Bitcoin Transfers

Discover the difference between Scheduled and Instant Bitcoin transfers.

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Written by OpenNode Support
Updated over a week ago
Image of OpenNode dashboard for Bitcoin Transfers

OpenNode provides two ways to move Bitcoin from your OpenNode account to an external Bitcoin wallet: 

  1. Scheduled transfers

  2. Instant transfers

Scheduled Transfers

Scheduled transfers are a free way to move your Bitcoin earnings from the OpenNode platform to an external Bitcoin wallet. You can enable scheduled transfers by selecting the toggle on the Wallets > Bitcoin wallet page.

Image of OpenNode Wallets for Bitcoin Transfers

Once enabled, OpenNode will process the scheduled transfer on the nearest upcoming Monday at 11:30 UTC (Universal Coordinated Time), and at the same time every Monday thereafter. If you would like to stop these transfers, simply disable the toggle. 

You have the option to select what percentage of your OpenNode Bitcoin balance that you'd like to withdraw to an external Bitcoin wallet, from 1% to 100%. We recommend setting the transfer percentage to 100%.

OpenNode processes scheduled transfers for free* and they are always posted on-chain.

*OpenNode covers on-chain mining fees on weekly transfers 😁

Instant Transfers

Instant transfers allow you to move your Bitcoin to either a Lightning Network or standard, on-chain Bitcoin wallet, instantly. Instant on-chain transfers incur a 1% fee while instant lightning transactions are always free. You can initiate an instant transfer by selecting "Instant" on the Wallets > Bitcoin wallet page.

Image of OpenNode Bitcoin wallet for Bitcoin Transfers

On-chain Bitcoin transfer can be initiated at any time, on any day. The final settlement time will depend on the temporal demand on the Bitcoin blockchain. We have set up OpenNode withdrawals to settle within one block confirmation, typically resulting in a sub-10-minute settlement time.

Lightning Bitcoin withdrawals can be initiated at any time or day as well. Lightning transactions are designed to settle instantly. You should receive your funds within seconds after completing the transfer.

In Summary

Scheduled Transfer:

  • Free

  • On-chain only

  • Processed once weekly (Monday at 11:30 UTC)

Instant Transfer:

  • 1% fee for on-chain, free for lightning

  • On-chain or Lightning

  • Instant processing

How long does it take to receive my funds?

Bitcoin ⛓: Typically under 10 minutes.
Lightning ⚡️:  Within a few seconds.

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