ðĪTop up Spending Balance
Introduction
To increase your spending balance you need to either top up your balance (guide) or open a lightning payment channel. Opening a new channel helps you to accomplish the following:
Transfer funds from your savings balance to your spending balance
top up your spending balance
Be ready to send bitcoin via the lightning network
Open a lightning channel
Opening a channel is very easy with the channel wizard available in Alby Hub. ð These are the steps:
1. Navigate to the "Node" page and click the Spending Balance "Top Up" button
2. Choose your channel size and click on "Next"
When you top up your spending balance you are transferring funds from your Savings Balance to your Spending Balance. Technically speaking you are opening a lightning channel with the funds available in your savings balance. Therefore, please make sure to have enough savings balance available. The channel size is denominated in sats and will be your additional spending balance. For example: If you type in 500,000 then your spending balance increases by 500,000 sats.
Opening a channel incurs cost of one bitcoin onchain transaction. That's why we recommend a minimum channel size of 250,000 sats.
Congrats! If you had enough bitcoin in your savings balance before, these funds are available after 3 block confirmations (~30 min.) in your spending balance. What if you did not have enough bitcoin available? No worries. Your Hub tells you how many bitcoin are missing to top up your spending balance by the desired amount.
Thatâs it. With bitcoin in your spending balance, there is lightning channel and your Hub is now connected to the bitcoin lightning network. ð
We believe freedom and sovereignty over your digital transactions are empowering. Choose your path and make the most of Alby Hub's capabilitiesâitâs all about what suits you best!
Thank you for stopping by! This section was created with contributions from Moritz
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