How to use the Lightning network?

[Blawpaw]

Hi guys,

Let's say I have one BTC on Blockchain.com and I want to transfer this bitcoin to a different address, how can I do that using the lightning network. Since fees are so High atm, how can I send a transaction through the lightning network?

Thanks

[1714833894]

1714833894

[1714833894]

1714833894

[Charles-Tim]

I believe you would have read some lightning network threads on this forum. Blockchain wallet does not support lightning network, and you will need to transfer your bitcoin to a wallet that support lightning network before you can start using it. For a noncustodial wallet that support it, the one known for now is electrum wallet. Rath_ created a topic about how you can set up a lightning network on electrum wallets. Check the link below to read about it, and your question is answered.

Electrum Lightning Network walkthrough
https://bitcointalk.org/index.php?topic=5259973.0

You will need to set up a channel, you will create a channel by sending the bitcoin from onchain to offchain on lightning network supported wallet in which miners fee will be deducted in opening a channel, also miner fee will be deducted when closing a channel, although you can edit the fee for opening and closing of a channel. Aside these, the lightning network transaction fee is negligible.

[Rath_]

Let's say I have one BTC on Blockchain.com and I want to transfer this bitcoin to a different address, how can I do that using the lightning network. Since fees are so High atm, how can I send a transaction through the lightning network?

The Lightning Network is not designed to be used for single payments. You wouldn't be even able to open a channel bigger than about 0.16 BTC with most nodes. Also, the LN uses payment invoices instead of addresses. Consider reading "Basics of The Lightning Network" and "The Lightning Network FAQ" before you start playing around with the LN. There are plenty of things that you need to understand even if you are going to use a newbie friendly wallet, like BlueWallet.

[Blawpaw]

I believe you would have read some lightning network threads on this forum. Blockchain wallet does not support lightning network, and you will need to transfer your bitcoin to a wallet that support lightning network before you can start using it. For a noncustodial wallet that support it, the one known for now is electrum wallet. Rath_ created a topic about how you can set up a lightning network on electrum wallets. Check the link below to read about it, and your question is answered.

Electrum Lightning Network walkthrough
https://bitcointalk.org/index.php?topic=5259973.0

You will need to set up a channel, you will create a channel by sending the bitcoin from onchain to offchain on lightning network supported wallet in which miners fee will be deducted in opening a channel, also miner fee will be deducted when closing a channel, although you can edit the fee for opening and closing of a channel. Aside these, the lightning network transaction fee is negligible.

Thanks for the answer! That was all I was looking to know!

Cheers