Lightning Self-Custody for Beginners With Phoenix Wallet
How to Use Lightning Bitcoin in Self-Custody With the Phoenix Wallet: Easy Setup in 10 Minutes
The Phoenix Wallet is a self-contained Lightning node that runs on your phone and gives you full control in managing your bitcoin. It is very easy to use and therefore highly recommended for beginners and advanced Bitcoin users to engage in fast and secure Lightning payments.
I provide you with the knowledge to utilize the full potential of the Phoenix Wallet. What you will learn:
How to download and install the wallet
How to backup your wallet with a seed phrase
How to adjust the app settings according to your needs
How to receive on-chain sats and open a new channel
How to look up transaction details
How to receive and send sats via Lightning & on-chain
How to create invoices
How much the payment fees for Phoenix are and how to buy inbound liquidity
Sending Bitcoin With Your Phoenix Wallet
Here I walk you through the simple process of sending bitcoin using your Phoenix Wallet. It’s quick, efficient, and secure.
Step-by-Step Guide to Send Lightning Bitcoin
Copy the Address: First, you copy the recipient’s Lightning address or invoice address. This can be done from any message or document where it’s shared.
Using Phoenix Wallet: Next, you open the Phoenix Wallet on your phone, click on ‘Send’, and then select ‘Paste from Clipboard’ to enter the recipient’s address.
Checking Transaction Details: The Phoenix Wallet then displays the transaction details including the amount, description, and fee. It’s important to review these to ensure everything is correct.
Making the Payment: Finally, you click on ‘pay’, and the transaction is completed. The recipient receives the bitcoin almost instantly.