The easiest way to buy Bitcoin directly on Lightning Network - for Europeans

By BLIP | Crypto Experiments | 31 Mar 2023

Mt. Pelerin recently announced that they now support the Bitcoin Lightning Network.

Mt. Pelerin tweet

This means that as someone based in Europe, I can buy Bitcoin directly on Lightning network by bank transfer (or card) and receive it in my LN wallet. Or the other way around, I can send sats from a Lightning wallet to Mt. Pelerin and receive euros directly in my bank account.

No exchange involved.

Did I mention that there is no KYC for up to 500 EUR/year on Mt. Pelerin? You got to love that Swiss mentality around money and privacy!

How can I buy sats;

At mtpelerin.com, I choose the currency I want to send: Euro.

I will test it with a small amount, let's say 10 EUR. Then I choose not BTC but sat, one of the other options with the Bitcoin logo. choose sat

So I will receive around 47.000 satoshis.

Satoshi is the smallest denomination of Bitcoin. 1 Bitcoin has 8 decimals points, so 1 satoshi is 0,00000001 Bitcoin 1 sat

It was named after Bitcoin's founder Satoshi Nakamoto, the name on the Bitcoin whitepaper.

On the next step, I have to add an address from the wallet I will receive those sats.

receiving address

So I needed a Bitcoin Lightning Network enabled wallet.

Lightning wallet

Since I had no Lightning wallet at the time, I decided to try the app that Mt. Pelerin offers.

So I downloaded their app called Bridge Wallet from the App store. Bridge wallet app

Here I can choose the Bitcoin Lightning blockchain.

choose LN

Now I can continue buying on the app and select Buy - Buy by bank transfer and enter that I want to buy 10 EUR worth of satoshis buy with bank transfer

The app shows me that with the current Bitcoin price I will receive around 47.000 sats (at the time of recording this). I also noticed that it automatically created a Lightning address for my wallet at ln.mtpelerin.com. current BTC price

On the next step, I can see the Mt. Pelerin's bank details where I have to deposit my 10 EUR.

I can tap to copy the IBAN and reference information from here and then send 10 EUR from the Revolut app. bank details

One working day later, I received this email from Mt. Pelerin notifying me that they received my 10 EUR deposit. mt pelerin email notification

A few hours later, I received 47.000 satoshis in my Lightning address on the Bridge Wallet app. sats in wallet

That's it, now on to try some Lightning wallets!

Any ideas where should I spend those sats?

Resources

https://twitter.com/mtpelerin/status/1618557638740160512

Bitcoin Lightning Network sepa On-ramp

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BLIP

Crypto enthusiast, personal finances, on the way to a better financial life. I also have a blog at https://betterlifeinprogress.com

Crypto Experiments

This is just a place to record my journey trying to experiment with crypto using simple strategies. Actually this is also meant to help me stick to a trading strategy after many, many (really so many...) failures. Sharing this experiment and the accountability this brings, are probably the biggest gains for me at this point.