Tutorial: What is Bitcoin Lightning Network
Discover the Bitcoin Lightning Network, a layer that speeds up and reduces the cost of Bitcoin transactions. Learn about wallet options, funding methods, and how this technology enhances the Bitcoin experience.
Video Tutorial
We’ll dive into what the Bitcoin Lightning Network is and provide an introduction to the ecosystem.Bitcoin Lightning Network
In simple terms, the Bitcoin Lightning Network is an additional layer built on top of Bitcoin to make transactions faster and cheaper. Normally, Bitcoin can only handle ~7 transactions per second, which can slow down the network and make transaction prices become expensive when many people try to use it at the same time. The Lightning Network addresses this by allowing many transactions to happen off the main Bitcoin blockchain, reducing costs and speeding up transaction times. Essentially, it solves the problem of slow and expensive Bitcoin transactions.Wallet alternatives
When setting up a Lightning Network wallet, you have several options. Among these, Wallet of Satoshi and Muun Wallet are very popular. Wallet of Satoshi is known for its simplicity and accessibility, allowing users to set up a Lightning wallet instantly. Despite its custodial model, which means some control over assets is given up, its ease of use makes it ideal for newcomers. Muun Wallet, on the other hand, offers a shared custody model, balancing control and convenience. It provides users with some level of control over their assets while maintaining the ease of use of a custodial wallet. Additionally, other popular wallets like Phoenix offer great features and usability. Evaluate each option based on your specific needs to find the best fit for your Lightning transactions.Funding your wallet
There are two main ways to fund your Lightning Network wallet with Bitcoin. The first way is to use a centralised exchange. Many centralised exchanges support the Lightning Network, such as Binance, Kraken, and OKX. This is often the cheapest method because the fees are generally low. To fund your wallet through a centralised exchange, buy BTC on the exchange, withdraw the BTC by selecting the Lightning Network as the withdrawal method, and send the BTC to your desired Lightning Network wallet address. The second way to fund your wallet is by using the in-app wallet purchase option. Many Lightning Network wallets offer a feature that redirects you to a payment provider like MoonPay. Here, you can pay with card and receive the tokens directly to your wallet. However, this method tends to be more expensive due to higher fees associated with the service.Continue reading by joining Cryptonary Pro
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