Recommended Channel Size for Lightning Network

Hey everyone, I'm looking to open a Lightning channel with 20k sats. I found a peer that's good with 20k sats funding: public IP: 03a503d8e30f2ff407096d235b5db63b4fcf3f89a653acb6f43d3fc492a7674019. The issue is this peer charges a fee of 1,000,000 msats. Can anyone point me to a resource where I can check the minimum channel funding and fee rate? What's the ideal amount of sats I should have to open a channel?

I think 1,000,000 msats is 1,000 sats, maybe you are talking about the nodes minimum relay fee of 1000 sat/kvB (1 sat/vb), which is the default "minrelayfee" of bitcoin core nodes. Based on what I understand, you have 20k sats and you want to open a channel with this amount. You still need on-chain fees to open a channel. The 1000 sat/kvB is the minimum fee but we have updated onchain fees recommended from https://mempool.space/ So if you only have 20k sats, you can't open a channel without paying the onchain fees. I don't know what wallet exactly you are talking about, but in Electrum, 0.002 BTC or 200,000 sats is the minimum funding, but you still need an extra amount for this to pay the transaction fee or onchain fee. Why not tell us the wallet first?

For amounts that low, I'd consider a custodial LN wallet and use a low-fee altcoin to fund it through an instant exchanger (or one of the few regular exchanges that supports LN). I don't have a problem trusting a third party with small amounts, and it saves the hassle of opening channels and on-chain transaction fees.

I agree with LoyceV on this. For 20,000 sats, you could use MUUN or Wallet of Satoshi. For more than 20,000 sats, have a look at phoenix wallet]https://phoenix.acinq.co/]phoenix wallet. They provide you with a 12-word seed phrase, allowing you to back up your funds. They offer automatic channel management with their software, meaning they open channels and also re-balance the funds in these channels. They must have a minimum amount that you must use though and I think it must be higher than 20,000.

I don't think Phoenix has a problem with small transactions, as long as it's enough to pay the 1000 sat channel creation fee (on the first transaction). It's been a while since I used it, but I expect the channel to be larger than the first transaction, so you don't need to create another channel when you receive another payment.

He should pay with LTC or DOGE His funding is weak for LN I did a thread a while back on using NICEHASH and KRAKEN as they allow LN payments. I would need to look for it but if I recall I sent from nice hash to  kraken and then back to nicehash with screen shots showing how to do it. The thread is maybe 2023 time era