What
are some of the Lightning Network’s use cases?
Twitter allows users to send and receive Bitcoin “tips”
via the Lightning Network. Via a Lightning Network-compatible payments app
called Strike, many of Twitter’s 360 million monthly active users can send
Bitcoin payments to other Twitter accounts instantly and for free. (Twitter
isn’t actually the first creator-driven social platform to incorporate the
Lightning Network — Substack has allowed BTC payments since late August.)
El Salvador became the first nation to make Bitcoin legal tender — in
part because of the the desire to save Salvadorans some $400 million annually in money transfer fees. The
government-created wallet, Chivo, is Lightning-compatible and designed to
enable seamless cross-border payments. As of October, Chivo had consistently been one of the most-downloaded apps
in El Salvador.
A peer-to-peer Bitcoin exchange called Paxful, which processes millions of dollars worth of Bitcoin
transactions in emerging markets and claims to have 1.5 million users in Africa
alone, also recently announced it will enable Lightning payments. This integration
could enable fast and cheap Bitcoin payments for millions of users.
How can you get started with the Lightning Network?
If you want to make transactions using the Lightning Network, you’ll need
to send some BTC (for instance from your Coinbase account) to a
Lightning-compatible wallet. There are dozens to choose from. Popular options
include both “custodial” and “non-custodial” wallets. Here’s the difference:
- Custodial
wallets: Options include Strike, Blue Wallet, and Wallet of Satoshi.
These tend to be good for beginners, because they simplify the sending and
receiving crypto by managing your private keys. If, for instance, you lose
your password, you’ll be able to reset it.
- Non-custodial
wallets: Options include Muun, Breez, Phoenix, and Zap. These
wallets are user-controlled and popular with more experienced traders —
nobody but you has your private keys. If you lose or damage your wallet or
forget your password, you could lose access to your funds. So make sure
you learn how to back up or restore whichever wallet you choose.
I
will use Muun wallet for this example:
1.After you downloaded, installed and created your MUUN wallet ( DON'T
FORGET TO BACK
UP YOUR WALLET ), you will need to create an invoice of 10 000 SATOSHI or the amount you want
to withdraw:
Choose
“Lighthing” and add the Amount.
After
that press “COPY”.
Now
you have your invoice 😊
2.Next step is
to go into Coinkit direct
message on Twitter
A.First command to enter is : /changecoin BTC
This will select BTC as your coin that you want to withdraw or deposit
B.Second command will be the withdraw command : /withdraw <invoice>
<amount>
Replace <invoice> with your invoice that you created earlier in MUUN wallet and <amount> with
the amount that you desired to withdraw.
In our case the command for withdrawal will look like this :
/withdraw <lnbc100u1pjpsazrpp58eqhvrlu09f4667x97s66adjem4udg8nwarqnfj3ypacqv88cwnqdqqcqzzgxqyz5vqrzjqwnvuc0u4txn35cafc7w94gxvq5p3cu9dd95f7hlrh0fvs46wpvhdeaec35jjhxhr5qqqqryqqqqthqqpyrzjqw8c7yfutqqy3kz8662fxutjvef7q2ujsxtt45csu0k688lkzu3ldeaec35jjhxhr5qqqqryqqqqthqqpysp58fm9eldwvj4hqjxdm6rz5agavl94vksumfd82rcqf87wk02k6z8s9qypqsqvehvj37hrfammp7erd2qs2c4fy0jpyuzxpfgqzgl6z26lpnew2kh6af3s67ra6rnewkn8khh23egf2mxg38jj2uuq7u8jtgfnzcpjqsqjchkhh> <10000>
To learn more about COINKIT please visit wiki.coinkit.de
Happy
Lighthing !!!
