What to do during times of high onchain fees?
Last updated
Last updated
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Opening a payment channel incurs cost of a transaction on the bitcoin blockchain. There may be periods of time when onchain fees are high and opening a channel is more costly. You can track the fees anytime on mempool.space. Here are two options ✌️
You want to increase your receiving capacity and therefore open a payment channel. Click on "Increase" Receiving Capacity on the Node page of your Hub and open the "Advanced" section. You'll find various channel partners. Select one and continue. You'll see its fees on the next screen. Repeat the process several times and select the one with the lowest fees.
Open a payment channel with your own BTC will incur one onchain transaction and cost less than purchasing a channel as described before. Note, you'll have to pay for another transaction when you close the channel. But this can be at a later point in time.
As always feel free to send the Alby team a message or post in the Alby discord channel if you seek advice. 📞