Problem with Lightning #Problem #Lightning

Why do I have to shell out so a lot of expenses with the Lightning network, Blue wallet has been configured to use my bitcoin node and Lightning node but the costs continue to be just as superior as with Blue wallet’s overpriced nodes?

I specify that the wallet I use is perfectly linked to my node.

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Comments (10)

  • dirtsmurf Reply

    Opening a lightning channel with BlueWallet cost me less than 2 cents.

    December 21, 2022 at 9:36 pm
  • R_u_having_fun_yet Reply

    your node has to find a route across the network. the Routes cost money.

    the more hops there are the higher the fee is. Your node will always look for the cheapest route and try that first then if that doesnt work go to the next cheaper one and so forth.

    the fee you see there is an estimate since it doesnt know which route it will take yet. You can only know the exact fee once the payment is complete.

    1% is very high fee for lightning. generally even 0.1% is rather high i’d say, but it really varies a lot depending on where exactly you want to send money. If there is a lot of demand for those routes the fees will be higher, if there is low demand the fee will be basically free

    December 21, 2022 at 9:36 pm
  • sdoodle69 Reply

    Bluewallet is a custodial wallet provider. These fees are not representative of lightning itself. They are taken by the provider of the LNDhub (up to 1% fee) in order to pay for utxo consolidation or channel openings

    December 21, 2022 at 9:36 pm
  • Jetjones Reply

    Open more channels? I’m new to lightning and have yet to setup my node.. but I assume that your node didn’t find cheap routes. Each node can chose their own fees so yours probably have to go through expensive ones to make its way to the receiver. My guess is that opening more channels would probably fix that.

    December 21, 2022 at 9:36 pm
  • aphex3k Reply

    You “well connection” might charge you an arm and a leg… If you are receiving sats, you don’t make the fees.

    December 21, 2022 at 9:36 pm
  • TheRocketChildren Reply

    I remember when lightning was 1-2 sats. The sad reality, and something I thought might happen, is the entire savings of lighting will be negated by nodes setting high routing fees. It’s economics and free market principles.

    Build out the lightning network for pretty much nothing and then crank up routing fees slowly. I suspect the fees will ultimately equate to the on-chain fees, and maybe even be higher. Why higher? For the speed. If on-chain costs X, then the cost for a faster transaction should be X+.

    December 21, 2022 at 9:36 pm
  • edislucky Reply

    The max fee is 1%. The low fee is 0.25%

    Use a credit card and it’s 3%
    Use American Express and it’s I think 7%

    December 21, 2022 at 9:36 pm
  • bobderbobs Reply

    This is just an assumption. After you paid it can be lower

    December 21, 2022 at 9:36 pm
  • Bitcoin_Maximalist Reply

    try to switch wallets

    December 21, 2022 at 9:36 pm
  • erpetao Reply

    Who are you paying? Try to open a channel to the business you are paying to.

    December 21, 2022 at 9:36 pm

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