âŦī¸Buy Bitcoin
This guide is for purchasing bitcoin and having it sent directly to your wallet.
Alby Hub provides you various ways to top up your savings and spending balance.
1. Top up spending balance (lightning network)
2. Top up spending balance (lightning network)
Topping up your spending balance is convenient. You can:
2.1. Make a channel with funds from your Savings Balance (You need funds in your Savings Balance)
2.2. Request a payment from a another lightning network wallet (You need "Receiving Capacity")
2.3. Make a swap to transfer bitcoin from your savings balance (You need "Receiving Capacity")
2.4. Buy bitcoin credited to your spendings balance (You need "Receiving Capacity")
2.1. Make a channel with funds from your Savings Balance
This section is for topping up your wallet with bitcoin you already own in your Savings Balance. đ
You don't need "Receiving Capacity" to top up your lightning wallet using this method. đ
You're going to use the bitcoin in your "Savings Balance" (the on-chain side of your wallet) to create a channel with your own liquidity. You need a fair amount of liquidity, but don't worry you won't lose those satoshis. Once the channel is opened, all your satoshis will be inside it, meaning the channel will be fully filled with your bitcoin. đĨŗ
1. Navigate to the "Node" page and click on "Top Up"
Youâll then be guided through the process of opening a channel using your own funds. For detailed instructions, follow the step-by-step guide provided:
Remember: For this method of topping up we recommend having at least 260,000 satoshis in your Savings Balance. This covers the minimum channel size of 250,000 sats, plus an extra 10,000 for possible fees. đđ
2.2. Request a payment from a another lightning network wallet
Before attempting to receive a payment, make sure you have enough "Receiving Capacity."
To increase your "Receiving Capacity," click "Increase" in the top-right corner of the "Node" section in your Alby Hub. You'll receive an invoice from a Lightning Service Provider (LSP), which will allow them to open a channel back to you with enough receiving capacity. đ
It might sound complicated at first, but opening a channel this way is actually the smoothest and easiest experience! đ More about opening a channel from an LSP with Receiving Capacity here đ
Once you have enough "Receiving Capacity", simply request a payment from another wallet on the lightning network here đ
If you have funds in an exchange wallet, here are links to well-known exchanges with instructions on how to withdraw satoshis via âĄlightning:
2.3. Make a swap to transfer on-chain funds into your existing lightning network channel without the need to create a new one.
Before attempting to receive a payment, make sure you have enough "Receiving Capacity."
A swap is a movement of funds from a bitcoin mainnet (on-chain) wallet, to a lightning network. We do not provide that service ourselves, there are several swaps providers. The providers act as an intermediary on taking the onchainfunds, and sending you the satoshis through the lightning network. (You can also send funds from lightning back to mainnet with a swap). Here is a list of possible swap providers where you can make a swap:
2.4. Buy bitcoin credited to your spending balance
This guide is for purchasing bitcoin and having it sent directly to your wallet. đ
Please ensure your lightning network channels are open and online while waiting for the payment to reach your wallet. đ You must have enough "Receiving Capacity".
Buy bitcoin and have it directly credited to your spending balance currently works if you configured USD (bank transfer only), EUR, CHF or GBP as your default currency in the "Settings" of your Alby dashboard on getalby.com.
Navigate to the "Node" page and click on "Buy"
Enter amount and currency and click on "Next"
Youâll be redirected to your Alby dashboard to complete the purchase using SWIFT/SEPA, credit card. Only services from Pocket and Mt.Pelerin allow you to top up your Spending Balance directly. PayPal only works for top ups of your Savings Balance. Available payment options may vary depending on your country, as some methods are only compatible with specific regions. đ
The entered amount and the bitcoin address from your bitcoin savings wallet are automatically provided as input. Follow the instructions from Bitcoin seller and you'll receive your BTC purchase after one or up to six block confirmations (~10 min.) in the savings balance of your Hub.
Itâs important to note that we do not sell bitcoin ourselves. Instead, youâll be interacting with a third-party bitcoin seller. When you proceed, youâll see a window displaying their services, and from that point, youâll be engaging directly with their system and operations.
After selecting SEPA, SWIFT, PayPal, or credit card, youâll receive the transfer IBAN or be redirected to Mt Pelerin or Pocket to complete your transaction.
SEPA: Transfers from your bank account to the mentioned account on your screen will be converted to Bitcoin and transferred to your wallet. Depending on your bank the transfer might take 1-2 working days. You must transfer from your IBAN account and with the reference mentioned.
We partnered with Pocket Bitcoin to provide you with a convenient method to top up your spending balance. If you send money via Instant SEPA your bitcoins appear only a few minutes later in your spending balance. (Banking hours apply)
SWIFT/SEPA or credit card: Simply follow Mt Pelerin instructions.
We also partnered with Mt Pelerin to provide you with a convenient method to top up your spending balance. If you send money via SWIFT or credit card your bitcoins appear only a few minutes later in your spending balance. (Banking hours apply)
Congrats! You successfully topped up your wallet. đĒ
2. Top up on-chain balance
2.1. Buy on-chain bitcoin
You can buy bitcoin for the on-chain wallet directly via your Alby Hub. Go to Node -> Advanced -> Deposit Bitcoin -> Click "Buy Bitcoin"
2.2. Deposit on-chain bitcoin
You can send bitcoin from any on-chain wallet or exchange platform to your Alby Hub
Go to Node -> Advanced -> Deposit Bitcoin -> Copy the bitcoin address (bc1q....s5)
After one block confirmation (~10 min.) the deposited funds appear in your savings balance. â¨
Funds in your on-chain balance are not yet available in your Spending Balance on the lightning network. You'll need to create a lightning channel with the deposited funds. For this reason, we recommend depositing at least 260,000 satoshis, as the minimum channel size is 250,000 sats plus an extra 10,000 for possible fees. đ
Thank you for stopping by! This section was created with contributions from Moritz & Jean-Paul
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