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.

Do you want to learn more about Bitcoin?

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