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What Is Lightning Network And How To Use It
Apr 20, 2023
What Is Lightning Network and How to Use It
Bitcoin's popularity is growing, but only some people are willing to buy a coffee with it. The reason is high transaction fees. One of the projects aimed at solving this problem is the Lightning Network. To explain briefly, it is a network that allows you to make Bitcoin transactions without directly executing them on the Bitcoin blockchain. Our article is about the Bitcoin Lighting payment method!
This payment option is available on Top Up Balance in the list of instant payments. Everyone likes and appreciates the most remarkable thing about Lightning Network, the opportunity to pay with a minimal transaction fee.
What Is Lightning Network?
The Lightning Network is a system functioning as a second layer of the original Bitcoin network. The project's creators proposed to avoid each transaction in the distributed Blockchain network accurately. Instead, the system creates another layer where communication channels function between users.
This means that:
- You can use as many channels as you like, and they can exist as long as necessary for the transaction participants.
- You’ll get instant payments without waiting for the money comes in.
- Commissions for the transaction are minimal.
- You’ll be amazed by increased confidentiality.
You need QR codes instead of cryptographic keys to confirm transactions.
How Fast Does Bitcoin Lightning Work?
The most important thing is that transactions are processed almost instantly. The network competes with all existing payment systems. The project's scalability will allow at least 1 million payments per second to be sent simultaneously. At the same time, it does not matter what cryptocurrency you choose to make the transaction. The NL system can handle anything.
The operation speed of the Bitcoin network is about 7-8 transactions per second. Comparing this result with the Mastercard payment network or popular Visa, the process is from 6,000 to 20,000 TPS. The limit capabilities of LN are calculated in millions of operations per second. Can you imagine that?
Lightning Network Application
The LN possibilities are practically unlimited. According to the protocol, you can do even the most minor transactions with a minimal commission. For example, you can pay with the help of BTC for brand clothes or shoes, cafes or restaurants, a new skin for your Fortnite character, or a charming coffee table on IKEA. The main thing is every object in the shopping chain must be included in the network.
The Lightning Network channel is an analog of a big deposit box full of money available to a specific group of people. But if you need to know the combination of numbers to open the box, you need to use LN private keys.
How To Pay BTL on Top Up Balance?
To sum up, Lightning Network is a long-awaited compromise between Bitcoin security and an incredible capacity for work. On the Top Up Balance page, you can shop anything for BTC privately with no account required!
Choose your country among more than 196 countries from the list.
Choose a Gift Card for any famous shop, restaurant, or mobile operator.
Pay conveniently with cryptocurrency: Monero, Binance USD, Coinbase, Bitcoin Lighting, Litecoin, and others.
If you are looking for the best payment option for small purchases with BTC, there is nothing better than Lightning Network. Lightning is ideal for the daily use of Bitcoins as a means of payment. In addition to speed and low transaction fees, the network pleases users with increased anonymity and the ability to send micropayments. Top Up Balance does everything to make your shopping as comfortable as possible.
Diana, Co-Founder TopUp Balance.
FAQ
⏩ What is the use of Lightning Network?
To explain briefly, it is a network that allows you to make Bitcoin transactions without directly executing them on the Bitcoin blockchain.
⏩ What coins use Lightning Network?
Lightning doesn't have its own token or blockchain. It uses Bitcoin's currency (bitcoin) and its blockchain for opening and closing channels.
⏩ How fast does Bitcoin Lightning work?
Transactions are processed almost instantly. Settlement time for lightning network transactions is under a minute and can occur in milliseconds.
⏩ What can I buy with the Lightning Network?
According to the protocol, you can do even the most minor transactions. For example, you can pay with the help of BTC for brand clothes or shoes, cafes or restaurants, a new skin for your Fortnite character, or a charming coffee table on IKEA.
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