2023-10-01 11:05:16
The development team behind Phoenix, the well-known and popular Bitcoin wallet, has announced good news for iOS users. From now on, Phoenix users can also use the function called Splicing on Apple devices, if they update their Phoenix wallet. Splicing is the feature that makes it even easier to manage our money on Lightning, Bitcoin’s second layer network. The feature has been available on Android devices since July. However, as a result of a test that started on August 30, Splicing became available to all mobile users on September 30. The new version of Phoenix provides much more convenient use. If a Phoenix user had a balance on the Lightning channel on an iOS device, the app automatically closes that channel and transfers the balance to a new channel. In this way, users can access the possibilities offered by Splicing without having to do anything extra. It is important that the address for Bitcoin deposits changes when you open the Phoenix Wallet app. So no money should be sent to the old address. In addition to Splicing, the new version of Phoenix enables the control of the mining fees to be paid for the execution of transactions and even the increase of the fees of already sent transactions. The easiest way to explain the usefulness of Splicing is that without it, you can bring balance to the main network by closing a channel. Plus another channel is needed to top up additional money. However, with the help of Splicing, we can modify our balance on a channel without having to close it. In this way, we can withdraw and add bitcoins from an already existing channel. So there will be no more problems with payments, we don’t have to pay transaction fees on the main network, and liquidity can be maintained in parallel with the Lightning channel and the main network.
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