Excerpt
Learn how to upgrade your Phoenix Wallet to the new auto channel management (splicing). I show you how to upgrade your Phoenix Wallet to the latest version in order to activate the Auto Channel Management feature. It’s important to know that this upgrade will close all your existing channels and Phoenix will automatically open new ones for you. But don’t worry – I’ll guide you through the entire process in the video. This tutorial is from 2024, if you start using Phoenix now, it won’t be relevant for you.
Transcript
For a beginner, I would really recommend that you try Phoenix if you’re not already using it. It’s the best way to learn about Bitcoin or see how fast Bitcoin payments can be. I have opened on my Android phone, I’ve opened the wallet here and you can see that now it says Phoenix can upgrade to a new better version. So if you have already installed it, you can upgrade now and what it does is – don’t be afraid – it closes all your channels and opens a new channel for you and it does it all automatically and I can show you now what’s happening on my phone when I upgrade this. So, I press upgrade or prepare migration. Then it says a lot of things, update to the latest version, your channels will be merged together this process is automated, after migration is complete do not reuse your old swap-in addresses. It means don’t use the Bitcoin addresses that you might have used. Okay, now I say upgrade, confirm migration. So I have three empty channels or four or they have a very very small amount of Bitcoin in it. They will be closed and their balance will go to the Bitcoin Miners and the inbound liquidity will not be preserved. That means they just close my channels and open a new channel and I’m happy with that and so I say proceed. Now it’s processing the migration. Migration complete. And it’s switching to the new app. So I have new on-chain Bitcoin addresses because now they are my own addresses and not the addresses of Phoenix anymore like before. They had a in between thing happening. So now it says congratulations my wallet has been updated and you see they migrated my 74,315 satoshis and made an on-chain deposit. Then I guess from that they opened the new channel. Like I can go into the settings and then you see Channel Management. Up until now you saw there the channels that are open on your wallet. Now you don’t see that anymore and you can see Automated Channel Management (sorry but this is confusing with the mirror). So now it’s really really, easy to use um the Phoenix wallet and the Lightning Network.
