I really hope Phoenix keeps it together. I keep most stuff in cold storage. I also keep some on-chain funds in bluewallet but as far as Lightning goes... Phoenix is it for me. I love being able to send an on-chain transaction to it and it just doing all the background stuff to switch to Lightning. Takes all the thinking out of it. I'll be visiting the Philippines later this year and I'm super pumped to be using Phoenix for Bitcoin Island.
Congratulations on being the ONLY UA-camr who consistently pronounces the world "obfuscate" properly. Great content, man. I'm new to the channel. Now, off I skate . . .
The fees have changed significantly in July 23: The fee model changes: - only mining fees are due on incoming payments (vs 1%/3000 sat) - 0.4% for sending Lightning payments (vs 0.05% - 0.5%)
Thank you very much, i still have to figure how to run my own node. Thats one of things im lacking in when it comes to bitcoin. Any tips for running my own lightning node, p.s. i use phoenix wallet for all my lightning transactions or even onchain bitcoin transactions
With the new update. Phoenix wallet can't send on chain bitcoin address. It can only receive on chain bitcoin and will convert It to lightning. So maybe I'll use MUUN wallet as it can receive and send bitcoin and lightning both.
Thank you for the tutorial. I´m German with no extraordinary knowledge of the English language. But i was able to understand your explanations very well.
Thank you for another great tutorial but I prefer Breez wallet in this segment of LN wallets because they're a lot further on their roadmap to the future.
BlueWallet was my go to lightning before they decommissioned the custodial wallet. Now using WoS but would love to move to non-custodial so this video is perfect. Thanks! I wonder how does Phoenix compare to Breeze?
21:35 also check random middle digits, hackers can pre-generate addresses with all possible starts and ends, if they hijack your clipboard they can steal your stuff by replacing the address with theirs
I NEED HELP HERE: At 14:37, I don't understand why the receiver received 5'000 sats, WITHOUT any fees kept by Phoenix. Yes, a channel (of 297'000 sats) is already open, but ALL the liquidity is on the receiver side. There is no liquidity on the Phoenix side, no? How can 5'000 sats travel to the receiver if the open channel has a max size of 297'000 sats? How can the channel suddenly upscale to a 302'000 sats?
Is it a must to create an invoice before receiving sat? Or it's just another option? If it's an option why did they put it there if it's just like a double option to sending or receiving sat normally?
Thanks for this, Ben. Given that lightning wallets are for daily spending (we aren’t keeping a huge amount of money on them), and given that we may want to travel with our lightning wallet…would it be reasonable to store our seed on an encrypted password manager? Obviously we wouldn’t do this with our cold storage seed, however using a lightning wallet around the globe, I would rather travel with my seed in a password manager than cross borders with 12 words on a piece of paper. Thoughts?
if i creat a wallet with a jade qr only i sighned to meke sure i could send out is it safe to delete the wallet,once i delete the wallet is it just setting on the open source chain until i want to access it with my qr or phrase
Hello Ben and thank you for your tutorials. I've learned a lot from you. If it is not a problem to ask you something about phoenix wallet: do you know is it possible to add Watchtower to my phoenix wallet node? Also, do you know why in the FAQ they have written in bold text "to not uninstall the application" if channels are force closed, because if we can restore the wallet to any on chain wallet (which sound doable because we know the seed phrase), uninstalling the app if channels are force-closed should not be an issue, or I miss something.
Newbie bitty here. Since Robinhood doesn't have a wallet for Android, can we use Phoenix as the first wallet to transfer directly from exchange? (without fees)? So many wallets to choose from Thanks for your info!
Thanks Ben. I was watching Jeff Booth on What Bitcoin Did today, and he was talking about earning 5% with fees using Lightning. How can I learn abotu this?
I love this wallet but the 1% for channel creation is insane if you want to open large channels. I wish they would charge a bit higher fees for transactions and lower the channel creation fee.
Since this video the fee structure has changed quite a bit. Channel creation is 1000 sats plus mining fees. There are different fees for different things but it all gets outlined here. phoenix.acinq.co/faq#what-are-the-fees
Out of interest, I tried sending money to a Phoenix wallet,but couldn't seem to do it unless they raised an invoice for the amount I wanted to send. But it looked like you could "push" pay any amount there, using the QR code? Thanks for the great content as always
Same as layer 1 miner’s fees. Basically a 1 input, 1 output transfer from Lightning multisig wallet to a bitcoin (Layer 1) wallet. That’s about 110 vbytes. At 10 sats per vByte, mining fee for this transfer is 1100 sats. Hope this helps.
