As bitcoin scales in layers, you may come across situations where your bitcoin is sitting on one layer but needs to be moved to settle a transaction on another layer. This can get a bit complicated if you don’t have the tools, adequate capital on each layer or know of the right swapping service to use at the time. You may have to settle a balance that you needs to be topped up on Lightning or you would like to consolidate all your bitcoin to the base chain without closing channels or pegging out of the Liquid Network.
Moving bitcoin between layers can be done in a host of ways, such as submarine swaps, but having the ability to swap small amounts between layers on the fly can prove to be very useful, especially when you’re not home-based, with access to your node or your preferred set up.
If you’re looking for something quick and easy, and you’re willing to use a third-party service, then chatbots are an option. If you’re already a telegram user or looking for a simple mobile solution, then the BitcoinVoucherBot, could be added to your bitcoin arsenal of tools.
What is BitcoinVoucherBot?
@BitcoinVoucherBot is an automated Telegram bot that makes it possible to swap bitcoin on-chain, Lightning or Liquid in chat using a confidential procedure. The system is designed for bitcoiners who want to make low-value swaps between chains and avoid using an exchange to increase privacy and reduce the friction of layer swaps.
What are the benefits of using the telegram bot?
- No-web procedure; You don’t take the risk of making a web request, where your data otherwise can be sniffed and acquired
- No additional apps are required; you don’t need to download or install anything on your mobile; and telegram.
- No registration is required
- No IP address will be gathered
- No cookies set
- Pure Telegram procedure
- In-app chat with support
- Only spot price, no additional spread
What assets can you’ll using the telegram bot?
The BitcoinVoucherBot offers swaps between the base chain, Liquid Network and Lightning Network, with swapping options available between four different assets.
- Onchain BTC/ L-BTC (Liquid Bitcoin)/ L-USDT (Liquid Tether)/ LN-BTC (Lightning Bitcoin)]
Despite having four assets to swap between it does not mean you can swap between all 4 assets directly, for example, you cannot swap L-USDT for bitcoin on the Lightning Network.
The bot allows for eight different swap types:
How to use BitcoinVoucherBot to do swaps
All you need to get started is your:
- Smartphone with Telegram installed
- A Lightning wallet, Liquid Wallet or Bitcoin Wallet, depending on the asset you want to swap
Once you’re ready to swap, open up Telegram and head to the bot chat, select the swap option from the menu or type /swap into the chat
You should receive a response with a menu asking what asset you want to swap.
- Select the assets you want to swap
- You will then be asked the amount you want to swap
- Enter the amount
- You will then be asked the address you want to send the amount to and paste that address into the chat.
Warning❗️: Please be careful when pasting in addresses as funds sent to the wrong addresses are not recoverable, and your funds will be lost.
Once you’ve completed the process, you should receive a payment address and QR code you can use to pay for the swap. Once the swap funds are cleared, your funds will be settled.
Note: If you are swapping into Lightning, the bot will only pay the LN-Invoice if there is a high probability of the payment being settled with current liquidity, and if not, the swap will be aborted.
More information on BitcoinVoucherBot swaps
Once the swap is prepared and waiting for the transaction, the swap remains valid for 15 minutes. After that, the swap is expired and cannot be completed anymore, so the incoming transaction must be started within that time frame.
If you cannot meet that time frame, rather ignore that initial swap request and start a fresh request instead.
When the swap is prepared a summary is displayed with A QR code which you can use to initiate the swap.
Along with the swap details, you will see the receiving address and the amount to pay and the amount you will receive so you know exactly how much it would cost before you transfer the funds. The difference between what is paid and received is the sum of the miner fees (for on-chain transactions) and the swap fees.
Now, remember this is a 3rd party swapping service, so be careful with the amount of capital you try to swap as they have both minimum and maximum limits to protect all parties involved. Depending on the amount you need to swap between layers, you may need to repeat the process several times, so take this into account when calculating the swapping and on-chain transfer before using the service.
Get the app
There you have it; now you can leverage vouchers and your telegram to start acquiring bitcoin without having to hand over your identification or tie yourself to a specific service provider.
Sure you’ll have to pay a premium for this additional privacy, but for those who want to build a non-KYC stack, it’s worth the cost.
If you’d like to learn more about the app or give it a try, check out the links below.
Note: If you found this guide helpful and want to support us, you can use the referral link to scan the QR code 😁
Are you a bitcoin privacy bro?
Are you using non-KYC bitcoin exchanges? Which app is your favourite? Do you have one you’d like us to cover? Let us know in the comments down below.
