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* Update 01-development.md Update Communication Channels channels to reflect removal of Twitter and Telegram, and emphasize SimpleX, Nostr, and Matrix chats * Update 02-languages.md Update Telegram verbiage to reference SimpleX instead. * Update 04-guides.md Update Telegram verbiage to reference SimpleX instead. * Update 05-art.md Update Telegram verbiage to reference SimpleX instead. * Update 06-outreach.md Update Twitter verbiage and reference Nostr instead * Update 00-quicks-start-guide.md Update verbiage slightly. Add more info and links. * Update 01-lightning.md Add rough draft to provide overview of Lightning Network and its relation to RoboSats * Update 02-tor.md Provide rough draft of introduction to TOR. * Update 03-access.md Add access method via Android app APK. Adjust slight typos and some wording for clarity. * Update 01-trade-pipeline.md Add TOC, swap steps and pictures placement, adjust small typos and wording. Picture was swapped with the steps because I think the picture can be slightly overwhelming versus a simple list of steps. The pictures are great but they are a lot to throw at someone right when they open the very first doc under "Understand" to learn about RoboSats. * Update 02-robots.md Clean up hyperlinks, adjust grammar slightly. * Update 03-premium.md Update verbiage, adjust grammar slightly. * Update 03-premium.md Add paragraphs on advice for choosing a premium * Update 04-bonds.md Various changes to verbiage and adding/updating information. Grammar fixes, remove reference to Telegram. * Update 05-trade-escrow.md Clean up hyperlinks, adjust some wording * Update 06-disputes.md Rough draft of disputes section. Committed changes are a placeholder for a longer and more detailed version of the dispute process. * Update 07-wallets.md Fix typos, grammar edits, add new section at bottom * Update 08-limits.md Rough draft of new content in the limits docs * Update 09-swaps.md Adjust "on-chain" to "on chain" and "sats" to "Sats" for consistency across other docs. Slight grammar fixes. * Update 10-telegram.md Small grammar fixes, clean up formatting and add table of contents * Update 12-prices.md Add verbiage note about explicit pricing method, clean up hyperlinks * Update 13-fees.md Clean up hyperlinks, small spelling fixes * Update 14-on-chain-payouts.md Add table of contents, small grammar fixes, adjust formatting * Update 07-wallets.md Change "on chain" to "on-chain" * Update 09-swaps.md Change "on chain" to "on-chain" * Update 02-tor.md Add note when using TOR and experiencing connection issues
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Apart from the various fiat payment methods available, there are something called Swap Destinations as well. These are payment methods, but for BTC, on a network other than the Lightning Network.
This is useful if you want to exchange Lightning Sats for on-chain Sats (or on any other network like Liquid BTC if you prefer). This process of exchanging Sats on the Lightning Network for on-chain Sats is usually referred to as a "swap".
The table below makes it simple to understand swap in terms of "buyer" and "seller":
| Side | Sends | Receives | Swap type |
|---|---|---|---|
| Seller | ⚡BTC | 🔗 BTC | Swap out |
| Buyer | 🔗 BTC | ⚡BTC | Swap in |
How to do a P2P Swap
Remember, in RoboSats you always buy or sell Lightning Network Sats. If you want to receive Sats over the Lightning Network in exchange for your on-chain Sats, then you create a BUY order. On the contrary, if you want to receive Sats on-chain in exchange for your Lightning Network Sats, then create a SELL order.
In the Order Create screen, select "BTC" from the currency dropdown menu:
Select your Swap Destination from the dropdown:
You then set the amount or range you want to swap for. Remember that if you are a seller, then you will receive on-chain BTC and if you are the buyer, you will be sending on-chain BTC:
You then simply create the order and wait for a taker to take your order. In the chatroom you move forward as usual, but this time the payment method is simply an on-chain bitcoin address.
Order amount and mining fees
The amount to be sent on-chain must be the exact value mentioned in the order amount. The sender of on-chain sats needs to cover for mining fees (on-chain transaction fees).
What premium do I set?
In case of a swap, it's better to keep the premium at 0%; but if you want to make the offer a little more attractive to your counterparty, then you can follow the below recommendations:
- If you are the seller - you will be receiving on-chain BTC; setting the premium slightly below 0% (e.g., -0.1%, -0.5%) will make your offer more attractive. The taker already pays {{site.robosats.taker_fee}}% fees on the trade plus they have to pay mining fees for sending the on-chain BTC.
- If you are the buyer - you will be sending on-chain BTC; setting the premium slightly above 0% (e.g., 0.1%, 0.5%) will make your offer more attractive.
These are just general recommendations about what premium to set to get started with swaps, but at the end of the day, the price is what the market sets... So, experiment and see what works for you!
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