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Author: Admin | 2025-04-28
Are like regular Bitcoin wallets but with an additional feature or “channel” that enables LN transfers on top of the Bitcoin blockchain. You have various options, as different types of LN wallets are available for Android and iOS. Today, the most popular LN wallets are Blue Wallet, Breez, Phoenix, and the Wallet of Satoshi. Some support LN only (Breez, Phoenix), while others support LN with the Bitcoin network (Blue Wallet, Muun, Wallet of Satoshi). Some are custodial (Wallet of Satoshi), and others are strictly not (Breez, Phoenix). Their fee systems also differ. Once you download the LN wallet app, you must create or register a new wallet with a unique address. So if you ever lose your device, the wallet’s private keys will work as a backup. Write it down and keep it safe somewhere.Deposit Bitcoins to Lightning Network WalletOnce you have created an LN wallet, deposit BTC into it. Not all LN wallets allow buying crypto with traditional money. If they do, it is often quite costly.The cheapest way to deposit Bitcoins is through the crypto exchange, which supports Lightning Network. Of the Top Ten exchanges, Kraken, OKX, Bybit, Bitstamp, and Bitfinex allow LN transfers. Binance confirmed LN integration in mid-June 2023 as well.We’ll use Kraken and Muun wallet interfaces as an example. And although the transfer procedures should be more or less similar on separate platforms, keep in mind that they may slightly differ. So, after you opened your account on a crypto exchange and funded it with BTC, here is what your following steps should look like: 1. Press Funding on the menu bar, and click Withdraw. 2. Make sure you choose Lightning Network on the right side. This is critically important because payments sent on Bitcoin Network won’t ever drop into your LN wallet.3. Click Add withdrawal request button. 4. Add a label to your withdrawal. It may be the name of your wallet or anything that looks easier to read compared to wallet addresses that contain a long string of symbols. Keep in mind that the label must be unique and used only once.Open your Lightning Network wallet. Tap Receive. Make sure you choose Lightning Network.5. Check Invoice Settings. Sometimes exchanges apply floor limits on the transferred amounts. Thus adjust the Amount section accordingly to the one supported by the exchange. Note that it is not the same amount you are willing to receive.6. Adjust
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