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Crypto Wallets / Re: Phoenix Wallet another US ban?
« Last post by Charles-Tim on Today at 10:17:47 AM »You are correct. It is noncustodial. But let us say Phoenix is noncustodial and another lightning wallet like Aqua or others is noncustodial. Will you be able to recover your lightning coins from Phoenix on another lightning network wallet? I think you will need the same noncustodial wallet for the recovery. If Phoenix is gone and not accessible anymore, you money is gone. Or am I wrong?Phoenix Wallet is currently one of the best non-custodial lightning network wallets.On Phoenix, you can not open a channel. You can easily just download the wallet and start using the wallet. This is not possible on noncustodial bitcoin lightning network wallet. I can generate invoice for pay on Phoenix without any channel opened for it. Or is there a way on the wallet to open and close a channel?
It's non-custodial because it gives 12 words mnemonics seeds or that's what they denote as why Phoenix wallet is not a custodial wallet in their FAQ page.