Opinion about Phoenix - LN Bitcoin wallet
Opinion about Phoenix - LN Bitcoin wallet (android)
Phoenix is one of my favorite wallets. It makes using Bitcoin really easy but at a price. The wallet lets you send and receive both over the lightning network and on-chain without jumping through hoops, first but at the cost of either kind of hidden fees or unexpected on-chain fees.
To my understanding, when you receive on-chain funds, the wallet does yet another on-chain transaction to get these funds onto lightning and when you send via lightning, you pay an extra 0.4% to the provider. This 0.4% fee is not capped in any way, so while you can send $1000 via lightning, that will cost you $4 even when on-chain transactions would have cost just $1.
As of writing this opinion, the wallet is not reproducible which is a red flag to updating to this version but the provider hopefully will fix that soon as they are an OG player in the space.
#WalletScrutiny #nostrOpinion
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