I have this one : http://www.amazon.in/ESP8266-Serial-Wireless-Transceiver-Module/dp/B00O34AGSU?ie=UTF8&psc=1&redirect=true&ref_=oh_aui_detailpage_o00_s00Now it works on 3.3V.I don't have any voltage regulator.So I am thinking to use an old android charger(output:5V) and a 10K pot and regulate it to 3.3V. So will this be a problem to connect the esp8266 this way?
It seems that I gotta buy a regulator.What's your opinion about LM1117 or will it get too much heated without heatsink?
No the 3.3V can give a max output of 50mA...
Depends on which of Arduino.The Mega and Uno_R3 are 150mA (50mA is wrong in the datasheet).A Nano is 50mA, and a Nano clone is <20mA.Still better to use an external 3.3volt 1117.Leo..