Breez/Electrum/Coingate | Bitcointalksearch.org

nc50lc

legendary

Activity: 2394

Merit: 5531

Self-proclaimed Genius

Quote from: Obelix428571 on January 15, 2024, 11:30:56 AM

-snip- Does anyone know how I transfer my Breez BTC to Electrum? Thank you!

If you decided to follow the initial instructions in the first reply,
it should be noted that a newly opened lightning channel in Electrum doesn't have any inbound capacity.
And opening a channel requires a minimum amount of Bitcoins that you'll use to fund your channel's initial sending capacity.
(depends on the remote node: 0.002BTC+ and on-chain transaction fees)

In other words: you'll need on-chain funds in Electrum and you cannot immediately send your bitcoins from Breez via LN
without spending your sending capacity first or by using Electrum's "submarine swap" feature to gain inbound capacity.

Yamane_Keto

sr. member

Activity: 406

Merit: 443

With such high fees and assuming you don't have channels open in Electrum, switching to this wallet may be a little expensive, as using Electrum LN is for advanced users and Breez is especially good if you have a POS.

I think that either you have understood Coingate recommendation incorrectly, or its purpose is that Electrum provides you with more features than Breez and a more controlled experience, but other than that, there is nothing preventing you from continuing to use Breez.

FinneysTrueVision

sr. member

Activity: 1624

Merit: 336

Top Crypto Casino

If you are having trouble paying a lightning invoice from Breez then it might just be easier to send your sats to a custodial wallet like Alby or Wallet of Satoshi and make your payment from there.

If you don't already have a channel open in Electrum with enough receiving capacity then you will need to send from Breez on-chain through a swap which costs you miner's fees and service fees, then opening a new channel in Electrum will cost another on-chain fee. You could cut out those intermediary steps by using the custodial option I mentioned or creating a new payment invoice for on-chain BTC and paying directly from Breez, which automatically swaps your LN funds.

dkbit98

legendary

Activity: 2212

Merit: 7064

Cashback 15%

Quote from: Obelix428571 on January 15, 2024, 11:30:56 AM

Coingate recommended using Breez so I set up Breez and bought some BTC. Coingate now says I have to use Electrum. Does anyone know how I transfer my Breez BTC to Electrum? Thank you!

Breez is super simple to use Lightning wallet, so don't expect to have that same simplicity with Electrum LN.
Is there any reason why Coingate would tell you to stop using any wallet, and switch to something else, they are both non-custodial, and they are mentioning them both on their blog article:
https://coingate.com/blog/post/bitcoin-lightning-wallets

_act_

hero member

Activity: 868

Merit: 1094

Breez is a lightning network wallet. You can create an invoice on Electrum if you open a channel and use the invoice to send the coin from Breez wallet to Electrum.

If you do not have a channel opened and can not open a channel on Electrum, you can use exchange like Binance, OKX or BitMart. They all support lightning network. Use the exchange to receive the coin and send it using the bitcoin network to an address on your Electrum wallet. The fee can be high and you may have to do KYC.

Only BitMart has certain withdrawal limit that you will not have to do KYC, but read about it very well.

Obelix428571

newbie

Activity: 1

Merit: 0

Coingate recommended using Breez so I set up Breez and bought some BTC. Coingate now says I have to use Electrum. Does anyone know how I transfer my Breez BTC to Electrum? Thank you!

Topic: Breez/Electrum/Coingate (Read 62 times)