Author

Topic: Transfer BTC between lightning and segwit (Read 213 times)

legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
November 17, 2022, 02:31:17 PM
#9
Use https://www.walletofsatoshi.com/
It's a custodial wallet so don't leave your funds on there for long but they do the entire back end for you.
You can send lightning to it and then send the funds to any segwit address you want.

Yes, in theory they could implode as you are moving your funds but they have been around for a while and are active in development being a wallet. Not something I would loose sleep over unless you are talking about a whole lot of money. And they you just chunk it out into smaller amounts.

I don't think a synology NAS is going to have nearly enough RAM or CPU power to run umbel. And then you have to open channels and to other work too.

-Dave



Thank you.
I tried walletofsatoshi just now, seems they're charging addition tx fee to segwit address,
"+ fixed fee 15,000 sats (about $2)"

I will often make TX, so it's will cost a lot.

For Umbrel , I've setup on my synology 918+, on virtural machine of ubuntu.
It's works, but I am still downloading bitcoin block data, it's slow, I will try to copy my bitcoin core data on macos to Umbrel.

Yes, if you are doing it on a regular basis the WoS fees will add up, I read your OP as  'I want to do this' I didn't ask if it was that or 'I am going to be doing this a lot'
With that being said except for doing it yourself, you are going to have some fees. And doing it yourself will still need the funds to keep those channels open, and the costs to open and close them.

Another question is how often do you really need to swap funds? Can you just 'batch them out' so to speak. Or do you need to convert them as they come in?

-Dave
legendary
Activity: 4396
Merit: 4755
November 17, 2022, 12:38:44 PM
#8
just be aware of the fee's though

silly idiots promote LN as being cheap..
but thats if you are only paying a channel partner whilst already in LN

it takes real bitcoin tx fee's to get value in. if freshly starting. and out

if whilst in LN it takes X hops(middlemen routers) to move msat from a DEX ln to your LN channel. than thats a 10 multiple of the lower ln payment fee. because each middleman wants to get paid for participating in the msat movements

also when exiting LN to get back to bitcoin. if broadcasting check the close session fee's allotted to the partnership arrangement of the channel

before setting up your LN node. check how its set up and if you can get hold of the LN seed, as it may save you in later date..
if that seed can be used in your hardware wallet to show as balance(doubt it in many LN software wallets)

but for this instance. also check if the close session allows you to pick your destination (normal segwit) or if its a address in the LN seed which might need a double tx just to get out of the channel then out of the LN seed to a bitcoin wallet address
in many cases the destination of a channel exit is usually not capable of choosing your hardware wallet address as the destination

remember LN is not bitcoin
it uses msat and a pegging system between the LN payments vs the close session states.
where by if you are receiving inbound msat value from a channel partner. its them that make decisions on fees and destinations which you have some degree of agreement to. but usually dependant on what LN wallet determine how much sway you have or if just slave to channel partner

LN is a completely different payment system to bitcoin. so take your time learning the differences
jr. member
Activity: 41
Merit: 10
November 17, 2022, 12:22:06 PM
#7
Do you have funds you want to use or is this just for when you do?

Electrum has an option to withdraw lightning bitcoins back to a wallet address without closing a channel which might be one way you could do this. (I think they just charged transaction fees but I'm not sure if there was anything extra I've missed).

Cause I need buy bitcoin on DEX frequently, and withdraw bitcoin to my segwit address, segwit withdraw fee is a little bit expensive,
but LN address withdraw fee is cheap, so I want withdraw by LN , and transfer to my hardware wallet by myself.

I'll try Electrum on Umbrel, after Bitcoin core data synced. Thanks a lot.
jr. member
Activity: 41
Merit: 10
November 17, 2022, 12:16:37 PM
#6
Use https://www.walletofsatoshi.com/
It's a custodial wallet so don't leave your funds on there for long but they do the entire back end for you.
You can send lightning to it and then send the funds to any segwit address you want.

