6 sats \ 3 replies \ @needcreations_ OP 9 Dec 2023 \ parent \ on: Welcome, everyone! Education
and those are fabulous questions! Briefly, the network is congested right now for a variety of reasons, so fees are very high. We don't know how long this will last. Fees may never come down on the "native network" (layer 1 on chain bitcoin). This is why 2nd layers like the Lightning network exist, for instantaneous, low fee payments.
And there are ways to transfer lightning sats to on chain with "swaps." There are many platforms that provide this service such as https://www.lnswap.org/
Closing a lightning channel will also send sats from lightning back to your on chain balance, but that's more advanced and only if you run a lightning node....
There is a lot more to this, but those are the basics for now.
If the fees are high, that's why I haven't sent sats to my wallet and I have some sats that I also want to keep cold but I'm still not good with all the information. Thank you for reviewing the information you have recommended.
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Yes, it is very unfortunate that it is expensive to send sats to cold storage right now. I hear you on that!
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There are also Bitcoin only platforms like Strike and CashApp that allow FREE withdrawals to cold storage.
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