Lightning Addresses Leave Room For Traders To Crowdfund On Bitcoin – Report
The Lightning Network introduces a new Bitcoin address called Lightning Address which brings a new development to Bitcoin’s development. Additionally, the new BTC address type can only be used on the Lightning Network platform — a layer-2 blockchain payment platform built on Bitcoin.
Furthermore, the new address will allow users to receive, send and crowdfund money online. Additional features include a custodial Lightning Address or a case where users connect to nodes. Most importantly, crowdfunding is one of the most popular uses of Lightning Addresses.
MetaMick Discusses How Lightning Address Works
In a recent interview, MetaMick — the COO of Geyser Fund, explained the steps to take when using the Lighting Addresses. He also elaborated on why crowdfunding is the main feature of the new technology.
MetaMick’s interview was in-depth since his company, Greyser Fund is a money-raising platform that uses Bitcoin and Lightning for its crowdfunding but is quite similar to GoFundme.
MetaMick said, “Lightning Addresses can be compared to email-like identifiers that allow users to send value to others through the Lightning network. The addresses are quite easy to know and can be reused.”
From how MetaMick describes it, the address is easily created on custodial solutions, which include CoinCorner, Wallet of Satoshi, or BitRefill. Then, afterward, you can sync it with Geyser Fund.
MetaMick also mentioned that linking the wallet created to Geyser is easy, and every donation will move directly to your wallet. Regarding crowdfunding, Lightning Addresses has improved tremendously in speed and ease of use.
The Lightning Network transactions are completed almost immediately compared to 10 minutes average transaction time for BTC transactions. Thanks to this development and seamless user experience, traders can crowdfund money quicker and achieve their goals faster.
Effective For Micropayments
Lightning Address is an excellent choice for small and frequent payment transactions. For instance, it is great for sending donations to creatives worldwide.
It is worth mentioning that Geyser Fund is a trustless platform that allows for a non-custodial process, which is the basis of the blockchain and Bitcoin. Indeed, it is evident that more needs to be done to overcome the challenges faced using Lightning Network.
Such challenges include more user-friendly wallets and easier integration with existing payment methods. Nevertheless, the Lightning Network has massive potential to skyrocket how payments in the crypto space are made and raised online.
Therefore, it is likely that as more people use the Network, there is a tendency that the technology would see early advancement.
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