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While some online conversations continue in perpetuity, others have reached their conclusion and are ready be archived.
In the menu at the top of a conversation you can find the option 'Archive'. This option moves a conversation to the archive, but only on your end. You can still find the conversation using the search function.
If other participants continue the conversation by sending a message, it will automatically be unarchived for you. You cannot fully delete a converation because it continues to exist on the other participants sides.
Archive / unarchive conversation by clicking the dotted menu