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waxwing76d ago
Phoenix can't be mentioned in the same sentence as the others. It's an actual self-custodial lightning wallet that works, seamlessly. "Outrageous fees": as an experiment, I went through my last 5 transactions. Tx1: $2.22 fee: 14 sats 2: $142 fee: 643 sats 3: $141 fee: 641 sats 4: $586 fee: 2644 sats 5: (deposit on chain) $1555 fee: 210 sats. Does that seem outrageous to you? The $586 payment had a high fee of a little over $2, which is like 0.3%; Lightning is like that, it's percentage based. But "high": this is way lower than many other payment methods, and it's instant, sovereign and mainly private. Overall it's crazy to me that for years now, every time I recommend Phoenix, saying the actual tradeoff is a slightly worse privacy model (but really not bad), I hear people dismiss it as "crazy fees". Just because immediate onboarding (which is a one-time event) to an actually self sovereign wallet costs a couple of bucks doesn't mean "crazy fees"! You don't get everything working perfectly for zero dollars, sheesh. 📝 d52a324a…
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Replies (3)

EVAN KALOUDIS76d ago
Unfortunately, Bitcoiners can be stingy. I ultimately think the graduated wallet approach with Cashu as the first step fixes all of these, from fees to privacy
0000 sats
waxwing76d ago
Yes, all good points, but even technical or somewhat technical people seem to think it should be essentially free. I've never quite understood why that mentality is so prevalent.
0000 sats
Matt Corallo73d ago
While I agree with you in principle, “the customer is always right”, and landing a perfect first-transaction UX is really important. Ultimately, today, I thing that means the only thing we can actually build that’s self-custodial (at least for the right balance) is a graduated wallet.
0000 sats