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Feb 04, 2019 19:07:33

Using Bitcoin Lightning Network

by @yaki | 444 words | 🐣 | 59πŸ’Œ

Yaki

Current day streak: 0🐣
Total posts: 59πŸ’Œ
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I found a gem in the comment section on Roger Ver vs. Charlie Lee about LN. I found my path to accessing the mainnet stores that accept lightning network payment.

So, here was what I did.

I first installed the Bitcoin Lightning Network wallet. The much more famous "Eclaire" wallet was not working on my phone.

Then I went to Libertad exchange to deposit Bitcoins which I can transfer to a native Segwit address (bech format). I used Electroneum wallet, since it supports bech bitcoin address format .

I paid o.000065 satoshis for the withdrawal fee of Bitcoin to my native segwit address.

It was processed faster than expected.

But here comes the frusrating part. I had to send my satoshis again from Electroneum wallet to the Bitcoin Lightning Network wallet.

Once I had it in my Bitcoin Lightning Network wallet, I tried to open a payment channel. The wallet only supports a minimum 20$ worth of BTC, before I can successfully create or connect to a payment channel.

But my sats were way too small! I did not expect this. I only sent a few sats worth almost 2$ just to try out LN.

#Rekt

So, basically my satoshis were useless.

According to the creator of Bitcoin Lightning Network app, there is a technical reason why the 20$ is the minimum value (300,000 sats).

Andreas Autonopolis also known as β€œBitcoin Jesus” said that you really have to pay for some fees, because β€œyou can't spend what you don't have.”

Also, if you want to open a payment channel, you need to make sure you'll be doing plenty of payment transactions, because if it's just for a single payment, using LN would be really expensive.

Well, to not feel so disappointed, I tried testnet Starblock where you can buy coffee via lightning network with testnet coins on htlc website that let you send payments via lightning network.

It did work. It was undeniably fast. I also tried the testnet website of posting messages where you pay via lightning network to post, and it worked.

If you also look at its mainnet version, you can see posts regarding Bitcoin Lightning Network vs. Bitcoin Cash as Bitcoin.

One BCH user mentioned:

https://ibb.co/hUvDaq

Pro-BTC supporters immediately responded with:

https://ibb.co/i06VMV

https://ibb.co/jD1VMV

(You got to open the links on a new tab. I wish 200wad supported image files)

I really wonder what Satoshi Nakamoto will say about all this.

This article was posted earlier by me on a different website. I'm trying to import all of my posts from there to here. 

Come and lurk at my Telegram channel: @sifuyaki

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