Lightning Network

LIGHTNING NETWORK



Lightning Network

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The Lightning Network is second layer protocol built on-top of Bitcoin to enable cheap, instant and secure transactions designed to scale for global coffee payments.

A transaction on the Lightning Network costs a fraction of a cent.

The Lightning Network is still in the early stages of development and adoption, thus still improving and rapidly innovating.

Supplemental Resources:
Ways to Transact on the Lightning Network

  • 1) Setup and use a lightning node

Just how using a Bitcoin node is the most secure way to transact on-chain, the same holds true for a Lightning node on the Lightning network. Once you setup a Lightning Node, you can connect it to a more user friendly Lightning wallet.

Lightning Node GitHubs: LND, C-Lightning, Eclair

Note: A Lightning node requires a fully synched Bitcoin full node and some manual work to setup.

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  • 2) Download a Lightning wallet that connects to an external node

A light client wallet will work without your own Bitcoin or Lightning node because it connects to a remote lightning node from an external source. This means there is an element of trust required when using their wallet.

Many wallets have the option to connect your own Lightning node. There are also custodial wallets meaning they own the bitcoin stored with them.


General Overview of Using A Lightning Wallet

  1. Open Lightning wallet
  2. Go through initial wallet setup process.
  3. Fund your Lightning wallet by sending bitcoin to it. Wait for the bitcoin transaction to confirm.
  4. Open Lightning channels with other lightning nodes using the available on-chain bitcoin balance in the wallet. Opening a channel can take some time to complete, but once opened you can transact with each other, anyone else that has a channel connected to them, then anyone connected to those nodes and so on.


Tips
  • Lightning is great for frequent smaller valued transactions like shopping. Learn about Lightning here.
  • Not spending frequently? Consider a Bitcoin wallet for storing your bitcoin.
  • Not all companies have lightning integrated yet.


Become a Global Bitcoin Merchant

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Integrate Bitcoin and Lightning payments for your goods and services at your online / physical store.

Bitcoin payments can be integrated through:

  • hosting a BTCPay server
  • a third party payment processor
When you integrate Bitcoin payments, you are still accepting other forms of payments like credit cards. You are just adding bitcoin payments as an additional payment method.

Benefits of accepting bitcoin:

  • global reach
  • save on fees
  • no charge backs
  • collect less customer personal info
  • safer than physically holding cash

Benefits of accepting Lightning payments:

  • Designed for coffee payments
  • save on more fees
  • instant and secure transactions
  • more private than bitcoin payments
BTCPay: Self-Hosted Server


Tips
  • If you are not tech savvy consider hiring a developer to setup BTCPay.
  • Enable Lightning payments.
  • More BTCPay Video Guides
3rd Party Payment Processors



Tips
  • Enable Bitcoin Lightning payments.
  • Disable all altcoin payment options. They are unprofessional and confusing.
Helpful Lightning tools and websites

Some places that you can get help with Lightning:



“Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.”
Jack Dorsey - Co-founder & CEO of Twitter, CEO & founder of Square


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