Are you a beginner in the Bitcoin world, curious about fast and efficient Bitcoin payments? I highly recommend using the self-custody Lightning Wallet from Phoenix, a user-friendly option for those starting their Bitcoin journey. If you haven’t installed it yet, you can do it now with my Phoenix Wallet tutorial and you don't need to do the upgrade that's mentioned below.
I'll walk you through the process of upgrading your existing Phoenix Wallet to its latest version. This update brings a key feature - the Auto Channel Management (splicing).
It's important to know that this upgrade will close all your existing channels and Phoenix will automatically open new ones for you. But don't worry - I'll guide you through the entire process.
Initiate the Upgrade: On your Phoenix Wallet app, you'll see an option to upgrade. Tap on 'Upgrade' > 'Prepare Migration' to start. The app will inform you that your channels will be merged and the process is automated. It's important not to reuse old swap-in Bitcoin addresses after the upgrade.
Confirm Migration: Confirm the migration by pressing ‘Proceed’, and the app will start processing. It will close your existing channels and open a new one. You'll see a message confirming the migration is complete.
New On-chain Bitcoin Addresses: Post-migration, you'll have new on-chain Bitcoin addresses. These are now uniquely yours, no longer shared with Phoenix as in the previous setup. Congrats!
Channel Management: In the settings, you can now see the 'Automated Channel Management' option, replacing the earlier channel list.
- Subscribe to my weekly newsletter: The Orange Journal
- Join my Bitcoin learning platform Crack The Orange and I'll give you all the tools and knowledge you need to use Bitcoin in a secure way.
- Read my book (L)EARN BITCOIN
Based on: Learn Bitcoin, Lightning Network, Wallets
The Bitcoin Whitepaper as published by Satoshi Nakamoto on Oct 30, 2008
My guest is Adam Back, inventor of Hashcash, cited in the Bitcoin whitepaper, and CEO of Blockstream, discussing his contributions to cryptography and building future internet infrastructure.
My guest is Andreas M. Antonopoulos, addressing common misconceptions and FUD surrounding Bitcoin, including volatility, energy consumption, wealth distribution, and risk of failure.
Subscribe to my weekly newsletter: The Orange Journal
Join my Bitcoin learning platform Crack The Orange and I'll give you all the tools and knowledge you need to use Bitcoin in a secure way.
Read my book (L)EARN BITCOIN