HomeUncategorizedHow to send and receive payments on the Lightning Network By Cointelegraph

How to send and receive payments on the Lightning Network By Cointelegraph

May 9, 2023

[ad_1]



To send and receive payments on the Lightning Network, users must first set up a Lightning wallet and fund it with . From there, they can create payment channels and start transacting. This article will guide users through the process, from setting up their Lightning wallet to making their first Lightning payment.

The Lightning Network (LN for short, or simply “Lightning”) is a decentralized system for instant, high-volume micropayments that prevents users from delegating custody of funds to trusted third parties. It is a layer-2 protocol — a computer network built on top of the Bitcoin base layer (layer 1), the actual blockchain. The Lightning Network uses the Bitcoin base layer’s high protection standards to secure the network.

  1. Open the payer’s wallet on the Lightning page.
  2. Click on “Send.”
  3. Scan the merchant’s or an individual’s QR code button or enter the address manually.
  4. Confirm everything is correct and proceed with the checkout.
  1. Open your wallet on the Lightning page.
  2. Click on “Receive.”
  3. Scan your QR code button on the payer’s device or have the person enter the address manually.
  4. Confirm everything is correct and proceed with the checkout.
  1. You should set up your wallet to use the Bitcoin base chain (Bitcoin wallet) or the Lightning Network (Lightning wallet). Select the wallet network you want to use.
  2. Go to “Receive” and click on it.
  3. Check the transaction details are correct.
  4. Scan the QR code or copy and paste the receiving address onto the wallet you’re getting your funds from.
  5. You have the option to add an invoice for the payment. Click on the “Invoice” button to proceed.
  1. Click on the “Money” tab on your Cash App home screen.
  2. Select “Bitcoin.”
  3. Click on “Deposit Bitcoin” to get started.
  4. Copy your Bitcoin wallet address onto the sender’s relevant box.
  1. Click on the payments “$” tab on Cash App to view the home screen.
  2. Select the QR scanner on the top left corner of the screen.
  3. Hold your camera over the Lightning invoice QR code to scan it.
  4. Follow the instructions to confirm and pay the request.
  1. Open Cash App and click on the Money tab.
  2. Select “Bitcoin.”
  3. Click on “Receive” Bitcoin.
  4. Share the QR code or link with the sender and scan.