Home ยป Lightning Network: Who Needs It and Why?(Part 2)

Lightning Network: Who Needs It and Why?(Part 2)

Can You Make Money on Lightning Network? Theoretically, yes. Almost everything is more complicated. Firstly, you have to raise your own Lightning Network node, and to begin with, figure out how to do this. It is easy to find instructions on the Internet (one of the options is spark). First of all, it is necessary to practice in test mode.
be-in-the-loop - Lightning Network: Who Needs It and Why?(Part 2)

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Can You Make Money on Lightning Network?

Theoretically, yes. Almost everything is more complicated.

Firstly, you have to raise your own Lightning Network node, and to begin with, figure out how to do this. It is easy to find instructions on the Internet (one of the options is spark). First of all, it is necessary to practice in test mode.

Secondly, you remember that the fees in the LN are extremely low – the average transaction fee is only 1 Satoshi. At the same time, there are many free nodes. Therefore, you can only hope for an increase in the number of transactions, as well as for a good choice of channels that you open on your node – the more users it can connect, shortening the path, the more transactions will pass through you. And for this, you need to work and increase the capacity of the BTC on the node for the reserve on open channels. In general, we will be realistic: in the near future you can hardly make money on Lightning Network, but to get invaluable experience is quite real. Keep in mind that according to the rules of LN, a node detected in an attempt to cheat or create software errors may be fined the entire amount of funds deposited on the disputed channel. Dura lex, as they say.

be-in-the-loop - Lightning Network: Who Needs It and Why?(Part 2)

Lightning Network wallets:

Lightning Wallet (Android)

It is able to work as a “light” BTC-wallet, and as a complete LN-node. Keep in mind that the keys will be stored on your device — be sure to save the mnemo-phrase when creating a new wallet! In case of loss of a smartphone, you only need to enter it to restore both Bitcoin balance and the balance in the Lightning Network. Carefully read the instructions on the wallet website.

Zap Wallet (macOS, Linux, Windows, – iOS – in test mode)

This is an open source wallet. Through Zap, you can connect to peers, open channels, and make payments.

Eclair Wallet (Android)

Eclair can be used as a regular wallet for BTC storing, as well as connecting to the Lightning Network (but only for sending payments — you need a full node to receive and send to LN, the address is available on the project website). 

LND Thin Wallet (iOS)

This is an easy wallet that allows you to receive and send funds to the Lightning Network. If you have a node, you can also connect it for observation in the application.

rawtx (iOS, Android)

It supports both transactions on the blockchain of BTC and the Lightning Network.

Lightning App (macOS, Linux, Windows)

Alpha versions of desktop wallets that currently only work with the test network – you should keep an eye on them if you are seriously interested in the topic.

Of course, this is not a complete list of wallets for Lightning Network, new projects are constantly appearing, the former ones are developing — you can find them yourself. The main thing is that we have a choice of what to use.

Do you need a Lightning Network right now? Yes, if you regularly receive and send small payments in BTC. Otherwise, there is no need to urgently start using LN, however, it is worth exploring several applications and be ready to put them into practice when the need arises.

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