3 mins speed guide on how to use Lightning BTC

By Monolith | Crazytorials | 30 Aug 2024


   What you need to know: 

  • With BTC-LN you can send and receive transactions almost instantly (hence why is called "lightning") and with so low gas fee (the commision you pay for every transaction) that could be a fraction of a dime.
  •  It works as a sending a token which value is 1:1 to Bitcoin (BTC).
  • It isn't very popular, despite it has been around for a while now. There's few places where you can buy, earn or swap these tokens (we'll come around this in a moment) and that's a major factor why.

 

Why is it worthy to use, besides the transaction speed?

When you are in need of micro transactions (cents to a few dollars) you usually find the problem that the fee for the transaction is too high compared to the amount you will be sending. Could be even higher. You can pay 1 USDT fee for 1 USDT transaction from your favorite exchange on Tron network, for example, and way more if sent from your non-custodial wallet. Same for Bitcoin, and many other coins/tokens. Not with BTC-LN.

 

What do I need?

First, you need to install a wallet that actually supports BTC-LN. No, your multi-wallet (Trust Wallet, Safepal, etc.) won't do. A few good choices out there of course, yet our goal is to quickly finish setting this up, so i'm just gonna point you to my current favorite:

https://play.google.com/store/apps/details?id=com.app.speedwallet

As you start the app you'll notice is pretty much like any other wallet. You can use QRs to pay or receive payments, you can directly copy your address (which will seem excessively long you when you're new with BTC-LN) and you can even set a short, sort-of Paypal address like "[email protected]" which also allows you to get paid while actually remembering it!

 

Now, WHERE do you get BTC-LN and HOW you swap it to on-chain BTC, USDT or other cryptocurrencies?

For "Where" you could do micro-tasking on sites such as microlancer.io or try some blogging at stacker.news. Not a bunch of websites out there works with BTC-LN tbh, so seize this information with joy.

For "How" you swap your valuable satoshis into other coins —and with LOW CAP, 'cause many times you just need to swap small amounts—  there's very few options. I've been using FF.IO since 2022, but it goes back to 2018 and so far never had liquidity issues or big delays.

You can sign for their affiliate program and get BTC once in a while –fully tested, you won't loose your time for nothing.

If you directly need to swap BTC-LN to USDT, no registration needed, use THIS PATH. To swap other coins just select your desired pair from the dropdown list.

How this works is: you send your coins/tokens to the address provided by the swap site, and set the address where you want to receive your swapped cryptos. And that's it, you'll receive it after proper network confirmations.

No need for private data, credit cards, real names, phone number, ANYTHING. So it's a fairly private way to store and move money around.

If you're a newbie, hope you find this useful. Comment below if you earned some BTC-LN, or post any relevant info or questions.

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Monolith
Monolith

Future can't be stopped.


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