Sunday, June 16, 2019

Fastest / simplest LN on-boarding for the complete and total idiot (like me).

Although I'm usually interested in cheap, more than fast, I'd thought I'd make a post focusing on quick and simple, without worrying about the price. Price was covered in my other post.

So I spent some time today trying to get up to speed on LN. I had about 0.015 BTC on binance that I got from the BSV fork. Since it was "free money" I figured I put it to use. Here's how I did it, or at least how I should have done it. I'll let you know where I made stupid mistakes.

>Set up the software<

  1. Install Wallet of Satoshi and setup backup. You have to enter your email then answer a challenge. Easy.
  2. Install Coinomi and backup your recovery key. Add the coins Bitcoin (BTC) to your list of coins.

>Buy mainnet BTC in coinomi<

Coinomi offers Credit Card buys of BTC through a service called simplex. If all goes well, it should be instant. If you hit any snags, it could delay.

  1. Open Coinomi app on your phone.
  2. Tap the Bitcoin coin from the main display (add it if it isn't there).
  3. Select receive then tap the copy icon.
  4. Select the top left context menu and choose Buy (Credit Card)
  5. Paste the address in your clipboard into the address field.
  6. You must choose an ammount between 0.011 and 0.025 BTC
  7. Choose the correct currency for your credit card (USD/EUR).
  8. Pick a credit card that matches your exact name and exact address on your government ID.
  9. Click continue and fill out the form.
  10. Fill out the form, accept the terms, then hit pay now
  11. You will now receive an email and SMS you will have to prove receipt of.
  12. You need to provide some hi-res pictures of your ID and possibly a picture of your face.
  13. Pictures must be hi-res and smaller than 4 MB.

>Send BTC to Wallet of Satoshi<

Now we will need to convert your BTC to BTC⚡. To do this we will send your BTC from Coinomi to Wallet of Sotoshi.

  1. Open Wallet of Satoshi and tap the Top Up button on the top left.
  2. In the Top Up screen pick Bitcoin (not ⚡).
  3. Tap the QR code to copy it to your clipboard
  4. Switch to Coinomi.
  5. Tap the Bitcoin coin from the main display.
  6. Select send button then paste your clipboard into the Pay to field.
  7. Select use all funds and hit send
  8. Your ⚡ Wallet will be funded after 6 confirmations (about an hour).

>Now your on the LN Enjoy<

Use Wallet of Satoshi for anything you want to do on ⚡. You don't have to worry about channels or liquidity. Wallet of Satoshi will do all that for you.

>Cashing out to Mainnet<

Once you've lived a year on LN you may want to eventually get some of those funds back to mainnet. Wallet of Satoshi doesn't have a withdrawal feature. You will need to do a submarine swap to boltz.

  1. Open Coinomi and get a BTC recieve address.
  2. Go to boltz.exchange and request a conversion from BTC⚡ to BTC (mainnet).
  3. Enter your Coinomi BTC recieve address in the conversion request.
  4. In Wallet of Satoshi, send the BTC⚡ you want to cash out the the invoce provided.

>All Done<

This guide is intended to be the simplest one I could think of to go from zero to BTC⚡. If your worried about the fees, I have a cheaper way, but it requires more steps

tipjar



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