Newb question.... but how safe is this wallet really? Am I being too paranoid for thinking that the fact that you can view your seed phrase in Settings is a red flag? After the recent events with Ledger (seeing how they could possibly have access to your key), just begs the question if this could also happen with a Hot Wallet such as Phoenix. Appreciate the response.
My understanding is that because it is open source, it is verifiable to the community that the seed phrase is generated in-app and aren't premade or sent back to the devs. A couple months ago, Atomic wallet was hacked and users lost all their funds. This is the problem with closed source software. They may say seeds are generated in-app and devs have no access to them but they may be lying.
I did face the same issue. It seems like the latest update can't send on chain btc address. As @cinventures mentioned above, I ended up sending my balance to my muun wallet and then send it to my on-chain address and it worked!
WORST wallet ever. It just stores your private key and make them available for anyone who get access to your phone. There is no way to permanently hide the seed phrase. This is the worst way to initiate people to bitcoin.
... this is what a HOT wallet is. It is meant for day to day use, not large amounts of savings. Even if you can hide the seed phrase on a regular hot wallet, the data is still in the phone in the form of an xprv, which can be accessed by anyone in possession of the phone. For long term savings you should (obviously) use a hardware device.
@@BTCSessions Of course, I agree with you. But It makes me very uncomfortable knowing that the seed phrase can be transparently accessed without at least one layer of security like a pass code. They could just not make it visible at all, once you wrote it down there's no need to look at it again.
Phoenix has been my Favorite Wallet for some time.
I really hope Phoenix keeps it together. I keep most stuff in cold storage. I also keep some on-chain funds in bluewallet but as far as Lightning goes... Phoenix is it for me. I love being able to send an on-chain transaction to it and it just doing all the background stuff to switch to Lightning. Takes all the thinking out of it.
I'll be visiting the Philippines later this year and I'm super pumped to be using Phoenix for Bitcoin Island.
Congratulations on being the ONLY UA-camr who consistently pronounces the world "obfuscate" properly. Great content, man. I'm new to the channel. Now, off I skate . . .
using iOS iphone for now.... don't see option for LN URL. is this only offered on android?
The fees have changed significantly in July 23:
The fee model changes:
- only mining fees are due on incoming payments (vs 1%/3000 sat)
- 0.4% for sending Lightning payments (vs 0.05% - 0.5%)
Great Wallet and same Perspective, Phoenix is the new Standard.
Thank you very much, i still have to figure how to run my own node. Thats one of things im lacking in when it comes to bitcoin. Any tips for running my own lightning node, p.s. i use phoenix wallet for all my lightning transactions or even onchain bitcoin transactions
You are a fantastic asset to the Bitcoin Community. I truly appreciate your efforts.
I would also like to understand the comparison between Pheonix and Muun. Thanks.
Very fast! Do you recommend Phoenix over MUUN?
Brilliant explanation. Thanks.
Phoniex is great. Wonderful video.
With the new update. Phoenix wallet can't send on chain bitcoin address. It can only receive on chain bitcoin and will convert It to lightning. So maybe I'll use MUUN wallet as it can receive and send bitcoin and lightning both.
Great explanation!!
Thank you for the tutorial. I´m German with no extraordinary knowledge of the English language. But i was able to understand your explanations very well.
Thank you for another great tutorial but I prefer Breez wallet in this segment of LN wallets because they're a lot further on their roadmap to the future.
BlueWallet was my go to lightning before they decommissioned the custodial wallet. Now using WoS but would love to move to non-custodial so this video is perfect. Thanks! I wonder how does Phoenix compare to Breeze?
Ben does a tutorial on Breez wallet. They’re similar. Breeze has some additional features like a point of sale feature which is very cool.
Super duper tutorial/review!
21:35 also check random middle digits, hackers can pre-generate addresses with all possible starts and ends, if they hijack your clipboard they can steal your stuff by replacing the address with theirs
I NEED HELP HERE:
At 14:37, I don't understand why the receiver received 5'000 sats, WITHOUT any fees kept by Phoenix.
Yes, a channel (of 297'000 sats) is already open, but ALL the liquidity is on the receiver side. There is no liquidity on the Phoenix side, no?
How can 5'000 sats travel to the receiver if the open channel has a max size of 297'000 sats?
How can the channel suddenly upscale to a 302'000 sats?
Is it a must to create an invoice before receiving sat? Or it's just another option? If it's an option why did they put it there if it's just like a double option to sending or receiving sat normally?
Great video as always 👍Thanks.
Thanks for this, Ben. Given that lightning wallets are for daily spending (we aren’t keeping a huge amount of money on them), and given that we may want to travel with our lightning wallet…would it be reasonable to store our seed on an encrypted password manager? Obviously we wouldn’t do this with our cold storage seed, however using a lightning wallet around the globe, I would rather travel with my seed in a password manager than cross borders with 12 words on a piece of paper. Thoughts?
what is that Liquid inbound in the wallet? how does it works?
