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If you don t have a ln wallet setup yet pick one from here.
How to use bitcoin lightning network. To start using the lightning network any amount of bitcoin needs to be locked up in a payments channel. All users can now deposit and withdraw bitcoin using lightning network. You can check the amount of commission. In this case it is zero. To do that select the lightning channels tab.
In the lightning network participants open payment channels which are 2 of 2 multisignature wallets. Have you ever used bitcoin. If so you may have noticed that transactions take ten minutes or more and fees can be high depending on how busy the network is. Every day 1btc is transferred from thad to joe in their new payment channel. By the time the digital currency space becomes crowded again we probably won t be dealing with slow and costly transactions anymore.
The regular bitcoin wallets are getting expensive to use for small payments and the average confirmation wait time will likely keep increasing. The speed and cost of payments on lightning are incomparably lower than on bitcoin. When someone wants to receive a transaction they create what s known as an invoice. The pair set up a payment channel on the bitcoin lightning network. These transactions are called micropayments and they happen instantly.
In order to make the lightning payment you have to open a lightning channel first. Only when a channel is opened or closed is a bitcoin transaction necessary. A list of internet sites that accept payment through the lightning network can be found at lightning network stores. This information is added to the main blockchain and is called the anchor transaction. The lightning network setup process is a bit taxing but can be quite rewarding once you get to use the software.
There s a solution in the works that makes these problems obsolete. It s called the lightning network and it s the technology of the. If you use real ln nodes it will be but very small. Congratulations buying a cup of coffee and testing lightning network was successful. How to use the lightning network.
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