How to swap BTC Lightning to other cryptos with the lowest fees!

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Avatar for Monolith
Written by
4 years ago (Last updated: 1 year ago)
In communities: Cryptocurrency for beginners(a74f) , Crypto Legends(70bc) , Bitcoin Academy & Tutorials(2ef5)

BITCOIN'S LIGHTNING NETWORK enables fast and cheap transactions, sidestepping the main Bitcoin blockchain.

LN transactions settle instantly for near-zero fees. However, you'll occasionally need to exchange Lightning Network Bitcoin (BTCLN) for 'on-chain Bitcoin' stored on the main blockchain. Or you may wish to convert BTCLN to another cryptocurrency.

This requires a 'channel close' transaction on the Bitcoin blockchain. While cheaper than a normal bitcoin transfer, it's still slower and more expensive than a direct LN payment.

Here's a simple and cheap method to swap, that doesn't require any advanced knowledge:

+ Head to http://fixedfloat.com/ and choose Affiliate Program from the menu. Register.

+ Now choose your trading pair (BTCLN and BCH in this example, but it will work for any other coins listed).

Setting the swap on.

+ Input the amount you want to swap. In the context menu minimum/maximum allowed amounts are displayed.

+ Input the receiving address (the address where you want to receive your swapped coins).

Hint "Float rate" rate will go with the market, and it's cheaper. Leave it on.

+ Press "Exchange Now" and follow the assistant to the end of the process.

Deposit to the given address and wait for the network confirmations.

You can, in fact, send a different amount –intentionally or by mistake– from what you stated before, and the open order will adjust accordingly.

If you live in the U.S. you'll need to use VPN.

FixedFloat never store your funds; all swaps take place automatically, with completion times depending on blockchain traffic.

You can also swap to other 20 coins!

Tip Invite new users to sign up under your affiliate link and earn BTC for their trades.

This is how your affiliate rewards look.

Notes

[1] https://lightning.network/

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Avatar for Monolith
Written by
4 years ago (Last updated: 1 year ago)
In communities: Cryptocurrency for beginners(a74f) , Crypto Legends(70bc) , Bitcoin Academy & Tutorials(2ef5)

Comments

Nice info tutor

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User's avatar Usagi69
4 years ago

Glad it can be of use to you.

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User's avatar Monolith
4 years ago

Glad i found out about this

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User's avatar Buntym45
4 years ago

It is good to know that there are other options for currency exchange, thanks for your information.

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User's avatar jaimesjuan08
4 years ago

I checked fixedfloat after reading your article. And yes you are right. The fees there are very low indeed!

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User's avatar hamedbkh
4 years ago

Glad we can help.

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User's avatar Monolith
4 years ago

Yah! You are always fantastic with with useful information. This awesome and another way of earning BCH. Thanks.

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User's avatar Olad
4 years ago

I think, at this rate, BTC-LN really needs to be its own thing. However, since it's a sidechain for a 1MB block which apparently needs more BTC than one can get usually... it is a good thing to teach how do convert LN to BCH.

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User's avatar RowanSkie
4 years ago

New alternatives to exchange BTC to BCH or other currency with lower transaction rates, it is always well appreciated, thanks for reporting.

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User's avatar victoriaxlread
4 years ago
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