Thx, great and well explained video💯
After you restore your wallet on a new phone does it still have the channels open? Or are those closed?
I think that Blockstream Green has a new Lightning wallet with regular and Liquid so do video about this one if you can.
Thanks for the video. as always great job
If you have a wallet elsewhere can you use those seeds to open up Phoenix?
Great work again Ben...🙏
if i creat a wallet with a jade qr only i sighned to meke sure i could send out is it safe to delete the wallet,once i delete the wallet is it just setting on the open source chain until i want to access it with my qr or phrase
Hello Ben and thank you for your tutorials. I've learned a lot from you. If it is not a problem to ask you something about phoenix wallet: do you know is it possible to add Watchtower to my phoenix wallet node? Also, do you know why in the FAQ they have written in bold text "to not uninstall the application" if channels are force closed, because if we can restore the wallet to any on chain wallet (which sound doable because we know the seed phrase), uninstalling the app if channels are force-closed should not be an issue, or I miss something.
Newbie bitty here. Since Robinhood doesn't have a wallet for Android, can we use Phoenix as the first wallet to transfer directly from exchange? (without fees)? So many wallets to choose from Thanks for your info!
I don't believe Robinhood let's you withdraw any crypto, period.... Unlike other exchanges. They are kinda like Hotel California😉
Does Phoenix have a reporting or transaction dumping facility that allows the user to store transaction information offline?
Thanks Ben. I was watching Jeff Booth on What Bitcoin Did today, and he was talking about earning 5% with fees using Lightning. How can I learn abotu this?
What if I want to add funds via a Bitcoin ATM ? How would I go about doing this ?
I love this wallet but the 1% for channel creation is insane if you want to open large channels.
I wish they would charge a bit higher fees for transactions and lower the channel creation fee.
Since this video the fee structure has changed quite a bit. Channel creation is 1000 sats plus mining fees. There are different fees for different things but it all gets outlined here.
phoenix.acinq.co/faq#what-are-the-fees
Hi Ben, can I obfuscate my IP address by using a VPN in my phone instead of using TOR option on Phoenix?
Is there anyway to alter a channel limit? If you make a small transaction you will be left with a small channel limit?
super video!
Out of interest, I tried sending money to a Phoenix wallet,but couldn't seem to do it unless they raised an invoice for the amount I wanted to send. But it looked like you could "push" pay any amount there, using the QR code? Thanks for the great content as always
Same happened to me. It seems there is something I have to figure out
Does it allow sending sats to a bitcoin address?
How do I get my lucuitady off of wallet
What are the fees if you swap/send lightning to an onchain adress?
Same as layer 1 miner’s fees. Basically a 1 input, 1 output transfer from Lightning multisig wallet to a bitcoin (Layer 1) wallet. That’s about 110 vbytes. At 10 sats per vByte, mining fee for this transfer is 1100 sats. Hope this helps.
Newb question.... but how safe is this wallet really? Am I being too paranoid for thinking that the fact that you can view your seed phrase in Settings is a red flag?
After the recent events with Ledger (seeing how they could possibly have access to your key), just begs the question if this could also happen with a Hot Wallet such as Phoenix. Appreciate the response.
My understanding is that because it is open source, it is verifiable to the community that the seed phrase is generated in-app and aren't premade or sent back to the devs.
A couple months ago, Atomic wallet was hacked and users lost all their funds. This is the problem with closed source software. They may say seeds are generated in-app and devs have no access to them but they may be lying.
@@gamerdude10101 Appreciate the response
using sats just confuses me, and probably also confuses a lot of other people too
btc is fine
Cannot send anymore to btc address ?
I did face the same issue. It seems like the latest update can't send on chain btc address. As @cinventures mentioned above, I ended up sending my balance to my muun wallet and then send it to my on-chain address and it worked!
Sending/receiving with lightning using this wallet has high fees. At least as of this comment, the fees are about the same as BTC blockchain
quick
WORST wallet ever.
It just stores your private key and make them available for anyone who get access to your phone. There is no way to permanently hide the seed phrase.
This is the worst way to initiate people to bitcoin.
... this is what a HOT wallet is. It is meant for day to day use, not large amounts of savings. Even if you can hide the seed phrase on a regular hot wallet, the data is still in the phone in the form of an xprv, which can be accessed by anyone in possession of the phone.
For long term savings you should (obviously) use a hardware device.
@@BTCSessions Of course, I agree with you.
But It makes me very uncomfortable knowing that the seed phrase can be transparently accessed without at least one layer of security like a pass code.
They could just not make it visible at all, once you wrote it down there's no need to look at it again.