How can I close this channel? What happens to the sats in this channel?

Master your channels like a pro and keep your satoshis safe! 🚀💼

While the channel is opened, you will be able to spend and receive satoshis 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.

You can have as many channels as you want; the only limitations are the amount of Bitcoin you have and the power of your hardware.

1 . Reasons for closing a channel 2. Close a channel 3. So, where are the funds?

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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 sel-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 disfuncional. 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 savings balance and you wish to close a channel for that purpose.

• Some other reason you may want to close a channel

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Close a channel❌

Ready to close that channel and get your satoshis back onchain? Let’s do it! 🔒💰

In the "Liquidity" 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. Once complete, the channel is officially disconnected from the Lightning Network. If it was your only channel, you won't be able to send or receive satoshis through the Lightning Network.

All your channels are to be found in the "Liquidity" section of your Alby Hub.

There are two types of channel closures: normal and force close.

NORMAL 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 Savings Balance, which is an on-chain wallet.

FORCE CLOSE

Force closures happen when the counterparty is offline, and you need to close the channel without waiting for them to come back online. These types of closures should be even rarer. The channel will take up to 15 days to close, this is a failsafe to avoid cheating. After 15 days the funds will be returned to your Savings Balance, the on-chain wallet.

These are the steps right after the previous screen, you will be asked to type normal close, and finally you will be given the TX of this channel closure so you can see it on the mempool

"Normal close" is the default option and is recommended. Avoid force closures unless absolutely necessary.

You can copy the transaction (TX) provided in this message and paste it on mempool.space to check the status of your closure.

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So, where are the funds? 💰

Channel closed? No worries! Your satoshis are just taking a little break. 💤🔒

The funds of your channel will appear on the Saving 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 on our example where to look for your funds after the channel was closed:

Savings Balance are the funds that you have on-chain, that is the main bitcoin blockchain, or L1 bitcoin, or mainnet.

Your funds can always be located: they're either in your channel or on the mainnet in your savings balance. If anything happens to your channel or your Alby Hub, you can always recover the funds on-chain with your 12-word keys. Even if the datacenter or Alby were to disappear (which won't happen, but just in case), you can still recover your funds on-chain. 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

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Thank you for stopping by! This section was made by contributions of Jean-Paul Last updated on July 2024.