Topic: [BTC LN CONCIERGE] Your Guide to the World of Bitcoin Lightning Network - page 2. (Read 716 times)

Thanks for your post, really appreciate your opinion.

My point here is that we need to avoid btc transfer fees AT ALL by moving funds (fiat, e-money) DIRECTLY into the LN wallets. This is especially important for micropayments. It does not make sense to move $5 into LN and lose $1+ on transfer fees. It becomes feasible only at $50 and up.

Imagine the scenario: Bob from the US wants to move $10 of fiat into LN and quickly send it over to Nigeria

1) He buys btc for his $10 at an exchange (he pays around 2-10% commission)
2) Occasionally, he needs to go from onchain btc to LN (losing another %)

There is huge cost inefficiency here killing the LN benefits on the spot. Entry barriers to LN are too high for small payments.  

Maybe i'm missing something here. But my idea is to find a way of sending small fiat amounts from point A to point B very very cheap using the LN as backbone.

The cheapest I've found to convert on-chain Bitcoin to the Lightning Network:
BlueWallet (custodial!): only your own on-chain Bitcoin transaction fee.
Phoenix Wallet: 0.1% plus your own on-chain Bitcoin transaction fee.

Note: I didn't include fees for sending LN payments later on and/or withdrawing to on-chain Bitcoin.

The time has come ! The Lightning has stricken!

Bitcoin Lightning Network (BLN) is a technology that makes BTC transfers faster and cheaper. Jump on this bandwagon and you will benefit immensely.

This thread is designed as a central service point around all things concerning Bitcoin Lightning, how to start, how to use, how to benefit etc.

It will be supported by reputable members of this forum willing to move that technology into the real life of  common bitcoiners.

Below is the current list of services provided by the hosts of this thread (will be continuously expanded):


ESSENTIAL SELF-SERVICE: GET THE IDEA
https://blog.bitnovo.com/en/what-is-the-lightning-network/
https://cointelegraph.com/lightning-network-101/what-is-lightning-network-and-how-it-works
https://decrypt.co/resources/bitcoin-lightning-network

SERVICE #1: I UNDERSTAND LN BUT HAVE QUESTIONS
Status: Active
Description: Get all the answers to any of your LN-related questions.
How to Get: Just post your question in this thread.

SERVICE #2: GET YOUR FIRST 200 LN SATOSHIS FOR FREE
Status: Active
Description: install any Lightning-enabled wallet and leave your request below in this thread. You will get your sats in no time!
How to Get: Just post your request in this thread

SERVICE #3: PLAY 100 SATS LIGHTNING DICE
Status: Active
Description: play a simple dice game (bet = 100 sats) with live LN enthusiasts and learn how to send/receive satoshis across the BLN.
How to Get: The game is hosted in Telegram here: https://t.me/bpovtmg_giveaways

SERVICE #4: TAKE A DEEPER DIVE
Status: Active
Description: move your first $10 btc from onchain into LN and have the transfer fee compensated (up to $1)
How to Get: Post your transaction ID and the screenshot of your LN wallet transaction showing $10 coming into the wallet. Your transfer fees from onchain btc to LN btc will be compensated (up to $1).


SERVICE #5: PLAY WITH YOUR OWN LN NODE
Status: In development
Description: <>
How To Get: <>


SERVICE #6: BUY STUFF WITH LN BTC
Status: In development
Description: List of the Most Useful Sites accepting BTC LN payments
How To Get: <>


SERVICE #7: BTC LIGHTNING 100SAT EXCHANGE
Status: Test
Description: Buy/Sell Lightning BTC with just 100 satoshi commission
How To Get: https://bitcointalksearch.org/topic/--5279265


More services will be added in the future.

Ride the Lightning !