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Topic: Get Your First 200 Satoshis for the Bitcoin Lightning Network! (Read 716 times)

bpovtmg (OP)

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Join the Bitcoin Lightning Revolution (Ask me How)

Get Your First 200 Satoshis for the Bitcoin Lightning Network!

September 12, 2020, 10:49:46 PM
Last edit: September 13, 2020, 08:55:20 PM by bpovtmg

Merited by LoyceV (7), DdmrDdmr (3), Daniel91 (2), nc50lc (2), The Cryptovator (2), ABCbits (1), pakhitheboss (1), -CryptoViking- (1)

Guys,

I was initially attracted to Bitcoin several years ago because of ease of doing micropayments cheap and quickly across large distances. Then I witnessed how Bitcoin migrated to being an investment and speculative asset while micropayment capability faded away somewhat because of high network fees.

Now, the Bitcoin Lightning Network allows to revive that micropayment capability providing quick transfer times and low fees.

So, let's use it and bring micropayments back into the Bitcoin world!

(1) Download any Lightning-enabled Wallet (Electrum, Wallet of Satoshi, etc)
(2) Post your first Lightning Payment Request for 200 satoshis here in this thread
(3) I will send you 200 satoshis to get you started with the Lightning Network
(max. 4000 - 5000 satoshis per day)

PS
A good overview of that technology is here:
https://cointelegraph.com/explained/lightning-network-explained

* Join the Bitcoin Lightning Revolution:
https://bt.irlbtc.com/view/5276985
*Visit my Free Bookshop: https://bt.irlbtc.com/view/5274233.0

sheenshane

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Re: Start Using the BitCoin Lightning Network!

September 12, 2020, 11:03:09 PM

Merited by LoyceV (2)

Quote from: bpovtmg on September 12, 2020, 10:49:46 PM

(1) Download any Lightning-enabled Wallet (Wallet of Satoshi, etc)

For the free download wallet, they can choose the Electrum wallet download for free. Electrum now has a feature that you can able to use Lightning Network. Just heads up to this thread and read carefully in every detail because upon having set up of LN transaction it seems crucial for me. Electrum Lightning Network walkthrough.

Anyway, is there a minimum number of participants that can able to ask you a 200 sats for the test of Lightning Network transaction? It seems you're being generous here. Fo a good intention, I'm glad people talking about Lightning Network so that everyone have an idea how to use this.

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-CryptoViking-

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 12:09:32 AM

I like the initiative too and I have already joined your Telegram group too. Other people who would like to participate can join the group on this link: https://t.me/joinchat/SE9pUBhPceH6ZyFn6cZTig.

Very generous of you to use your resources to spread awareness and nudge people to start using the LN.

Charles-Tim

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 02:44:57 AM

The bitcoin lightning network fee is very low, it can be as low as 0.000001 satoshi ($0.000000000100517) as an average fee.

https://1ml.com/statistics

But, payment is also required for setting up and closing of a channel. Like on electrum wallet, you can customize/edit the fee. It is the same as the fee used for on-chain transactions which is subjected to memorypool size.

Lightning network fee for bitcoin is so small.

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nc50lc

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 02:45:46 AM

Merited by LoyceV (7), DdmrDdmr (2), ABCbits (1)

For those who've decided to use Electrum 4.0.1 to 4.0.3 for Lightning wallet:

Be informed that you'll be needing at least 0.002BTC + transaction fee to open a channel to a "suggested node" (direct is quite hard to pull off).
But that should be enough to send funds through LN, you cannot receive at that moment,
you need to spend some funds first to gain "inbound capacity", or use "Swap" (submarine swap, it comes with a service fee).
Also, do not close/force-close channel(s) during "busy mempool" times when the priority transaction fee is high
because Electrum currently doesn't have an option to change the fee rate for closing channel transactions.
In my experience, I've lost about 0.001BTC+ from my closed channel funds due to very high transaction fee.

