How do I withdraw Bitcoin (BTC) with OKX’s lightning network?

Published on Aug 22, 2023Updated on Apr 4, 20244 min read33

What's Lightning Network?

The Lightning Network is utilized for deposits and withdrawals, allowing users to deposit and withdraw Bitcoin at a lower cost and with greater efficiency. Its goal is to facilitate microtransactions, the maximum trading limit is 0.05 BTC while the daily maximum trading limit is 0.5 BTC per user.

Here are some advantages of using Lightning Network:

  • Lightning Network has higher TPS (transactions per second). It's because it runs and trades off the chain before it adds back on the chain. Off-chain trading is faster than on-chain trading and aims to solve Bitcoin's low scalability problem. Currently, Bitcoin can only process 7 TPS, but Lightning Network can process thousands of transactions per second and has the potential to grow to one million TPS in the future.
  • The Lightning Network is designed with high efficiency and low fees, which is ideal for micropayments. Unlike on-chain BTC transactions, which are slow and expensive, transactions with Lightning Network can be approved in seconds and have lower fees on average.

How can I make a withdrawal via Lightning Network?

On the web

  1. Log in to your account at okx.com, go to the Assets and select Withdraw
    Web withdraw selectionOpening withdraw page
  2. Select crypto BTC and on-chain withdrawal method and Next
  3. Select the BTC-Lightning withdrawal network to continue withdrawal. The "address" will also change to "Lightning invoice"
    Web withdraw BTC lightning addressSelect BTC-Lightning network to withdraw
  4. Select BTC-Lightning deposit network and fill in the Lightning Invoice got from the deposit platform, confirm the Amount and Fees
    Note: the withdrawal amount should be more than the minimum amount but can't exceed the limit based on your verification level.
    Web BTC lightning withdrawal detailsComplete the withdrawal details with BTC-Lightning network
  5. Complete the 2FA verification and select Confirm, your withdrawal order will be submitted
    Web BTC lightning withdrawal complete 2FASubmit your withdrawal order

On the app

  1. Open your OKX app, go to Assets and select Withdraw
    Assets page in AppOpening withdraw page
  2. Select crypto BTC and on-chain withdrawal method
  3. Select the BTC-Lightning withdrawal network. The "address" will also change to "Lightning invoice"
    App BTC lightning withdraw select networkSelect BTC-Lightning network to withdraw
  4. Fill in the Lightning Invoice got from the deposit platform, confirm the Amount and Fees, then Submit
    Note: the withdrawal amount should be more than the minimum amount but can't exceed the limit based on your verification level.
    App BTC lightning withdrawal detailsComplete the withdrawal details with BTC-Lightning network

Disclaimer
This article/blog is provided for informational purposes only. It represents the views of the author(s) and does not represent the views of OKX. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. The products and services referred to here may not be available in your region. Please refer to the OKX Terms of Service for more details.

What's Lightning Network?
How can I make a withdrawal via Lightning Network?
On the web
On the app