Deposit/withdraw -> LN⚡️
This page demostrates how you can deposite/withdraw to LN netwrok
Last updated
This page demostrates how you can deposite/withdraw to LN netwrok
Last updated
In this section, we’ll guide you through the process of depositing and withdrawing Bitcoin (sats) to and from the Lightning Network (LN) using Binance, one of the most popular centralized exchanges (CEX). This process is straightforward and allows you to quickly access your Bitcoin in a Lightning wallet.
To begin, you’ll need to obtain a Lightning invoice from your BitBoom wallet. Follow these steps:
Log In to BitBoom:
Open your web browser and navigate to .
Click on the login button located in the upper right-hand corner of the navigation panel. You can log in using your preferred social media account, either Twitter or Telegram. This quick login process ensures you can access your wallet without hassle.
Access the Receiver Invoice Section:
Once logged in, locate the "Receiver Invoice" section on your dashboard. This section is specifically designed for generating Lightning invoices.
Input the amount of Bitcoin (measured in sats) that you wish to receive. Remember that 1 satoshi is the smallest unit of Bitcoin, so ensure that you enter the correct quantity as this will dictate the amount you will receive.
Generate Your Lightning Invoice:
After entering the desired amount, a Lightning invoice will be generated. This invoice will begin with "lnbc" followed by a series of characters. This is your unique Lightning invoice, which you will need for the next steps.
Copy this invoice to your clipboard, as you will need it to complete the deposit process on Binance.
Withdraw from Binance:
Log in to your Binance account and navigate to the withdrawal section. Click on the BTC option for withdrawal.
You will be redirected to a form where you can enter the withdrawal details. Here, you have two options: you can either paste the Lightning invoice you copied earlier or scan the QR code if you prefer that method.
Make sure to double-check the invoice address and the amount before confirming the transaction.
Instant Transfer:
Once you initiate the withdrawal, the Bitcoin (sats) will be transferred to your BitBoom Lightning wallet almost instantly. This rapid transaction is one of the key benefits of using the Lightning Network.
Important Notice:
Different centralized exchanges have varying limitations and requirements for withdrawing Bitcoin via Lightning channels. Be sure to review these limitations on Binance or any other CEX you may be using to avoid any issues during the process.
The process for withdrawing Bitcoin (sats) from your BitBoom Lightning wallet back to Binance is similar to the deposit process. Here’s how to do it:
Generate a Withdrawal Invoice:
In your BitBoom wallet, navigate to the section for generating a withdrawal invoice. Specify the amount of Bitcoin you wish to withdraw.
Copy the Invoice:
After entering the amount, a new Lightning invoice will be generated. Copy this invoice to use it in your Binance withdrawal.
Log in to Binance:
Access your Binance account and go to the withdrawal section. Choose BTC for the withdrawal.
Input the Lightning Invoice:
Paste the Lightning invoice into the designated field. Ensure all details are correct to prevent any errors.
Complete the Withdrawal:
Confirm the transaction, and your Bitcoin will be sent back to Binance. Just like with deposits, the transfer should occur with minimal delay.
Check Transfer Limits:
As with deposits, be aware of any restrictions or limits imposed by Binance on Bitcoin withdrawals via the Lightning Network.
In addition to the direct deposit method using Binance, BitBoom offers a convenient alternative for loading up your Bitcoin through our swap function. This feature allows users to exchange other cryptocurrencies for Bitcoin seamlessly. Here’s how it works:
Using the Swap Function:
If you don’t have sufficient funds on Binance or prefer not to use a centralized exchange, you can utilize our swap feature. This function enables you to send assets like BNB or ETH from other blockchains and receive Bitcoin on the Lightning Network in return.
Initiating a Swap:
Simply select the asset you wish to swap (e.g., BNB or ETH) and enter the amount. The BitBoom platform will process your request and convert your selected asset into Bitcoin.
Receive Bitcoin Instantly:
After completing the swap, the Bitcoin will be sent directly to your Lightning wallet. This method provides a flexible way to acquire Bitcoin without needing to go through the CEX.
Convenience for Users:
This feature is particularly convenient for users who may not have easy access to centralized exchanges or prefer to manage their assets on decentralized platforms.
By utilizing these methods, you can easily deposit and withdraw Bitcoin to and from the Lightning Network, enhancing your experience within the BitBoom ecosystem. If you have any further questions or need assistance, feel free to reach out to our support team.