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pooya87

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 03:39:09 AM

Quote from: bpovtmg on September 12, 2020, 10:49:46 PM

Then I witnessed how Bitcoin migrated to being an investment and speculative asset while micropayment capability faded away somewhat because of high network fees.

ever since bitcoin started being traded against fiat (which was in the first 2 years) some people have been treating it as an investment/speculative-asset but that doesn't change the nature of bitcoin or its capabilities, it is their view.
the micropayments are still possible, they just cost more from time to time when fees go up. and LN is not going to fix a single (or even a couple of) micropayment high fee cost it can only help if you have many micropayments to do in one channel.

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mk4

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 04:12:51 AM

Merited by LoyceV (2)

Also, for those who wants to try out Lightning without doing anything slightly complicated, I suggest trying out Phoenix Wallet. https://bt.irlbtc.com/view/5250677

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RapTarX

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 06:06:03 AM

If anyone interested to learn how to create a LN channel- https://bt.irlbtc.com/view/5212243.0

Quote from: Charles-Tim on September 13, 2020, 02:44:57 AM

But, payment is also required for setting up and closing of a channel. Like on electrum wallet, you can customize/edit the fee. It is the same as the fee used for on-chain transactions which is subjected to memorypool size.

It's one time payment only; when you need to fund the channel or withdraw the fund from LN to on chain but that's unlikely to happen as most of the time as a normal people, we only need to pay bill (therefore, fund the channel). Wink

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Cointikka

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 06:44:15 AM

Merited by LoyceV (2), pakhitheboss (2), bpovtmg (1)

In case if someone here is only interested in using a mobile wallet because of the ease to use it in day to day transactions then there are three wallets that I would like to recommend. All three are available for both Android and iOS.

Blue Wallet
Wallet of Satoshi
Breeze Wallet

Remember the above-listed wallets are hot wallets and are not meant to store Bitcoin for the long run. They are better for transaction purpose only. DYOR.

Stalker22

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 09:37:12 AM

Merited by LoyceV (7), suchmoon (4), Rath_ (3), DdmrDdmr (2), The Cryptovator (2), bpovtmg (1)

#10

I did a little research and put together a list of all the Lightning-enabled wallets (to follow up on posts before me).

These are the most popular wallets for the various platforms I have found:

LN-enabled Bitcoin Wallet	\|\|	Platforms	\|\|	Website
================================	\|\|	=============================	\|\|	=====================
Electrum [non-custodial]	\|\|	Windows, Mac, Linux and Android	\|\|	https://electrum.org/
Zap [non-custodial]	\|\|	Windows, Mac, Linux, iOS and Android (alpha)	\|\|	https://zaphq.io/
Breez [non-custodial]	\|\|	iOS and Android	\|\|	https://breez.technology/
Bitcoin Lightning Wallet (BLW) [non-custodial]	\|\|	Android only	\|\|	https://lightning-wallet.com/
Eclair Mobile by ACINQ	\|\|	Android only	\|\|	https://acinq.co/
Phoenix [non-custodial]	\|\|	Android only	\|\|	https://phoenix.acinq.co/
Zeus [non-custodial]	\|\|	iOS and Android	\|\|	https://zeusln.app/
Wallet of Satoshi [custodial]	\|\|	iOS and Android	\|\|	https://www.walletofsatoshi.com/
Tippin.me [custodial]	\|\|	Chrome or Firefox browser extension	\|\|	https://tippin.me/
Blue Wallet [custodial]	\|\|	iOS and Android	\|\|	https://bluewallet.io/

This is not a recommendation, so DYOR! Wink

If anyone knows of any other wallet software that should be on the list, please let me know so I can add it.

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 10:12:20 AM

#11

Quote from: sheenshane on September 12, 2020, 11:03:09 PM

Quote from: bpovtmg on September 12, 2020, 10:49:46 PM

(1) Download any Lightning-enabled Wallet (Wallet of Satoshi, etc)

I wonder, is there a way to receive via LN on Android? I tapped on the "Lightning" option but so far it showed Gossip, Nodes, Channels and Pending info.

Unless I'm missing out on something.

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Stalker22

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 10:50:36 AM

#12

Quote from: UserU on September 13, 2020, 10:12:20 AM

I wonder, is there a way to receive via LN on Android? I tapped on the "Lightning" option but so far it showed Gossip, Nodes, Channels and Pending info.

