Users based in the United States are advised to take immediate action to secure their assets.
This article outlines the essential steps and considerations for US-based Phoenix Wallet users to effectively and safely empty their wallets before the removal date.
Action Steps for Phoenix Wallet Users
Phoenix Wallet has made it simple for users to close their accounts and transfer their funds to other wallets. Users should follow these specific instructions based on the operating system of their mobile device:
- Android Users: Navigate to Settings and select “Close channels” to safely move your funds out of the wallet.
- iOS Users: Go to Settings and choose “Drain wallet” to transfer all your assets to a designated external wallet.
These features are designed to simplify the process of transferring your assets while ensuring the security of your funds.
On May 3rd, 2024, @PhoenixWallet will be removed from US app stores.
Users from the US should empty their wallet:
– Settings > Close channels (Android)
– Settings > Drain wallet (iOS)We highly recommend *not force-closing* channels, as on-chain fees could be significant.
— Phoenix Wallet (@PhoenixWallet) April 26, 2024
Recommendations for Channel Closure
Phoenix Wallet users are typically involved in various blockchain networks with open channels that facilitate transactions. It is important to handle the closure of these channels with care to avoid unnecessary costs. They strongly recommend against force-closing channels. Force-closing is a quick method to end channels but can incur significant on-chain fees, which can be particularly high depending on network congestion and the underlying blockchain conditions at the time.
Instead, allowing the channels to close through the standard, more gradual processes initiated through the wallet settings is advisable. This method minimizes potential fees and ensures that the closure aligns with the natural settlement processes of the network.
What Should Users Do Next?
Once users have successfully transferred their funds from Phoenix Wallet, they should explore alternative cryptocurrency wallets. Look for wallets that offer robust security features, user-friendly interfaces, and compliance with regulatory standards.
The more people that use the #Bitcoin lightning network, the more we all benefit. As adoption of the network continues to grow, our @TaylerTBM decided to do a breakdown of some of the best wallets for the LN Network. Enjoy!https://t.co/51uNtQWPgu
— Coin Bureau (@coinbureau) May 29, 2023
It’s essential to select a wallet that aligns with your needs for security, accessibility, and functionality.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
