Ok thank you, if Phoenix disappears can you recover your lightning sats?
Discussion
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.