💰On-chain Balance

Your On-chain Balance is an on-chain bitcoin wallet.

2. What is an On-chain balance?

2. How to deposit funds to the On-chain balance?

3. How to redeem/withdraw funds from my On-chain wallet to somewhere else?

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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 Lightning Balance.

• When a channel is closed, the bitcoins that were on your Lightning Balance will be relocated to your On-Chain Balance.

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

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

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How to deposit funds to my On-chain Balance

1. Go to the "Node" section, click on "Advanced", then click on "Deposit Bitcoin"

2. The QR code shown is your On-chain wallet, you must send bitcoin to that on-chain address from another on-chain wallet.

1. Deposit Bitcoin

Click on "Avanced" then "Deposit Bitcoin"

2. On-chain address

It will take up to 6 block confirmations for your bitcoin to reach your Alby Hub On-chain Balance

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How do I redeem the funds from my On-Chain 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 On-Chain 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 On-Chain 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 On-Chain Balance funds to be redeemed.