#asknostr - I’m humble enough to acknowledge that I am a mere pleb, and I have no shame in asking:
are my sats safe, long-term (i.e. 5+ years), in my Phoenix lightning wallet?
I have not purchased any additional liquidity, so there’s no liquidity expiry (as far as I’m aware)
is there risk due to channel closures?
is the risk mitigated due to the fact it’s non-custodial, with its seed phrase?
thanks in advance, kind #plebchain
🙏💜
I would review your security regularly. Lots of new tech happens in 5 years
All lightning wallets are ultimately hot wallets. In my humble opinion, you should only have in any hot wallet money you are willing to lose. So no if you need something that is highly secure for 5 years+, I would say it is not safe enough. There is a lot of nuance and degrees of safety, but to just simplify it hot wallets should be money you are willing to lose.
Phoenix is amazing so most likely nothing will happen, but any lightning wallet has risks. They are often hard to understand, predict, and quantify.
