how to receive btc from exchanges to Electrum wallet with lightning network

dkbit98

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Quote from: new19980 on June 05, 2023, 04:07:29 PM

where to trade altcoins if you dont use an exchange Undecided

im trading in exchanges then withdrawing my earnings to my Electrum wallet

Use decentralized exchanges, p2p trading, and don't waste time with bunch of shitcoins.

You can find some tools for non-kyc trading on kycnot.me website.

BitMaxz

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Quote from: new19980 on June 05, 2023, 02:37:31 PM

so you think i should use lightning channel if im doing like 10 small transactions of around 20$-30$ each monthly ?

Take note that lightning is still experimental which is why most of exchanges do not support it yet like Binance but there is news that they are going to support it but only for small transactions.

So I think yes due to current network congestion having a lightning channel can save you more fees than using Mainnet.

new19980

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Quote from: dkbit98 on June 05, 2023, 02:43:26 PM

Quote from: new19980 on June 04, 2023, 01:01:38 PM

+ im just looking for a way to withdraw my btc earnings from binance to electrum with low fees

Why don't you just receive your earning directly in your wallet with BTC mainchain, instead of trusting centralized exchange and paying them fees for withdrawing?
You can use lightning network to withdraw, but to have this full trustless you will need to run your own Bitcoin node and connect Lightning wallet, or else you are just trusting another third party.
One thing you should NOT do, and that is withdrawing BTC using any other centralized blockchain that has fake bitcoin tokens (binance chain, erc20 chain, etc.).

where to trade altcoins if you dont use an exchange Undecided

im trading in exchanges then withdrawing my earnings to my Electrum wallet

dkbit98

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Activity: 2212

Merit: 7064

Quote from: new19980 on June 04, 2023, 01:01:38 PM

+ im just looking for a way to withdraw my btc earnings from binance to electrum with low fees

Why don't you just receive your earning directly in your wallet with BTC mainchain, instead of trusting centralized exchange and paying them fees for withdrawing?
You can use lightning network to withdraw, but to have this full trustless you will need to run your own Bitcoin node and connect Lightning wallet, or else you are just trusting another third party.
One thing you should NOT do, and that is withdrawing BTC using any other centralized blockchain that has fake bitcoin tokens (binance chain, erc20 chain, etc.).

new19980

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Quote from: BitMaxz on June 04, 2023, 06:53:29 PM

Quote from: new19980 on June 04, 2023, 01:01:38 PM

+ im just looking for a way to withdraw my btc earnings from binance to electrum with low fees

Even if you withdraw it to Electrum you will still pay fees. Opening channels on Electrum still need to pay fees.

If you want to withdraw with low fees the only option you can pay low fees is by using BNB smartchain but Electrum doesn't support it.

I already check Binance fees on withdrawal they currently ask for around $5 for both mainnet and Ethereum chain.

so you think i should use lightning channel if im doing like 10 small transactions of around 20$-30$ each monthly ?

BitMaxz

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Quote from: new19980 on June 04, 2023, 01:01:38 PM

+ im just looking for a way to withdraw my btc earnings from binance to electrum with low fees

Even if you withdraw it to Electrum you will still pay fees. Opening channels on Electrum still need to pay fees.

If you want to withdraw with low fees the only option you can pay low fees is by using BNB smartchain but Electrum doesn't support it.

I already check Binance fees on withdrawal they currently ask for around $5 for both mainnet and Ethereum chain.

Saint-loup

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Quote from: new19980 on June 04, 2023, 12:18:48 PM

hello i want to know how can i receive my BTC from exchanges to electrum wallet via lightning network
what are the steps that i should do do i have to create a lightning channel on electrum and can i
recover the btc spent for opening the channel later and how much are the total fees for opening and
closing the lightnging channel since we want to use lightning channel to avoid high btc fees if we gonna
spend more then it doesnt make sense

If you open a LN channel it won't make sense to use it just for one withdrawal because you are likely to pay more fees at the end than if you had requested an on-chain withdrawal. So if the solution is interesting if you have to use LN for other transactions or if you are wiling to make other withdrawals through LN in the coming weeks or months before closing your channel. Once you have open a channel you will need to send funds to the exchange or elsewhere in order to get some receiving capacity, after that you will just need to generate a LN invoice in Electrum with the amount you want to receive(smaller than the receiving capacity of your channel) and paste it on the exchange.

new19980

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Quote from: NeuroticFish on June 04, 2023, 12:53:18 PM

Quote from: new19980 on June 04, 2023, 12:18:48 PM

hello i want to know how can i receive my liquid BTC from exchanges to electrum wallet via lightning network
what are the steps that i should do do i have to create a lightning channel on electrum and can i
recover the btc spent for opening the channel later and how much are the total fees for opening and
closing the lightnging channel since we want to use lightning channel to avoid high btc fees if we gonna
spend more then it doesnt make sense

L-BTC is not BTC. L-BTC a sidechain and afaik Electrum doesn't support it. You may want to use Blockstream Green wallet for L-BTC, since both are Blockstream "products". But I don't know if it supports LN.
Or use an actual Bitcoin wallet that supports LN and forget about L-BTC.

PS. Imho there are for LN easier options than Electrum if you are not a tech head.

i thoguht L-BTC or lequid btc is same as sending btc via lightning network
howerver it seem that lightning network is only worth it when sending btc from excchage to exchange since wallets like electrum
has high fees when opening and closing lightning channel you
will end up paying more then normal btc network just as this user mentioned
https://bitcointalksearch.org/topic/electrum-lightning-problem-fee-rant-5452384
+ im just looking for a way to withdraw my btc earnings from binance to electrum with low fees

NeuroticFish

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Quote from: new19980 on June 04, 2023, 12:18:48 PM

hello i want to know how can i receive my liquid BTC from exchanges to electrum wallet via lightning network
what are the steps that i should do do i have to create a lightning channel on electrum and can i
recover the btc spent for opening the channel later and how much are the total fees for opening and
closing the lightnging channel since we want to use lightning channel to avoid high btc fees if we gonna
spend more then it doesnt make sense

L-BTC is not BTC. L-BTC a sidechain and afaik Electrum doesn't support it. You may want to use Blockstream Green wallet for L-BTC, since both are Blockstream "products". But I don't know if it supports LN.
Or use an actual Bitcoin wallet that supports LN and forget about L-BTC.

PS. Imho there are for LN easier options than Electrum if you are not a tech head.

new19980

newbie

Activity: 48

Merit: 0

hello i want to know how can i receive my BTC from exchanges to electrum wallet via lightning network
what are the steps that i should do do i have to create a lightning channel on electrum and can i
recover the btc spent for opening the channel later and how much are the total fees for opening and
closing the lightnging channel since we want to use lightning channel to avoid high btc fees if we gonna
spend more then it doesnt make sense

Topic: how to receive btc from exchanges to Electrum wallet with lightning network (Read 121 times)