How can I close a channel? What happens to the sats in this channel?
Master your channels like a pro and keep your bitcoin safe! 💼
While the channel is opened, you will be able to spend and receive bitcoin with anyone on the lightning network. You can have more than one channel. And just as you can open channels, you can also close them at will.
1 . Reasons for closing a channel 2. Close a channel 3. So, where are the funds?
Reasons for closing a channel🧐
Stay in control of your channels and keep your Alby Hub self-custodial wallet in good shape! 💪🌟
You may want to close a channel on rare occasions to keep your Alby Hub self-custodial wallet healthy. Here is a list of some of the reasons you may want to close a channel:
You opened a public channel by mistake and all your private channels are dysfunctional. You need to close that public channel so that your private channels recover their full functionality.
You opened a channel (public or private) with a friend but they lost access to their node and requested you to close the channel so both recover your funds on-chain.
You need funds on your On-Chain Balance and you wish to close a channel for that purpose.
Some other reason you may want to close a channel
Close a channel❌
Ready to close that channel and get your bitcoin back on-chain? Let’s do it!
In the "Node" section, click on the three dots next to the channel, then select "Close Channel." A popup will appear with a warning and details about your peer with whom you opened the channel. Verify this information, then click "OK." Your channel will close.
Closing a channel is an irreversible process. It may take up to 6 blockchain confirmations, or about an hour, to be fully closed. If it was your only channel, you won't be able to send or receive bitcoin through the lightning network.
There are two types of channel closures: normal and force close.
Normal closures occur when the counterparty is online, and as mentioned earlier, channel closures should be rare events. When the channel is closed, the funds will be returned to your On-Chain Balance, which is an on-chain wallet. Important: In both cases only the spending balance of a channel returns to the on-chain balance.
After clicking on "Close Channel" you'll see the following screens to finalize the closing.
So, where are the funds? 💰
Channel closed? No worries! Your bitcoin are just taking a little break. 💤🔒
The funds of your channel will appear on the On-Chain Balance of your Alby Hub self-custodial wallet. after waiting the period of time necessary for the channel to be closed.
This means the funds will re-appear and be ready to use approximately 60 minutes after a normal close or 15 days after a force close.
Here you can see in the On-Chain Balance where to look for your funds after the channel was closed:
Your funds can always be located: they're either in your channel or in your On-Chain Balance. If anything happens to your channel or your Alby Hub, you can always recover the funds on-chain with your 12-word keys. This another tremendous advantage over traditional monetary systems. 😊
💰 Learn More About Saving Balance!
Want to know more about your Saving Balance and how to top it up? Discover the benefits and steps to ensure your Alby Hub is always ready for transactions. Learn More Here
🔐 Understand Public and Private Channels!
Curious about the difference between public and private channels? Find out how each type impacts your Alby Hub experience and choose the best option for your needs. Learn More Here
🔎 Check Your Channel Closure on Mempool.space!
Need to verify a channel closure? Visit the widely-used site, mempool.space, and paste your transaction ID in the search section for detailed information. Go to Mempool.space
Thank you for stopping by! This section was created with contributions from Jean-Paul