Best ways to convert LN sats to onchain BTC? \ stacker news ~bitcoin

Best ways to convert LN sats to onchain BTC?

598 sats \ 20 comments \ @Tony 29 Nov 2022 bitcoin

Hey stackers! I'm running an educational bitcoin-only project for russian speakers https://www.21ideas.org/ and recently posted a video guide on BlueWallet and Lightning. So now I'm getting tons of questions on how to "send" LN coins back onchain. Many complain that the rates are too high (up to tens os thoousands of sats). Tbh I never even considered that as i just use whatever i have on LN to tip.

If you guys could share the best ways (exchanges / built in wallet options etc.) to convert LN to BTC, it would be super apprecciated.

Got some sats to reward the most efficient advise!

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52 sats \ 0 replies \ @kilianbuhn 29 Nov 2022

SN when somebody asks about LN-OnChain compability:

submarine swap

1531 sats \ 3 replies \ @DarthCoin 29 Nov 2022

Here a guide https://darthcoin.substack.com/p/lightning-network-submarine-swaps

62 sats \ 0 replies \ @Tony OP 29 Nov 2022

Thanks, Darth! This will be a great script for my video! Will certainly refer back to your work.

Thanks for all your guides, man! They are priceless!

21 sats \ 1 reply \ @P2P_bitcoin 29 Nov 2022

Great to see the method using RoboSats in that guide!!

25 sats \ 0 replies \ @DarthCoin 29 Nov 2022

RoboSats is everywhere 😂😂😂😂

535 sats \ 1 reply \ @south_korea_ln 29 Nov 2022

Depends... if you running your own node, sometimes closing the channel is the easiest and cheapest option. If you're in no hurry, you can do it at 1sat/vbyte and wait it out.

Otherwise, I've used Wallet of Satoshi or LOOP, but indeed, those can be expensive. LOOP can range from 500 to 2000 ppm so it's reasonable in the sense that it is pro-rated. WOS has a fixed one-time fee which depends on the Mempool, so you can push costs down the larger the amounts.

Will be curious to hear of other options that involve specific wallets.

10 sats \ 0 replies \ @Tony OP 29 Nov 2022

thanks, that makes total sense, however from what I figured people who run their own nodes usually do not ask this type of questions. Rather its noobs or even worse - shitcoiners, who often miss the whole point of lightning.

annyways, I'll include this option in my video guide -- well worth mentioning.

45 sats \ 0 replies \ @rijndael 29 Nov 2022

either use a submarine swap service like boltz.exchange or fixedfloat, or send it to a custodial exchange that does onchain and lightning.

1040 sats \ 0 replies \ @criptopanas 29 Nov 2022

Hi, I use Coinos.io is a wallet where you can receive BTC in 3 ways (LN, on Chanin & Liquid) and the balance is only one. So, if you receive a transaction on Liquid or LN you can send it out on chain, if you receive on chain you can send it on LN....

The other option is Fixed Float, it is a bridge between different blockchain and also for LN to On chain or the other way around. https://fixedfloat.com/?ref=hy9aay2c (yes, it has a referral code, you'll get a dcto on the fees and I'll get a tiny comission)

Any questions, let me know.

15 sats \ 0 replies \ @cointastical 29 Nov 2022

There are a number of "swap" services that have support for Lightning Network. From the post from the following, look for entries with the "⚡", which indicates LN support.

So what you are doing is sending LN and receiving in bitcoin. Fees may vary significantly from one service to the next. FixedFloat is probably the most popular swap service, but it doesn't work when accessed from the U.S.

Instant Exchanges / Swap Services which do not require identity verification / KYC https://cointastical.github.io/KYC-Free-Instant-Exchanges/

16 sats \ 2 replies \ @muteness11 29 Nov 2022

(apologies for not answer the question)

I encourage Bitcoiners with LN wallets to do this instead:

put your sats to use by buying from Bitcoin merchants/businesses (contribute to circular economy)
Educate nocoiners & part of the process is to have them download an LN wallet and you send sats to them

0 sats \ 1 reply \ @Tony OP 29 Nov 2022

totally agree with you and that's what i do as well. looking forward to better times when most people realize that sats on LN are not "trapped or locked", but instead are freed into the network with low fees and instant transactions!

10 sats \ 0 replies \ @harambe 29 Nov 2022

If you already have a few channels on Phoenix you can also close all and send them to an onchain address

1020 sats \ 1 reply \ @2big2fail 29 Nov 2022

send bitcoin to muun wallet and you get bitcoin onchain

0 sats \ 0 replies \ @Tony OP 29 Nov 2022

thanks! this is probably the simplest way. will test it out with different amounts to see the approx fee rates

1010 sats \ 0 replies \ @gunson 29 Nov 2022

Use Muun wallet and just send to an on chain address?

Might be a couple thousand sats but not tens of thousands

10 sats \ 0 replies \ @Ge 29 Nov 2022

for me personally I'll send it to muun and then from there wherever I need to just so easy...im sure there are easier cheaper methods as well but if im on the go and want to convert easily thats my go to the phoenix wallet one seems cool used it and cost me aroud 2k sats wondering if thats for every time or just a 1 time channel opening fee??

10 sats \ 0 replies \ @libertad2cero 29 Nov 2022

• muun wallet • fixedfloat.com

0 sats \ 0 replies \ @sp 30 Nov 2022

Do you need to build a service? Or Deezy works in this case? https://deezy.io/

0 sats \ 0 replies \ @ashdraked 29 Nov 2022

You can send onchain to Muun and it immediately Can be used as lightning! Vice versa too. Muun has legacy, segwit and taproot options!