💰Savings Balance

Your Savings Balance is an onchain bitcoin wallet.

What is a Savings Balance and why do I have one? 💰

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? 🔄

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 "Redeem Onchain Funds," and enter the Bitcoin address where you want to send your funds.

⚠️Warning! Do not use the 12-words keys inside Sparrow wallet or other wallets

Although it is technically possible to see and retrieve your on-chain Savings Balance funds from another wallet, like the Sparrow wallet, it is strongly advised against doing so if you want to continue using your Alby Hub properly. Making on-chain transactions from a different wallet interface can cause irreversible conflicts and unexpected errors.

Your 💰Savings Balance is an essential part of the Alby Hub and necessary for using the Lightning Network. Remember, you can withdraw your Savings Balance funds to any on-chain address whenever you desire! 🌟

☁️ 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

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

Last updated 1 month ago