channel” send some from it and then just ride the shift back and forth as zaps come in and out.

But if you keep depositing funds it will auto expand they size of that channel by splicing in via another on-chain transaction.