The Lightning Network is a layer 2 protocol that operates on top of Bitcoin's blockchain; it enables fast bitcoin withdrawals from your Bitaroo Account.
To withdraw bitcoin via the Lightning Network:
1. Go to Account --> Withdrawal
2. Switch Lightning to 'On'
3. Paste the invoice you wish to pay
4. Click 'Confirm Withdrawal'
Once confirmed, the invoice should be paid almost instantly.
Lightning withdrawal fees
Withdrawal fees vary as detailed below:
a. Percentage withdrawal fee applies to all withdrawals to any LN wallet.
b. Lower fee applies to all withdrawals to Wallet of Satoshi.
See all fees here.
Want to withdraw your entire balance but not sure how much to invoice?
You could either try several small withdrawals until all funds were withdrawn (or until only 1 sat remains) or you could use the following formula:
(Your Available BTC Balance on Bitaroo) / (1 + LN withdrawal fees) = Invoice Amount
Example:
Your Available BTC Balance on Bitaroo = 1000 sats
LN withdrawal fee to WOS = 0.09%
Calculation: 1000 / 1.0009 = 999.10
So in this example, a LN invoice of 999 should withdraw your entire available BTC balance on Bitaroo.
Withdrawal didn't arrive?
At times, Lightning withdrawals cannot complete. This usually happens when there isn't sufficient inbound capacity leading to the receiving wallet or if no route to it can be found.
The payment will eventually succeed or fail, but that may take up to 24-36 hours.
Should the payment fail, the entire withdrawal amount will return to your Bitaroo account. No fees will apply.