Options in life are important. How about getting our money out of a wallet, as well as putting money into it?
Source: Creator MidJourney on Pixabay
It might be important! Hahaha ...
Published inside this new community's UI, I would like to provide some details to what is currently a challenge. Moving BTC back and forth, from Wallet A to Wallet B.
L1: Native Segwit
As it was the original crypto, Bitcoin has a long history of continuous improvement. One of the critical aspects of these improvements was the address type used. And the resulting fee to the user.
Segregated Witness, i.e. SegWit, is one of these address types. Native Segwit or Bech32 addresses are generally considered the current universal standard and begin with 'bc1.' They offer better efficiencies and lower fees than older address types.
For the purposes of the One Bitcoin Club community, in following instructions to set-up an Xverse wallet address, we will almost certainly end up with a Native Segwit address. A key is this is an L1 issue, i.e. associated with the Bitcoin blockchain itself. And, therefore, Native Segwit addresses are compatible with other L1 address types.
L2: Lightning
An enormous problem associated with Bitcoin's architecture is its inflexibility to scale up to handle large numbers of transactions. In handling relatively simple buy-and-HODL investments, this is not an insurmountable problem, as we can see over its long history.
Handling buy-and-sell purchases? A big problem. One which the L2 layer referred to as Lightning was created to solve. It comfortably handles large numbers of micropayment amounts and does so via the use of an address that looks much like an email address versus a cryptographic address.
For the purposes of the One Bitcoin Club community, @brianoflondon has created the V4V.app with its Lightning address and interoperability with the Hive blockchain. It is through this address that members of the community will receive any Sats for contributing content to it.
- Note: You simply log in to the V4V.app website with Hive Keychain. Then copy and paste the address found under the Receive link into the associated Settings field on your One Bitcoin Club account.
Lightning <≠> Native Segwit?
One is an L2 address and one is an L1 address. Think HIVE and SWAP.HIVE, for those familiar with the L2 tokens on the L2 Hive Engine blockchain.
Want to transfer BTC
from V4V.app to Xverse wallet?
from V4V.app to Xverse wallet?
Are they compatible?
Certainly the answer has to be considered as at least not easily compatible. Some posts found indicate that they are completely incompatible. One thing seemed obvious to me, in searching for an answer.
It does not appear to be a trivial challenge. The closest content I could find:
"yes you can import that seed into a bitcoin wallet. by finding the LN seed in the LN wallet and copying it over. but some LN nodes methods of backup/access to that seed is not easy"
[Source: Bitcointalk.org]
If there is any such route via our V4V.app wallet address, I did not find it.
One Solution! For now.
Not claiming to be any sort of an expert on the topic, but with experience in the broader crypto world outside the Hive blockchain, I was happy to find my "Swiss Army Knife" solution worked:
Source: BTC Lightning to Native Segwit exchange on SwapSpace
Note:
- The minimum is ~ 0.00015 BTC, which is about $12.00 USD at today's prices of ~ $80,000 / BTC. The fee would be a very steep ~ 12.1%.
- Upping to 0.001 BTC, which is about $80.00 USD at today's prices, the fee would be a bit more reasonable ! 2.2%.<
- In either case, the transaction time is a remarkable ~ 5 minutes. With BTC, that is hard to beat.
Usual caveat:
NFA. DYOR.
There seems to be a lot going on at all times around the Hive blockchain. Perhaps the VSC Network has a solution for this challenge already in the works. If there is not another one, unknown to me, already in place.
I will now follow the @vsc.network account, so I will see any updates in my feed. The last one was in November, so maybe soon?
Closing and keeping our eye on the future ...
Source: My original post titled "Problem or Opportunity? MVP and Joining the One BTC Club"
... I have no doubt this issue will be resolved soon, if it is not relatively easily resolved already. Somewhere. In some way.
As the Community Leaders begin to join in with their contributions to One Bitcoin Club's content, I am looking forward to what they have to share. In time, I am sure questions like these will be fully addressed.
What questions have you run into, in thinking about or joining the One Bitcoin Club community?
Best wishes, until we meet again,
QT
👋❤️👋
Source: Creator GDJ on Pixabay
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Edit (UI Issues): 14 Mar 2025
- After making devs aware that my first post, using the One Bitcoin Club UI, had no lead image, in the community view of all posts, it has just happened again. In both cases, the lead image does not appear on PeakD's UI community view either.
- This edit is intentionally being published with PeakD's UI, to see if the lead image reappears, in the update. I have never experienced this issue before now and am attempting to help find a solution.
- Publishing this edit did not help. If by any chance, you are able to see my lead image, in the community view of all posts, from whichever UI you might be using, I would appreciate you letting me know.