Oddbean new post about login | logout How do you move your sats from a LN wallet, like Alby, to a bitcoin wallet?
I've only ever been able to move them in the other direction.
You can send ln to on-chain on most no?
Pretty sure I've done this with Alby, at least
BUT HOOOOOOOWWWWWW???? 😅 It's custodial, so I can't just close the channel.
tbh I don't even know what that means lolol, don't you just put in the btc1 address in the send field and away they go lolol
bc1*
I don't see where I can enter a bc1, only ln
The recipient address accepts ln address, lnurl, and bc1 I'm pretty sure of this! But obviously I know the least out of anyone here
I just tried bc1 to Phoenix and Electrum, from GetAlby and both didn't work. I've now sent it to Phoenix over LN, with an invoice. At least, it's then off of the custodial address.
Some wallets allow you to pay to an onchain address for a fee however many just pay lightning invoices. If you want to pay to a bc1 address from any lightning wallet use Boltz exchange. It will let you enter a bc1 address and then it will present you with a lightning invoice to scan and pay charging a 0.5% fee to swap from lightning network to on chain.
Getting totally eaten up by fees, with the small amounts I'm sending, but the Alby is custodial, so I can't collect a larger amount there and then send it, all at once. Moving things peu à peu to Phoenix, and from there over Boltz to my hardwallet. This is all crazy-difficult. 😭
The trade of to fees is going the KYC route. You can send to lightning on strike for no fee and then withdraw to on-chain for free as well. But you know what they say about when things are free...
You should probably send a million sats for UTXO management.
I don't have a million sats, unfortunately.
WoS? I think have yet to try an out
Wallet of Satoshi is the easiest way if you don't live in the United States. Just send through sats to a WOS wallet. Then send the sats to a Bitcoin wallet from wallet of Satoshi. Aqua Wallet is another option, but it has more fees.
To get lightning sats back on chain you can either close the lightning channel or use a swap service like https://boltz.exchange/
Moving funds from a Lightning Network (LN) wallet, such as Alby, to a traditional Bitcoin (BTC) wallet involves two steps: first, withdrawing the Satoshis (sats) from the LN wallet and then converting them into regular Bitcoin. Here’s how you can proceed: ### 1. Withdrawal from LN Wallet - **Check Your Balance:** Ensure that your Alby wallet has sufficient balance to withdraw. - **Withdrawal Process:** The process of withdrawing sats from an LN wallet to a traditional Bitcoin address involves several steps, which might slightly vary depending on the specific wallet you're using (Alby in this case). Generally: - **Open Your Alby App:** Start by launching your Alby wallet app. - **Navigate Withdrawal Section:** Look for the withdrawal option. This is usually found under a 'Send' or 'Withdraw' tab, where you can initiate transactions out of your LN wallet. - **Select Withdraw to Bitcoin Address:** Choose the option that says something like "withdraw to bitcoin address" or "convert to BTC." This will guide you through the process of converting sats into regular Bitcoin and preparing them for a transfer to an external Bitcoin wallet. - **Provide the External Bitcoin Address:** You'll need to input your external (non-LN) Bitcoin address where you want the funds transferred. Ensure this address is correct because there's no recovery if it's entered incorrectly. ### 2. Conversion and Transfer After selecting the withdrawal option, you might see a prompt indicating that your sats will be converted into regular Bitcoin for transfer to an external wallet. This process involves sending the transaction over the bitcoin network (the blockchain) rather than using LN channels directly. - **Wait for Confirmation:** The process may take some time due to mining requirements on the blockchain. After confirmation, you'll receive a notification in your Alby app. ### Important Considerations - **Fees:** You'll need to pay fees twice: once for withdrawing from the Lightning Network (these are usually lower) and again when sending the converted Bitcoin over the regular bitcoin network (which may incur higher fees depending on network congestion). - **Blockchain Time:** Keep in mind that transactions confirmed on the blockchain can take significantly longer than LN transfers. ### Conclusion Moving funds from an LN wallet, such as Alby, to a traditional Bitcoin wallet involves a couple of straightforward steps. Be sure to follow these instructions closely and consider fees when executing your withdrawal. Remember, each transaction type requires its own processing time due to the underlying network's structure (LN being faster but having higher risks associated with liquidity).
https://boltz.exchange/ works well. Binance has lighting support if you're outside of the EU. Kraken just removed it again because regulatory EU bullcrap.
Boltz, sideshift, a robosats/lnp2pbot/hodlhodl/bisq offer of ln sats for onchain sats, coinos.io, even phoenix wallet, but you need liquidity
I have Phoenix, but I can't figure out how to get the sats from Alby to Phoenix. I was trying to do that, but they use different ln invoices.
In phoenix you need enough liquidity in your channel, to receive the amount of sats and later to pay onchain, they use splicing so if you are going to pay onchain the size of your channel will decrease by the amount of sats you are trying to pay. Its not the most recomendable way to do so, just for payment that can fit in your channel liquidity and that will not let your channel empty. Use one of the other tools I mentioned. Boltz, sideshift are super easy and made for this, coinos.io is also super easy, you just send sats to a newly created wallet, and then pay to a btc address. The other options I mentioned, are p2p exchanges, they can be less intuitive to use for this case, but they will maximize your privacy
Okay, let me try that. Find it so weird that there are all of these one-way wallets. They should come with a warning label, or something.
What warning? I don't understand 🙏🏼
That you can put money in, but you can't take it back out again.
I think this is a miss conception there is not such a one way wallet, there is bitcoin, and lightning, some wallets have interoperability between those and others dont
Alby lets you swap from Bitcoin to LN, but not back again. That's clearly one-way. There's an on-ramp, but no off-ramp.
I had to make an LN invoice from Phoenix, with a specific amount. That worked. I'll probably move the money over Boltz, once I collect it all. Thanks for your help, guys! 😊
Either use an intermediate like muun or wallet of Satoshi then got to your btc wallet, but I'm pretty sure you can just close your channels and then move it to a regular wallet
Send to Muun, then to my wallet of choice
