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<
- Install Wallet of Satoshi and setup backup. You have to enter your email then answer a challenge. Easy.
- 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.
- Open Coinomi app on your phone.
- Tap the Bitcoin coin from the main display (add it if it isn't there).
- Select receive then tap the copy icon.
- Select the top left context menu and choose Buy (Credit Card)
- Paste the address in your clipboard into the address field.
- You must choose an ammount between 0.011 and 0.025 BTC
- Choose the correct currency for your credit card (USD/EUR).
- Pick a credit card that matches your exact name and exact address on your government ID.
- Click continue and fill out the form.
- Fill out the form, accept the terms, then hit pay now
- You will now receive an email and SMS you will have to prove receipt of.
- You need to provide some hi-res pictures of your ID and possibly a picture of your face.
- 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.
- Open Wallet of Satoshi and tap the Top Up button on the top left.
- In the Top Up screen pick Bitcoin (not ⚡).
- Tap the QR code to copy it to your clipboard
- Switch to Coinomi.
- Tap the Bitcoin coin from the main display.
- Select send button then paste your clipboard into the Pay to field.
- Select use all funds and hit send
- 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.
- Open Coinomi and get a BTC recieve address.
- Go to boltz.exchange and request a conversion from BTC⚡ to BTC (mainnet).
- Enter your Coinomi BTC recieve address in the conversion request.
- 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
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