Articles on: Lightning Network

How to use Phoenix wallet

What is Phoenix wallet?

This wallet is not your regular Bitcoin/lightning wallet, it runs natively on lightning. 
Everything is taken care of under the hood to the point where you do not notice anything, expect that your payments are faster and cheaper. 
Its beautiful and simple UX makes it easy for anyone to transact in Bitcoin, whichever way they please.

The following article will follow a step by step process on how to use the application.

1. Download app
→ The Phoenix wallet app is available on both IOS and Android devices. Search the relevant app stores on your device and proceed with the download.

2. Back up your wallet:
Prior to transacting in Bitcoin, let's ensure that you will not lose your funds.
→ Click "back up wallet"

3. Receiving BTC:
→ Click on receive on the bottom left of the screen 
→ Go on to address settings to ensure what BTC address you are using.

Examples include:
Segwit, Taproot, Bitcoin Core

You have to ensure that you pick what is compatible with the location you are sending from.
Note that the first payment you receive must be at least 10,000 sat. 
Sats denominations:
1 sat= 0.000000001 BTC
100,000,000 Satoshi's = 1 BTC
Therefore 10,000 sats=0.00001 BTC (roughly 2 USD at current prices)

4. Sending BTC via lightning
→ Press "send" seen on the bottom right of the screen 
→ Scan or paste in a lightning invoice or a BTC address 
→ Lightning invoices begin with "LTn1", double check that it has this.

Phoenix wallet automatically recognises whether an address is lightning or Bitcoin, therefore you can scan either or.
However, be careful sending BTC. You must know how you are sending first, and what fees are associated with it. 

5. Sending your BTC to an exchange for selling or trading purposes
→ Since this wallet supports lightning natively, if you have received BTC via lightning, and would like to send BTC on chain to an exchange, you do not have to do anything special.
Simply send BTC as you normally would, put in the respective address and complete the transaction.

Updated on: 29/07/2022

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