what is up ladies and gentlemen welcome back to the brandoncoin YouTube channel and today I'm going to show you how to send funds out of your speed wallet which is a lightning Bitcoin wallet over to a traditional Bitcoin wallet so basically getting your funds off of the lightning Network and back onto layer one Bitcoin or the normal like Bitcoin transaction level now there will be fees involved with this unfortunately uh that's why the lightning network was implemented to buy pass a lot of these you know crazy fees because depending on how much uh load is on the network the fees can get really really high now right now we'll check it I don't think the fees are bad uh not a lot of people are moving Bitcoin and we'll just do it right here uh we'll do a one take so no cuts and you can get you guys can see it from start to finish um let's see here so let me change my screen over and let me move my head over here there we go all right so uh this is my Phantom wallet which they have regular layer one Bitcoin on here so if you click receive this gives you a traditional normal Bitcoin address just like you'd find on any other exchange or wallet that has Bitcoin so you just copy that address then I'm going to need to open up my speed wallet which is right here and if you're not familiar it's speed.
Apppp I'll pull up the website here shortly I got $ 4.37 in there um and this is your address that you can create on on the lightning network with the speed app it shows up significantly different um or there's another way to send uh lightning transactions through an invoice system but it's vastly different uh than seeing like a traditional um address on the Bitcoin Network so just know what you're sending and how you're sending it so we're going to click Send on this and you need an add an address or an invoice so we're going to paste in that Bitcoin address and then proceed and then we will uh what did I have 4,000 Satoshi uh insufficient balance oh so there's a fee okay right now the network fee is 482 Satoshi which is uh about 48 cents um so the speed fee which is the fee that speed takes whenever you send out of their wallet is right at 4 cents so this would cost me almost 50 to send not even $4 um I have to back this down because I only had like 4,500 so I'd have to set this at like 3500 and yeah see right now it's it is considered a high fee I guess due to the network uh Network um congestion yeah so the transaction fee called the network fee goes to bitcoin miners not speed these fees incentivized miners to process your transactions and add it to the blockchain and so to send 3500 Satoshi would cost me 482 plus 35 and it looks like so the the speed fee went down and I don't know why it was 40 now it's 35 um so the total amount that would come out of this account would be 4,000 Satoshi I'm not going to spend 50 cents to send $340 cents but all you would do is literally click Send right there and then you would go over here and your Bitcoin would eventually show up in this balance now Bitcoin transactions are significantly slower than lightning Network transactions and that's what the speed app operates on there are multiple apps that do uh accept the Speed network which I was actually told that coinbase uh accepts deposits from the lightning Network I haven't tried it for myself because I don't use coinbase a ton anymore but um that at least we getting more options I feel like the lightning network uh is a really good tool that's not utilized as much uh as people real you know it's it's one of those things that goes um underserved because in this situation I can uh get my funds off of a Bitcoin mining app which is a cloud mining app and get them into my speed wallet so I actually own those coins instead of them being on this app and I can do that every single day and it can be small transactions and from the bit Bitcoin mining app to speed it's zero fees and then I can save up a good amount in the speed app and then send it all over as one big chunk to get it back onto layer one Bitcoin uh that way I can put it on an exchange and uh exchange it or you know swap it or do whatever I need to so hopefully uh this answered all your questions if you have any other questions drop it down below but this is just a quick fast dirty guide on how to use the speed app and do like in transactions so um or well lightning to regular Bitcoin transactions with that being said you guys have a good one I will see you on the flip side adios