Yes, in theory they could implode as you are moving your funds but they have been around for a while and are active in development being a wallet. Not something I would loose sleep over unless you are talking about a whole lot of money. And they you just chunk it out into smaller amounts.

I don't think a synology NAS is going to have nearly enough RAM or CPU power to run umbel. And then you have to open channels and to other work too.

-Dave



Thank you.
I tried walletofsatoshi just now, seems they're charging addition tx fee to segwit address,
"+ fixed fee 15,000 sats (about $2)"


I will often make TX, so it's will cost a lot.

For Umbrel , I've setup on my synology 918+, on virtural machine of ubuntu.
It's works, but I am still downloading bitcoin block data, it's slow, I will try to copy my bitcoin core data on macos to Umbrel.
jr. member
Activity: 41
Merit: 10
November 17, 2022, 11:56:05 AM
#5
the way LN works currently

if you have msats stuck in a LN channel with a CEX as a co-channel  partner where you never had a LN node yourself.. (EG your using their app)
they have both keys for both sides. so you would need to ask them to close session to credit your CEX account and then withdraw

if you have a LN node/wallet you can send those msat to your node..
but here is the thing. currently LN is a double layer

when setting up LN for first time people set up a LN wallet seed.. they move BTC network coin to a address of LN wallet seed key for the LN node(a 'master' LN wallet key) in the node. and then move again into the channel LN key.. where the channels withdraw/close session destinations are back to the LN master address of the LN seed wallet

yes you can import that seed into a bitcoin wallet. by finding the LN seed in the LN wallet and copying it over. but some LN nodes methods of backup/access to that seed is not easy

so then some people just make another tx from the LN node to a bitcoin node wallet

Thank you. I am setting up a LN node. I will try after my LN node setup.
copper member
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
November 17, 2022, 10:41:10 AM
#4
Do you have funds you want to use or is this just for when you do?

Electrum has an option to withdraw lightning bitcoins back to a wallet address without closing a channel which might be one way you could do this. (I think they just charged transaction fees but I'm not sure if there was anything extra I've missed).
legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
November 17, 2022, 07:03:17 AM
#3
Use https://www.walletofsatoshi.com/
It's a custodial wallet so don't leave your funds on there for long but they do the entire back end for you.
You can send lightning to it and then send the funds to any segwit address you want.

Yes, in theory they could implode as you are moving your funds but they have been around for a while and are active in development being a wallet. Not something I would loose sleep over unless you are talking about a whole lot of money. And they you just chunk it out into smaller amounts.

I don't think a synology NAS is going to have nearly enough RAM or CPU power to run umbel. And then you have to open channels and to other work too.

-Dave

legendary
Activity: 4396
Merit: 4755
November 17, 2022, 06:18:36 AM
#2
the way LN works currently

if you have msats stuck in a LN channel with a CEX as a co-channel  partner where you never had a LN node yourself.. (EG your using their app)
they have both keys for both sides. so you would need to ask them to close session to credit your CEX account and then withdraw

if you have a LN node/wallet you can send those msat to your node..
but here is the thing. currently LN is a double layer

when setting up LN for first time people set up a LN wallet seed.. they move BTC network coin to a address of LN wallet seed key for the LN node(a 'master' LN wallet key) in the node. and then move again into the channel LN key.. where the channels withdraw/close session destinations are back to the LN master address of the LN seed wallet

yes you can import that seed into a bitcoin wallet. by finding the LN seed in the LN wallet and copying it over. but some LN nodes methods of backup/access to that seed is not easy

so then some people just make another tx from the LN node to a bitcoin node wallet
jr. member
Activity: 41
Merit: 10
November 17, 2022, 03:31:57 AM
#1
Hi,
I wonder how to Transfer BTC from lightning to segwit address,
except using CEX, deposit to CEX via lightning, and withdraw to segwit address.

I want to setup lightning node by umbrel on my synology NAS, does it help?
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