How is a payout in Bitcoin made?
The crediting of your web store sales will be in the form of Bitcoin Lightning to your Lightning Wallet.
Lightning is essentially Bitcoin in a different form. This difference is similar to the difference between physical cash, which is used for payments, and money in a bank account, which is meant for saving. If you want to store Lightning without using it for payments, it is advisable to store it in a secure Bitcoin hardware wallet.
These Bitcoin hardware wallets, such as Bitbox, Trezor or Ledger, do not currently support Lightning, so the Lightning balance must be swapped back into Bitcoin. This process is also called swap.
This swap service is offered by Boltz Exchange, for example.
If we want to make a swap from Lightning to Bitcoin, we select Lightning in the top row and enter the amount in Sats we want to swap. In our example, 1 million sats.
It will automatically calculate how many Sats we will get credited to our Bitcoin wallet. Boltz charges a fee of 0.5% for this swap service and in addition we have to pay the network fees for the entry in the blockchain.
In the Enter BTC address field, we enter the Bitcoin address to which we want to receive credits. We get this Bitcoin address from our hardware Bitcoin wallet, for example.
After we have filled in the appropriate fields, we click on the button that says: Create Atomic Swap.
We receive a Lightning Invoice in the form of a QR code. The amount of the Lightning Invoice is 1 million sats and we can pay this invoice by scanning the QR code or via Webln. If we click Pay Invoice via Webln, we can access our Alby Lightning Wallet via the browser extension and pay.
However, we can also use Copy Lightning Invoice to copy the Lightning Invoice to our clipboard and then paste it into our Lightning Wallet in the Send field and make the payment.
After we have paid the Lightning Invoice, this will be displayed on the website accordingly.
When we click Open Lockup Address, we are redirected to the Mempool.Space page and receive the status of our transaction. The swap was successful and the Bitcoins will be credited to our own Bitcoin wallet after six confirmations.
This is how easy it is to convert your Lightning balance into bitcoin and load it onto your own bitcoin wallet.
Coinsnap is in the process of integrating a direct connection to Boltz Exchange. This will allow for automatic conversion and instant transfer to your Bitcoin address as soon as you have a Lightning balance.