đ°Savings Balance
Your Savings Balance is an onchain bitcoin wallet.
What is a Savings Balance and why do I have one? đ°
In order to open channels on the Lightning Network, you need to have an on-chain wallet. Your Savings Balance is that Bitcoin on-chain wallet. The 12-words keys from your Alby Hub are tied to this on-chain wallet.
When opening a channel, you are transfering bitcoin from your Savings 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.
A Lightning Network channel is a special type of on-chain Bitcoin transaction. Because of this you need an on-chain wallet to be able to open Lightning Network channels. That is why you have a "Savings Balance" (on-chain wallet) account.
How do I redeem the funds from my Savings Balance to another on-chain wallet? đ
You can withdraw funds from your Savings Wallet to any on-chain Bitcoin address at any time.
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.
On this section simply enter the receiving address (it should be an Onchain bitcoin mainnet address), the amount, and then click on Withdraw.
Thank you for stopping by! This section was created with contributions from Jean-Paul
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