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I must say I was always skeptical of the lightning network, but using Phoenix Wallet reminds me this is the way of the future and it will only get easier!

I must say I was always skeptical of the lightning network, but using Phoenix Wallet reminds me this is the way of the future and it will only get easier!

https://reddit.com/r/<a title="" class="aalmanual" target="_blank" href="https://cryptonewmedia.press/category/bitcoin/">Bitcoin</a>/comments/n4lyjz/i_must_say_i_was_always_skeptical_of_the/


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18 Comments

  1. Phoenix is awesome, so is Breez.

    I have both installed and couldn’t get myself to remove either.

    To the newcomers, to find more info about LN, check out r/lightningnetwork

  2. I bought Cambridge wireless earbuds a few days ago on amazon via lightning using my lastbit debit mastercard (lightning -> lastbit -> amazon). Received them yesterday. The bitcoins at my side of the lightning channel are 100% under my control (c-lightning and spark-wallet).

  3. I really want to love lightning but I can’t. Lightning aims for mass adaptation so it’s possible to pay small amounts with Bitcoin in local shops or send small amounts to friends, etc.

    From the idea behind, lightning is a bit like a pre-paid card: You upload money and spend it, e.g. you buy a coffee in a shop – so far so good. But here comes my problem: You have to pay the network fee to add credit to the “card” and that can be up to a few dollars if you don’t time it properly. How will mainstream accept that?

    We have to acknowledge that there is competition: Credit cards! Why would one prefer to use lightning over a credit card for a small payment like a coffee to go? What’s the reason to use lightning or even Bitcoin for small payments? Privacy? Idk

    I would see it much more reasonable to withdraw BTC to my bank account to use it with my credit card if I should ever feel the urge to spend some of my beloved Bitcoin. This way I have almost the same flow: I have to spend the same network fees to transfer to an exchange and then transfer to my bank account.

    I have a Phoenix wallet on my Smartphone with 20 EUR balance, so I would really try it in a shop if I’ll ever find one that accepts BTC, but I’d do it just because I really want to try this for one time. 🙂

  4. Phoenix Wallet is great. No need to mess around with channels or capacity. Non custodial, and you can control your fee rate for on chain transactions. Lightning starting to feel ready for the main stream.

  5. Fuck the lightning network dude, these kind of afterthought upgrades are why bitcoin will never reach its full potential. These speeds are only achieved due to centralization, unlike the speeds that bitcoin could reach with greater block sizes

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