10 things about the Lightning Network
10 sats \ 9 comments \ @cryotosensei 26 Dec 2022 bitcoin
10 random things about the Lightning Network
Been using the Lightning Network to receive and send sats to other users this week. I’m quickly falling in love with it. It’s so much fun! Decided to scroll through Reddit to acquire latest updates about the Lightning Network. Hope you enjoy reading the ten things I have found out
  1. You can use Bitcoin to buy coke from a vending machine in New Zealand. There are hundreds of such vending machines.
  2. In Trezor cold wallet, the default option for BTC addresses is the Lightning Network.
  3. The integration of Taproot into the BTC Lightning Network will allow you to send things other than satoshis like stablecoins. Taproot is a privacy feature that conceals the fact that you ever opened a Lightning Channel if the condition of the channel being closed co-operatively is met.
  4. Kraken now supports Taproot too, which means withdrawing sats using the Lightning Network will muddy up your on-chain trail. There's a $625,000 IRS bounty for anyone who can crack Lightning privacy. (https://www.interactivecrypto.com/irs-625-000-bounty-for-breaking-monero-and-lightning ) The incorporation of Taproot will make it harder to crack.
  5. CoinCorner and Bitnob struck up a partnership to make the concept of trans border transactions between the U.K. and Europe to Africa through the Lightning Network a reality. (https://cointelegraph.com/news/bitcoin-lightning-network-to-be-used-in-fiat-transfers-between-eu-and-africa)
  6. Not neglecting Asia, CoinCoiner worked with Pouch so that Filipinos working in the UK/Europe can remit money over to their loved ones in the Philippines over the Lightning Network. The recipients will end with Philippine peso (PHP) in their local bank accounts.
  7. Incidentally, CoinCorner released a Bitcoin Lightning Card called The Bolt Card earlier this year. Bitrequest supports this card.
  8. Similarly, Strike collaborated with local Bitcoin app Bitnob to launch a novel feature called Send Globally, which empowers local people in Nigeria, Kenya and Ghana to receive money from America and instantly swap it to their local currency. This cross-border transaction is made possible via the Lightning Network.
  9. You can now use the Lightning Network with the Cash app.
  10. Subway is in the midst of a trial in which 3 of its stores in Germany are accepting payments via the Lightning Network. (https://www.bitcoinlightning.com/subway-trials-lightning-network-payments/)
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20 sats \ 4 replies \ @poe7645 26 Dec 2022
Woah wait what? Trezor's default BTC addresses are lightning enabled?
I've gotta fire up my Trezor suite next week and see if I missed an update or have been using it wrong all along with the native segwit addresses.
Agreed though that Lightning is fun.
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10 sats \ 1 reply \ @cryotosensei OP 26 Dec 2022
I think I made a mistake. The Lightning Network isn’t integrated into Trezor: https://blog.trezor.io/the-lightning-network-and-your-hardware-wallet-8f241faa9f39
Thanks for calling out on it!
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10 sats \ 0 replies \ @poe7645 26 Dec 2022
No worries, I'm still learning all the ins and outs, thought maybe I had missed something. I can't wait until they hopefully do adopt lightning though.
Cheers friend, and a merry Christmas and happy new year!
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10 sats \ 1 reply \ @Hermit 26 Dec 2022
I wouldn't mix my cold storage with lightning. That's the point of scaling in layers, use the security of the core to store your wealth, and lightning to transact.
Like it or not, lightning is young and there are bugs that could be exploited.
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1 sat \ 0 replies \ @cryotosensei OP 26 Dec 2022
Thanks for the word of caution, mate!
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10 sats \ 1 reply \ @01xCc 26 Dec 2022
Налоговая служба США присудит вознаграждение в размере 625 000 долларов каждому, кто сможет взломать конфиденциальность Lightning
А давай так... я заплачу 625 000 сатоши тому кто сделает невзламываемый код конфиденциальности. Сейчас это мало но все реально!))) Как Вам такой шаг???
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10 sats \ 0 replies \ @01xCc 26 Dec 2022
или самому написать... для это придется выучить все языки програмирования... долго учиться но тогда это будет 625000 сатоши но в переводе на доллар это будет уже очень много! и я смогу сам себе экономить... или достаточно будет внедрить методику алгоритма SHA512 для канала... подумаю...
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10 sats \ 1 reply \ @Crizzo 26 Dec 2022
Actually it's Taro that is going to enable other assets and stablecoins to be used on LN. Taro does utilize Taproot, but I'm pretty sure Taproot does not enable this functionality on its own.
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10 sats \ 0 replies \ @cryotosensei OP 26 Dec 2022
Thanks for correcting me! Now I understand how Taproot is different from Taro
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