💰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 Spending Balance.

• When a channel is closed, the bitcoins that were on your Spending 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 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.

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 Pro Cloud

Set up your Alby Hub easily on Pro 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 On-Chain Balance funds. Follow our step-by-step guide to start transacting efficiently. Open a channel now.

💡 Channel Closure and On-Chain Balance

Remember, when a channel closes, the funds inside the channel will automatically appear in your On-Chain 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