Welcome to bulliscoming media, lightning network is the recent well-known development in the Bitcoin network as layer 2 for the Bitcoin main chain.
The adoption of the Bitcoin lightning network is very high because, most people believe that it’s good for retail payment and micropayment thanks to its fast transaction, more scalability, and very low-cost fee.
The lightning network transaction mostly occurs off-chain whereas fewer transaction data go through the main chain while providing similar kinds of assurances to the main Bitcoin chain, hence, Lightning Network can only be utilized in a lightning network-integrated wallet – Bitcoin lightning wallet.
In this article, we will discuss what is the Bitcoin lightning wallet, the best Bitcoin Lightning wallet and how to use the Bitcoin lightning wallet.
What Is Bitcoin Lightning Wallet?
The Bitcoin Lightning Wallet in a nutshell is an open-source wallet with lightning network functionality.
It is a wallet that enables sending and receiving of Bitcoin over the Lightning network.
Read full info here: Bitcoin Lightning Network -What Is Bitcoin Lightning Network?
Best Bitcoin Lightning Wallets
There are a variety of wallets that have integrated Lightning Network, let’s look into the best bitcoin lightning wallet that’s widely used for lightning network transactions.
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Muun
Muun is a UX-first mobile wallet that allows you to send fast and cheap Bitcoin and Lightning transactions, without losing custody of your funds at any moment.
Muun allows users to have one single wallet with Bitcoin’s full power: on-chain and off-chain transactions which are both 100% non-custodial.
Breez
Breez is one of the best Bitcoin lightning wallets, it is considered the simplest, fastest, and safest way to spend your bitcoins. Breez aims to drive bitcoin adoption in everyday commerce by providing seamless Bitcoin usage.
Wallet Of Satoshi
The wallet of Satoshi is a mobile Bitcoin wallet that lets you send and receive Lightning payments. It’s available on Applestore for iPhone users and Playstore for Android users.
It is a zero-configuration custodial wallet with a focus on simplicity and the best possible user experience.
Phoenix Wallet
Phoenix is a native LN wallet, that makes users transact with Bitcoin off the chain thus, eliminating high gas fees and long processing of transactions due to the congestion in the Bitcoin chain.
Phoenix enables the automatic opening and closing of channels, giving users an easy-to-use LN wallet interface. It’s a noncustodial, trust-minimized option for BTC users who want fast, cheap LN payments.
How To Use Bitcoin Lightning Network
Now that you’ve known what the Bitcoin lightning network means and how it is different from a regular Bitcoin main chain wallet, the next step to making a transaction with the Lightning network is to choose one among the aforementioned Bitcoin Lightning Wallet based on your preference.
For practical, I will be using Muun wallet for illustration. Kindly relax and follow up!
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- Download Muun wallet app on Playstore and open to create a new wallet.
- After successfully creating a wallet, click on either send or receive button. If you want to receive Bitcoin through Lightning network, then you choose Lightning network on the next tab and an invoice will be generated for you with which you can forward to the sender.
Bitcoin Lightning Network Transaction Per Second (TPS)
One of the reasons for the ideation behind the Bitcoin lightning network is because of the low transaction per second – TPS in the main Bitcoin chain.
While the Bitcoin mainnet blockchain can only handle 7 transactions per second, the layer 2 – Lightning Network allows millions of transactions per second.
Conclusion
The lightning network is still in aery early stage and just recently gaining attention thus, the wallets that support the lightning network may not be secured as the regular Bitcoin wallet.
None of the aforementioned wallets is for recommendation purposes, as this article is for informational purposes only.
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