Cheapest way to swap on-chain to Lightning? Deposit to Cash App, Withdraw via LN
131 sats \ 6 comments \ @cointastical 28 Jul 2022 bitcoin
Of course, this is bad for financial privacy as you need to be KYC'd on Cash App for this.
But with Cash App, they do not charge for on-chain deposits, and then any spending / withdrawals you make via LN are free.
This means that even for small amounts of BTC you can do this and get 100% of the value of your UTXO transferred to LN, without there being any fees.
Thanks Jack!
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125 sats \ 1 reply \ @m4 28 Jul 2022
Online deposit are free? Free of what? Free of bitcoin network fee..
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10 sats \ 0 replies \ @cointastical OP 28 Jul 2022
I just edited that. Cash App does not have any fee to deposit bitcoin using an on-chain transaction. Some services do have a charge for each deposit. This was more commonly seen when on-chain tx fees were really high. Only a few do it still, as far as I know.
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31 sats \ 0 replies \ @iguano 28 Jul 2022
You can do exactly the same using muun, but better, non custodial and non KYC, You can send the bitcoin onchain to muun, and then send it to any wallet you want. WoS, Phoenix, Breez. After, you use LN normally.
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26 sats \ 0 replies \ @Ge 28 Jul 2022
The fee that your not including is the buying fee when you buy $5 of bitcoin theres a fee for their service you end up with a little under 5...but yes after that then the onboarding process is free I think the best I've seen is strike :) but yes when I tell people to pay me in bitcoin they cash app me just buy btc then move to wallet yada yada yada
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1 sat \ 1 reply \ @cointastical OP 28 Jul 2022
For KYC-Free methods, here's a list:
Instant Exchanges / Swap Services which do not require identity verification / KYC https://cointastical.github.io/KYC-Free-Instant-Exchanges
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26 sats \ 0 replies \ @StackoshiNakamoto 28 Jul 2022 freebie
I would love to see this list updated with the most recent fees charged by these exchanges for on-chain/off-chain swaps, just to compare.
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