Lightning network under 30 sec

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The lightning network is a second-layer solution for Bitcoin blockchain.

  • The lightning network can process 1,000,000 transactions per second, which is much more than Mastercard (5,000 transactions per second) or Visa (1,700 transactions per second)
  • The transactions are instant, and the transaction fees are generally from 0.00% to 0.25% depending on the routing nodes facilitating the transaction. This is way less than Visa and MasterCard credit cards, which charge around 1.3% to 3.5%.
  • The lightning network allowed to make Bitcoin a legal tender in El Salvador. In El Salvador, people now use the lightning network to make everyday purchases, like paying for groceries or a telephone bill in bitcoin.
  • You can read the lightning network white paper here.  

There are plenty of crypto wallets that support lightning. I recommend trying "Muun" wallet because it is a noncustodial wallet, meaning only you have control of your private keys, and it is simple to use. Try it;)

A good article with an overview of different lightning apps/wallets here

If you are not planning to go to El Salvador:) you can still test out the lightning network. Try to buy something with your Bitcoin on the Lightning network using Bitrefill. This service allows you to buy gift cards (e.g., Apple, H&M, Amazon, Uber) with crypto almost anywhere in the world. See for yourself how fast and cheap the lighting network is.

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