Yes on-chain wallets
Discussion
BlueWallet is also great at recovering wallets, and for making watch-only wallets for cold storage addresses with their xpub.
It was about the xpub but I got I read what I was gonna ask
Anything you want to know, you can message me.
Do you know if Blue Wallet lightning stopped working in NY like the other apps? I cannot create a lightning wallet. It's greyed out . Weird
I’m trying to learn where to save the sats until I use them, I’m using Muun Wallet, because is non-custodial and I know if this wallet disappears there is a recovery process, but some people says it’s not the best and recommend Phoenix, but I’m not sure about it, because it’s not clear for me what I have to do if it disappears.
I use Phoenix wallet because it's a non custodial lightning network wallet that provides you a seed phrase and the recovery is simple because you have the 12 words.. I recommend bluewallet for on-chain hodl and Phoenix wallet for lightning
Ok thank you, if Phoenix disappears can you recover your lightning sats?
Yes.. the channels have to be closed but yes definitely
That's what I don't understand, channel, that's something I can close, or Phoenix must close them?
On Phoenix you open and close them yourself more control. sound crazy but it's not very very simple.
Thank you, but what if the App stop working, can I close them anyway?
Nope if the app stops working channels will be closed and you can generate your wallet on a btc wallet
Some people didn’t heed the warnings when BlueWallet shut down their custodial node and that caused a loss of funds. I don’t know what their plan is for reimbursement in that case. With Phoenix, they are your channels so the custodial risk just depends on the reliability of their nodes.
Wow, so it’s a custodial wallet?
Never keep more sats than you’d be afraid to lose in any one wallet. That’s always a good rule. If you have enough it might be worth moving some to on-chain, or at least split between a couple of different Lightning wallets. Unlikely Phoenix and ACINQ will disappear anytime in the foreseeable future but you always need to have a backup plan for your backup plan.
Thank you!