Tutorial to convert Lightning Network BTC balance to BTC balance (via Coinkit or any LN wallets)

By cLEarn | LEARN CRYPTO | 29 Feb 2020

We will discuss in this article how to change your LightningNetwork BTC BALANCE to BTC BALANCE.

You will need a BITFINEX EXCHANGE account which you can setup for free if you do not own one, where you will convert LN to BTC.

*If you do not know what Lightning Network is, please head to lightning.network to get familiarized*

Let’s start

First of all you have to deposit your LN satoshis balance that you want to convert to BTC balance into BITFINEX account you created earlier.

1*Wh6U3r-QKH70gqE3ciiGmQ.png

Click on Wallet -> Deposit as you see above and after that you will see the deposit page as you see below.

1*Aft5ovowwMAgS5hyre8llQ.png

Here on deposit page, search in CRYPTOCURRENCIES for Lightning Network and you will find :
BITCOIN (Lightning Network)

Select it and you will be moved to LN deposit page

On the deposit page you will be asked following :

1*atZdWMLaVF3zQdfdskInNg.png

For our example we will found Exchange Wallet with 1000 satoshi ( 0.00001000 BTC )

1*O7xxhXRLj87xiCmtL268KA.png

Generate the invoice for deposit and you will have a LN invoice generated :

1*vwts1KNAE9J2tIhqDRTE9w.png

Now it’s time to pay the invoice we just created.

You can use Wallet of Satoshi or BlueWallet or any other LN services that allows you to pay invoices.

I will use tipbot Coinkit_ which have integrated LN services. to pay this invoice.
I will copy the invoice from BITFINEX and from TWITTER @Coinkit_ DM I will use 2 commands:

1./changecoin BTC
2./withdraw <invoice> <amount> ;

Our example will be :
<invoice> - replace this with your invoice you generated on BITFINEX : lnbc10u1p095uydpp57tapt559df8cpwmpqfkdleusew7qhxe7r89ff9eu6z0pusvgth7qdp5vdjrvwf3vgurge3nv5mnzwpevdnrjwfsvvurycfsvfskgdm9xs6qcqzpgxqzjcsp5mugan9z0c9ltecyz7vwhc3xy74amjg9r2ajzy8vp8dsxtckg53vq9qy9qsqpek6e0p3wqcmpran4dhjdzp9h5fctauyk37j9004hk2ze4vl53jxyz9h7kt6ac0shdm0znkduzd8jt7kjsw5gzn9kpy7safr57g5mzcqs20h4q

<amount> - replace this with the amount you will pay : 1000 SATOSHI

This command will pay the invoice from BITFINEX :

1*ITCKl2NKyAyKP-LPJARcLQ.png 1*eNyHSCiCRrAgex3L4K-w2w.png

Perfect !!

Now we have 1000 LightningNetwork satoshis ( LNX ) on exchange and it’s time to convert from LNX to BTC

For converting your 1000 LNX you need to go to your wallets:

1*4UEkGQtBeUNRQpuU8uarAQ.png

From here look for CURRENCY CONVERSIONS:

1*LojhbLJfivcbHuU5ieohhw.png

So if we want to change our 0.00001000 LNX -> 0.00001000 BTC we will use following convert details there:

1*4yUZj0N1mPYYaOGlIHfLJQ.png

Click on CONVERT and your LNX will be transformed into BTC:

1*o9OR2G6Dra064BU2MiPcyg.png

As you can see my 1000 SATOSHI from LNX transformed into BTC.
( I had 100 satoshi before converted from initial testing that’s why balance is 0.00001100 BTC )

And that’s all , now if you want , you can use your fresh BTC BALANCE to trade on BITFINEX EXCHANGE :

1*CIbD0vou_PGYjds9jksoHw.png