I don't think it is necessary for bitcoin wallets to also support lightning network. In fact in some cases it is best if they stick to developing the wallet itself and improving that instead of starting to explore a new layer that could add weaknesses in their project.
We already have dedicated LN wallets that people can use while having a separate bitcoin [mainnet] wallet.
Topic: If an exchange can support lightning network what are wallets waiting for (Read 185 times)
September 16, 2021, 12:44:43 AM
September 15, 2021, 11:42:21 PM
This might take some time but it is definitely coming our way. The last time I checked, the Lightning Network has already around 2,500 BTC. That's not yet a significant figure considering that Bitcoin now has almost 19 million in circulating supply. What will definitely help propel the use of the Lightning Network are merchants accepting Bitcoin payments in LN. As to exchanges, I personally am not attracted to moving funds in and out of their platforms off-chain.
September 15, 2021, 10:38:22 PM
Agreed. Electrum's implementation at it's current stage is not user-friendly enough and is quite annoying to use.
I agree too. Recent updates of Electrum wallet brings some changes in UI and features. I don't like recent updates of that wallet.I like to type fee rate for my transactions but in the latest versions, I can only slide the bar to choose fee rate. It is unconvenient and waste my time. Typing is more convenient than sliding.
I agree that Electrum's LN is a big buggy as this point, but if no one is going to used it, there will be no feed back and they wouldn't improved it. In any case, they are doing a good job by releasing almost new version every day, so it's very un-convenient but that's the part and parcel of new technology.
I'm fine with sliding though, I guess everyone is really very different.
September 15, 2021, 07:08:42 PM
I like to type fee rate for my transactions but in the latest versions, I can only slide the bar to choose fee rate. It is unconvenient and waste my time. Typing is more convenient than sliding.
You can either select "Advanced" after pressing "Pay..." or enable "Advanced preview" in the settings. You will be able to type in the desired fee rate manually there.
September 15, 2021, 12:08:35 PM
Agreed. Electrum's implementation at it's current stage is not user-friendly enough and is quite annoying to use.
I agree too. Recent updates of Electrum wallet brings some changes in UI and features. I don't like recent updates of that wallet.I like to type fee rate for my transactions but in the latest versions, I can only slide the bar to choose fee rate. It is unconvenient and waste my time. Typing is more convenient than sliding.
September 15, 2021, 11:59:52 AM
I, personally, find Electrum buggy with its implementation. BlueWallet's lightning compatibility isn't non-custodial.
Agreed. Electrum's implementation at it's current stage is not user-friendly enough and is quite annoying to use.Lightning network has intrinsic benefits over the primary layer but it isn't all that applicable at this stage. Not a lot of people use LN for day-to-day transactions, or even Bitcoin for that matter. The fees are low enough right now, and we don't have to care about inbound capacity either. It becomes a self-perpetuating cycle, where if adoption is low, then no exchanges would adopt it and the cycle continues.
I tinhk that you touched main points here.
Wallets implementations are not easy to use. I used exclaim once and it was a terrible experience, and I overpaid a lot of fees to open and close the channel because the wallet lacked proper fee customization.
I was going to try electrum, but I will wait a few more patches after I saw your comment.
Additionally, fees are very low right now.
If you are not in hurry, just send a 1 Sat byte transaction that it will get a confirmation soon enough.
People are paying over 30 usd to send eth and over 100 usd for uniswap swaps (I used last week)
Bitcoin fees are amazingly low right now.
I would have an incentive to use LN in recurrent payments , such as signature campaigns or to an exchange that I use a lot...
September 15, 2021, 11:39:46 AM
Laziness, slow code development, negligible economic benefits and profit potential if they focus on things that make noise like art.
exchange are often used to trade large amounts, which makes the withdrawal fee (10-15 avg USD) small amounts compared to the profits that you can get from trading.
Open source wallets, which are constantly being developed, and have an active team supports Lightning Network.
- SegWit has been approved for upgrade since 21 July 2017 (BIP141) and many wallets and platforms still haven't updated the code since that year so you find some of them still don't use SegWit addresses. Source: https://en.wikipedia.org/wiki/SegWit
- If they don't activate SegWit, they definitely won't activate Lightning Network.
exchange are often used to trade large amounts, which makes the withdrawal fee (10-15 avg USD) small amounts compared to the profits that you can get from trading.
Open source wallets, which are constantly being developed, and have an active team supports Lightning Network.
September 15, 2021, 10:34:51 AM
Electrum supports that but and tried but it seems a bit buggy, and we have still a long way before all the exchanges or most of them support lightning network transactions however as far as I know Bitstamp and OKEx and even Bitfinex is now supporting lightning network or at least that's the famous exchanges I know suppoering lightning network so far. Also, there is Wallet of Satoshi (WOS), Breez, Eclair Mobile, Bluewallet, ZAP and Phoenix these wallets usually have android and IOS version you can try if want to use the wallet on your phone, however, there is still long way to go before we see the adoption of lightning network widely.
September 15, 2021, 05:12:29 AM
Today has been the first day I saw an exchange to support lightning network,
In addition to what @shield132 posted, you can find a few other missing exchanges from the following thread: Crypto exchanges that accepting Lightning Network [make sure to also read the other comments/links on that thread].custodial exchanges can not give the privacy
Privacy isn't the only problem when it comes to such exchanges [e.g. not having full control over your funds and few other things...].The majority of the lightning wallets I've used aren't user-friendly. Always referring to the non-custodial ones.
