Lightning Network 101

lightning network 101

Lightning Network 101

How and where can you use the Lightning Network?

In early 2019 there are but a few real-life implementations of the lightning network. The majority use for the network is mostly novelty or experimental

Compatible Wallets

Your first step to using the lightning network is to get a wallet that can handle lightning network payments. The simplest way is to use a wallet such as Bluewallet, where you create a non-custodial bitcoin wallet first and then derive a custodial lightning bitcoin wallet from the original bitcoin wallet.

Fund your BTC wallet with bitcoin and then refill your lightning wallet in-app.

(You can also do the above the long way round and be fully sovereign by setting up your own lightning network node.) 

Lightning Nodes

These are like swift terminals used by banks. The nodes facilitate the exchange and settlement within limits (channel) between trusted parties (node operators).

Who accepts lightning payments?

The lightning network is very much in its infancy still. The small userbase currently consists mostly of novelty users and beta testing. The landscape is however rapidly changing. Online games have been a popular choice for early adopters of the technology.

How can you accept Lightning Payments as a vendor?

The lightning network is very much still experimental but you can accept live payments in various ways using the lightning network. The most obvious point to start for anyone interested in being a part of the pioneering group of users can do so by exploring GitHub

 

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