Unless I'm missing out on something.

I think it's the same as on the desktop version, you have to open the LN channel first.

Check out this tutorial: https://bt.irlbtc.com/view/5259973.0

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Stalker22

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 12:18:01 PM

#13

My first Lightning Payment Request for 200 satoshis

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bpovtmg (OP)

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 01:58:25 PM

#14

Quote from: Stalker22 on September 13, 2020, 12:18:01 PM

My first Lightning Payment Request for 200 satoshis

Eh, payment failure on my side (Wallet of Satoshi). Will try Blue Wallet in a moment.

EDIT: Blue Wallet fails too. If you installed Electrum, please try either Wallet of Satoshi or Blue wallet. They technically much easier.

* Join the Bitcoin Lightning Revolution:
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*Visit my Free Bookshop: https://bt.irlbtc.com/view/5274233.0

Rath_

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 02:31:43 PM

#15

Quote from: bpovtmg on September 13, 2020, 01:58:25 PM

Eh, payment failure on my side (Wallet of Satoshi). Will try Blue Wallet in a moment.

Keep in mind that both of you need to have your wallets open when you are trying to send a payment. It is not possible to receive and route Lightning Network payments while being offline.

Melloiga

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 03:40:12 PM

#16

Quote from: bpovtmg on September 12, 2020, 10:49:46 PM

A good overview of that technology is here:
https://cointelegraph.com/explained/lightning-network-explained

I just learnt about it after reading up on it. Seems very interesting. I don't have any coins to open up a channel. Which I understand is needed for the transaction fee(right?). But as soon as I have some coins available. I'll give it a shot after reading up more about it. One question though. The coins received through LN are not spendable, is that correct? Until the channel closes??

Tips are welcome! => 1bVp177vXRdbBUb9HXgP3odcdXBXdYr4z <= BTC

bpovtmg (OP)

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 03:44:26 PM

#17

Quote from: Melloiga on September 13, 2020, 03:40:12 PM

Quote from: bpovtmg on September 12, 2020, 10:49:46 PM

A good overview of that technology is here:
https://cointelegraph.com/explained/lightning-network-explained

Start easy.

Don't overwhelm yourself too much with details, channels etc.

Download one of easiest wallets (Blue Wallet, Wallet of Satoshi) and post a payment request for 200 sats here .

It will work.

The coins in LN are spendable if the counterpart accepts them, if not you can use them as normal btc (onchain).

* Join the Bitcoin Lightning Revolution:
https://bt.irlbtc.com/view/5276985
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bpovtmg (OP)

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 03:47:59 PM

#18

Quote from: BitCryptex on September 13, 2020, 02:31:43 PM

Quote from: bpovtmg on September 13, 2020, 01:58:25 PM

Eh, payment failure on my side (Wallet of Satoshi). Will try Blue Wallet in a moment.

Keep in mind that both of you need to have your wallets open when you are trying to send a payment. It is not possible to receive and route Lightning Network payments while being offline.

Thanks, didn't know that.

There is a good workaround using Lightning Gifts (www.lightning.gifts).

* Join the Bitcoin Lightning Revolution:
https://bt.irlbtc.com/view/5276985
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bpovtmg (OP)

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Re: Start Using the BitCoin Lightning Network!

September 13, 2020, 03:48:44 PM

#19

Quote from: Stalker22 on September 13, 2020, 12:18:01 PM

My first Lightning Payment Request for 200 satoshis

Used an alternative method. Sent you a Lightning Gift (see the link in PM)

* Join the Bitcoin Lightning Revolution:
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nc50lc

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Re: Start Using the BitCoin Lightning Network!

September 14, 2020, 03:28:05 AM

#20

Quote from: bpovtmg on September 13, 2020, 01:58:25 PM

Quote from: Stalker22 on September 13, 2020, 12:18:01 PM

My first Lightning Payment Request for 200 satoshis

I managed to pay this invoice using Electrum just now:

Maybe he's offline when you tried to send him funds (both tries), he didn't have inbound capacity at that moment or both wallet's channels doesn't route quite well.

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