Have you tried Phoenix? I'm not one of its users but based on some of the "discussions", it appears to tick all the boxes [for the most part]. September 14, 2021, 10:59:46 PM
I, personally, find Electrum buggy with its implementation. BlueWallet's lightning compatibility isn't non-custodial.
Agreed. Electrum's implementation at it's current stage is not user-friendly enough and is quite annoying to use.Lightning network has intrinsic benefits over the primary layer but it isn't all that applicable at this stage. Not a lot of people use LN for day-to-day transactions, or even Bitcoin for that matter. The fees are low enough right now, and we don't have to care about inbound capacity either. It becomes a self-perpetuating cycle, where if adoption is low, then no exchanges would adopt it and the cycle continues.
September 14, 2021, 05:37:21 PM
This is the first time I know about an exchange to support lightning network, bitcoin adoption is going higher.
No, that's not really the first time. Actually, you can find the list of exchanges that support the lighting network here - https://github.com/theDavidCoen/LightningExchangesMaybe wallets aren't implementing this because there isn't huge demand on Lighting Network, there are still some doubts and negativities around it, the first layer is still acceptable and they don't think that the time has come for 2nd layer and another option probably is that the time of LH will come once the fee of normal transaction will be so high that people will really start thinking about LH.
September 14, 2021, 04:48:51 PM
Electrum is perfect for lightning network but technical to use, you can check Bluewallet and see how average how can use it.
I, personally, find Electrum buggy with its implementation. BlueWallet's lightning compatibility isn't non-custodial.
September 14, 2021, 04:46:34 PM
I tried to download a LN-supporting wallet once but I couldn't easily get it up and running. Preferred not to complicate stuff too much.
I'm afraid that's true. It's objectively hard for the average Joe to use the LN. The majority of the lightning wallets I've used aren't user-friendly. Always referring to the non-custodial ones. September 14, 2021, 04:41:07 PM
I have been here for many years and never understood how LN differs from BTC mainnet txs
How it differs or how does it achieve this difference? It differs in the chain part. The lightning transactions aren't part of the block chain and thus, they scale the system by adding only two transactions; one that'll open the channel and one that'll close it. The technical background is much more complicated than it looks.I tried to download a LN-supporting wallet once but I couldn't easily get it up and running. Preferred not to complicate stuff too much.
I'm afraid that's true. It's objectively hard for the average Joe to use the LN. The majority of the lightning wallets I've used aren't user-friendly. Always referring to the non-custodial ones. September 14, 2021, 04:35:39 PM
I think there's a long way to go before we get to have LN adopted widely. People are still barely getting how Bitcoin works, let alone what is Lightning Network and how that one works. I have been here for many years and never understood how LN differs from BTC mainnet txs, and I don't plan to really understand it in the near future either. I tried to download a LN-supporting wallet once but I couldn't easily get it up and running. Preferred not to complicate stuff too much.
Anyway, there are quite a handful of non-custodial fully open-source LN wallets that you can find on F-Droid for Android if you're interested. iOS has a handful as well.
Anyway, there are quite a handful of non-custodial fully open-source LN wallets that you can find on F-Droid for Android if you're interested. iOS has a handful as well.
September 14, 2021, 04:15:37 PM
Today has been the first day I saw an exchange to support lightning network, what are noncustodial wallet doing if they are not supporting it, there are still many noncustodial wallet that are not still supporting lightning network which makes payment faster and cheaper.
This is the first time I know about an exchange to support lightning network, bitcoin adoption is going higher. This is a custodial exchange, custodial exchanges can not give the privacy but people are using it and it is one of the ways bitcoin will have more adoption. I hope other noncustodial wallets will follow electrum and support lightning network so that people will use lightning network for payment and have privacy, but electrum is the noncustodial option we can go for now.
Quote
https://cointelegraph.com/news/p2p-exchange-paxful-integrates-lightning-network
Peer-to-peer cryptocurrency exchange Paxful has integrated Lightning Network into its platform, giving its 7 million users access to near-instant Bitcoin (BTC) transfers.
The new feature gives users the ability to send and receive BTC from their Paxful Wallet in a matter of seconds and with much lower fees than existing blockchain transactions, the company announced Tuesday.
Paxful co-founder and CEO Ray Youssef described Bitcoin as “the best financial option” but acknowledged that scalability issues could be hindering adoption. He said Lightning Network is Bitcoin’s greatest chance of achieving the scalability needed to make microtransactions a reality.
Peer-to-peer cryptocurrency exchange Paxful has integrated Lightning Network into its platform, giving its 7 million users access to near-instant Bitcoin (BTC) transfers.
The new feature gives users the ability to send and receive BTC from their Paxful Wallet in a matter of seconds and with much lower fees than existing blockchain transactions, the company announced Tuesday.
Paxful co-founder and CEO Ray Youssef described Bitcoin as “the best financial option” but acknowledged that scalability issues could be hindering adoption. He said Lightning Network is Bitcoin’s greatest chance of achieving the scalability needed to make microtransactions a reality.
This is the first time I know about an exchange to support lightning network, bitcoin adoption is going higher. This is a custodial exchange, custodial exchanges can not give the privacy but people are using it and it is one of the ways bitcoin will have more adoption. I hope other noncustodial wallets will follow electrum and support lightning network so that people will use lightning network for payment and have privacy, but electrum is the noncustodial option we can go for now.
Jump to: