When you send from Phoenix to on-chain cold storage, does Phoenix automatically convert from lightning to btc for you? I assume you then incur the same fees you would sending btc normally on-chain? I appreciate your help.
When you send from Phoenix to on-chain cold storage, does Phoenix automatically convert from lightning to btc for you? I assume you then incur the same fees you would sending btc normally on-chain? I appreciate your help.
Yes doing that creates an on chain transaction to "splice out" funds from the lightning channel.