1 BTC Project - Lightning Network

By 2MFTProductions | 1BTC | 10 Jun 2024

In my never ending quest to find Bitcoin sources I managed to discover the Lightning Network. I am not the most technical guy, but from what I have managed to dig up, Lightning Network is a system that allows for easier and fast payment.

I ask chant GPT what Lighting Network is and it gave me this answer.

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I think that means a way to facilitate payment and commerce quickly with Bitcoin. Maybe one day when Bitcoin payments become more frequent I will learn more about the Lightning Network, but this is not that day!

So here is the story of how I got thunderstruck by the lightning network.

I found an app called Bitcoin Miner. You can read more about it here. Its a idle clicker game that pays out Satoshis. To cash out you have to have the ZEEBEEDEE (ZBD) app. ZBD is a run of the mill reward application. It has a pay wall and sponsored games, but unlike most gaming apps it does not have a minimum withdrawal amount or a proprietary points system. It used the Lightning Network to facilitate small payments. (full review to come).

To make a withdrawal from ZBD I needed a Lightning wallet. So I found Wallet of Satoshi. Yes is works and yes is will hold my Sats. But to move my Lightning BTC back to layer one I have to pay an insane fee.

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They want me to pay a base fee of 13,000 Sats + a 1% fee to move the Sats back onto layer 1. That is unacceptably high. I don't really get the layer 1 layer 2 difference. I especially don't get why moving between them would have so much friction. At the time of writing that is just over $12.50 in fees. I do not have any near term plans to use Satoshis as payment, nor do I know of any vendors that use the Lightning Network. So my Sats are stuck on layer 2.

Does anyone know of a Lightning wallet that has fees that aren't this astronomical? If you do please let me know. I will gladly take a refferal code and make that my wallet of choice. As of right now I am stuck with my Wallet of Satoshi and I don't love it.

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ZBD Zebedee

Referral code: UWFARN

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