💰On-chain Balance

Your Savings Balance is an onchain bitcoin wallet.

What is an On-chain Balance and why do I have one? 💰

A lightning network channel is a special type of on-chain bitcoin transaction.

• When opening a channel, you are transferring bitcoin from your on-chain balance to top up your Spending Balance.

• When a channel is closed, the bitcoins that were on your Spending Balance will be relocated to your Savings Balance.

Your on-chain balance can be found in the Node section of your Alby Hub

Your on-chain wallet can be restored by a 12-word recovery phrase available it the Settings of your Alby Hub

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How do I redeem the funds from my Savings Balance to another on-chain wallet? 🔄

You can withdraw funds from your on-chain balance to any on-chain bitcoin address.

To do this, go to the Node section, click on "Advanced," select "Withdraw Savings Balance". This will send us to a new page where we can input the amount and the address of the receiving address.

Click on Advanced and then on "Withdraw Savings Balance".

On this section simply enter the receiving address (it should be an on-chain bitcoin mainnet address), the amount, and then click on Withdraw.

Enter the on-chain Bitcoin address where you want your Savings Balance funds to be redeemed.

Backup your on-chain wallet.

Navigate to Settings and create a backup of your 12-word recovery phrase. Should you lose access to you Alby Hub, you can restore your funds in another Alby Hub or another bitcoin wallet by importing these words. ⚠️ Be careful: Sending these funds in another app might lead to forced payment channel closures.

☁️ Get Your Alby Hub on Alby Cloud

Set up your Alby Hub easily on Alby Cloud! Enjoy seamless integration with the Lightning Network and secure management of your Bitcoin funds. Get Started with Alby Cloud

🔗 Open a Channel with On-Chain Funds

Learn how to open a Lightning Network channel using your Savings Balance funds. Follow our step-by-step guide to start transacting efficiently. Open a Channel Now

💡 Channel Closure and Savings Balance

Remember, when a channel closes, the funds inside the channel will automatically appear in your Savings Balance. Stay in control of your Bitcoin with ease. Learn More about Channel Closure

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Thank you for stopping by! This section was created with contributions from Jean-Paul