211 sats \ 0 replies \ @DarthCoin 24 Aug 2022 \ on: Daily discussion thread

Tip of the day!

How to use Bisq and LN with the same BTC wallet in Electrum app.

  1. Download Bisq and create a new wallet. Or you can use a previous wallet seed created in Electrum, but be sure is bech32 format (native segwit) and restore it in Bisq.
  2. Send some BTC to this wallet to have some funds. Or if you already have some, after you restore it in Bisq you will see the balance. To trade on Bisq is necessary to have funds for the escrow reserve.
  3. If you created a new wallet in Bisq and want to import it into Electrum, the steps are the following:
  • Create a new wallet, let's name it “Bisq” to identify it easier later, when making a backup copy of this wallet.
  • Select “standard wallet” and then we select “I already have a seed“, and we begin to put word by word, or paste the whole seed. When we have finished writing all the words, check once more that everything is fine. Now we click on the “Options” button and select “BIP39 seed“. Next.
  • We leave “native segwit” selected and we are going to change the “derivation path” in: m/44’/0’/1′ (default is m / 84/0/0). This step is very important!
  • It asks us to put a password, to protect this wallet file. This password will always be used when opening the wallet and also every time a transaction is sent. Save this password in your password manager. Next.
  • We already have our wallet imported, and in a few moments, the previous transactions, made in Bisq, will appear there in the history list. From this moment, you can use this same wallet, in Bisq and in Electrum.
  1. Use the same wallet from Bisq in electrum with LN
  • Open LN channels in Electrum and start using BTC faster, cheaper and easier
  • In the menu – View – we activate to view: Addresses, Currencies, Contacts, Channels
  • We enter in the menu – Wallet – Wallet information. There we activate the “Lightning” option.
  • We select the “Channels” tab and click the “Open Channel” button. In the window that opens, we have the option to put a remote note ID (if it is a known one, store, friend etc) or we can simply give it “suggest” and Electrum searches for the next one available. We put the amount of BTC / sats that we want to put in the channel and we give it the “accept” button. Normally the minimum is 1 million sats, but you can enter how much you want or think you will spend per LN. In the next step, there is another window to confirm the tx commission and the password of your Electrum wallet.
  • Ready! When the tx is confirmed in the network (minimum 3 confirmations) you can already use these sats with LN.
Very good, from now on you already have the Bisq funds connected with LN without having to move them through another wallet.
Optional you can do swaps between Ln <->onchain directly in Electrum.
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