What am I doing wrong or is this right. Umbrel open 1m SAT to me and I thought I reciprocated.
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What are the steps to take when some opens a channel to me?
This is correct. You have three channels open. 1ML is .2m sats outbound, meaning you can send them. Then you have two channels opened to UmbrelReach. Blue one showing 1m outbound and green one showing 1m inbound.
If someone sent a .5m payment to you it would travel from UmbrelReach to you. The green bar would say .5m and there would be .5m where the greyed out portion is creating a balanced channel. The 1m outbound channel would remain untouched.
As is you can send 1.2m sats out and can receive 1m.
When someone opens a channel to you, you can reciprocate by opening a channel back to them. You can perform a rebalance sending a payment out of another channel and receive on the new one to balance that single channel.
I prefer to open a channel and then use Loop Out to send funds out of the new channel and have them return as on chain funds. This can be used to create a single balanced channel without the other node doing anything.
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EXcellent explanation and this confirms what I thought I understood. I’ll increase my corn and maybe go to the Loop function instead of going channel in and channel out with people. Been learning the loop via BTCSessions video … one step at a time!
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I do it this way and think, split/push is probably the easiest and cheapest way, but it obviously involves some trust, but it’s better to just have one balanced channel, as the individual channels get off balance very quickly and you’re having to pay more often for rebalancing fees and also more will route through you.
It goes as follows:
- A & B agree to open a 2M sat channel (1M on each end)
- A opens channel for 2M, funded from his umbrel node’s BTC wallet and pushes 50%
- B sends 1M onchain to A’s BTC address
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When looping out, 50% of the funds should be looped out from the funds used to open the channel in the first place, right?
If you want a completely balanced channel then yes you would loop out 50%. Loop out more if your receiving a lot of payments and less if your sending lots of payments.
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