tl;dr You can transfer your Lolli bitcoin to your own address or cash out to your bank account at https://www.lolli.com/wallet/transfer
Your Lolli Wallet
At this point everyone is familiar with keeping your bitcoin rewards in Lolli's custodial wallet, but did you know you could transfer bitcoin from your Lolli Wallet to your own wallet, your favorite custodian, an exchange, or even to your USD bank account? Over 90% of Lolli stackers are fine keeping their rewards with Lolli. It's by far the easiest way to store your bitcoin. However, in the spirit of "Not your keys, not your coin," it's important to us that you are able to move your funds off Lolli.
Bitcoin is about self sovereignty. The analogy you may hear a lot is "be your own bank," meaning you are responsible for your own money. You control access to your bitcoin through the secure storage of your private keys. When you keep your bitcoin with a service provider, you instead are entrusting that service provider to always give you access.
Transfer Requirements
To request a transfer, all we need from you is:
- A confirmed email address
- Your first and last name
- A minimum confirmed reward balance worth USD 15.
That's it!
Transfer to a Bitcoin Address
If you meet the requirements above:
- Go to https://www.lolli.com/wallet/transfer to start the transfer request process.
- Press Transfer to a Bitcoin Address.
- Enter your bitcoin address.
- Press Review
- Review your transfer to make sure your address and balance is correct. At this time we only support transferring your entire available balance less a flat ยง350 fee.
- Press Submit.
- Check your email for a confirmation link.
- Follow the confirmation link in your email to finalize your transfer request. If you do not confirm your transfer within 30 minutes of generating the original quote, the transfer request will automatically cancel.
If you are new to bitcoin, you may have an account with a custodial wallet or an exchange. A couple of popular apps are CashApp and Coinbase, for example. Those services will provide you with an address. If you own a hardware wallet, you can use it to generate an address.
Cash Out to a Bank Account
When you are ready to cash out your bitcoin for USD, we gotcha covered:
- Go to https://www.lolli.com/wallet/transfer to start the transfer request process.
- Press Cash Out to Bank Account.
- Press the Add bank account link to launch the bank account connection wizard.
- Find and select your bank.
- Enter your bank credentials for instant verification with your bank.
- At this point some banks may require additional information. Just follow the instructions in the wizard.
- Select the desired account to which you want to transfer your bitcoin.
- At this point the wizard will close, and your selected account name will appear under Deposit to. Press Review.
- Review your transfer to make sure your target account and balance is correct. At this time we only support transferring your entire available balance less a flat $0.25 fee.
- Press Submit
- Check your email for a confirmation link.
- Follow the confirmation link in your email to finalize your transfer request. If you do not confirm your transfer within 30 minutes of generating the original quote, the transfer request will automatically cancel.
Once you've set up your bank account with steps 3 through 7, you won't need to again.
What Happens Next?
Once you have submitted your transfer, it is still subject to automated and manual security reviews. We take the security of your bitcoin very seriously, so there are a number of procedural checks and balances to make sure you and only you receive your bitcoin. Our current turnaround time is estimated at 7 days, but we are working to reduce that wait time every day.
Once your transfer has passed review, your bitcoin will confirm on-chain as part of a batch at a low sats/byte rate. For USD, delivery times can vary by bank, but typically it takes 5 to 7 business days.