How do I send/receive via the Lightning Network?

We have recently introduced sending and receiving Bitcoin to/from your CoinCorner account via the Lightning Network, a layer two technology built on top of the Bitcoin network that allows transactions to be sent and received almost instantly. Sending Bitcoin from your CoinCorner account via the Lightning Network is easy, and with no fee whatsoever, a great alternative to sending your funds if the recipient wallet is Lightning compatible.

 

How do I send Bitcoin via the Lightning Network?

The process for sending Bitcoin via the Lightning Network is simple, it barely differs from sending a standard transaction, and a guide on how to do so can be found below:

 

1) Login to your CoinCorner account.

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2) Go to the Send tab on the Send/Receive page.

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3) Raise a Lightning invoice with the receiving wallet, or request a Lightning invoice from the recipient, and paste that into the Recipient field.

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The icon in the Recipient field will update to show a Lightning symbol if the invoice entered is valid. You will also see the BTC value in the Amount box update to show the amount requested in the invoice, and the Network Fee be set to zero as there are no fees to withdraw via Lightning from your CoinCorner account.

 

4) Check you are happy that the amount stated in the Amount section is how much BTC you want to send and, if happy to proceed, click the Send button.

 

How do I receive Bitcoin via the Lightning Network?

The process for receiving BTC into your CoinCorner wallet via the Lightning Network is below:

 

1) Login to your CoinCorner account.

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2) Go to the Receive tab on the Send/Receive page.

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3) Click the Lightning icon and enter the amount of satoshis you want to receive through payment of the invoice in the top box and an optional description of the payment in the bottom box and click Submit.

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4) Provide either the QR code for the transaction to the remitter to scan, or copy and paste the text version of the invoice below and provide that. The remitter can then send the funds from their wallet (must be Lightning compatible) and you will see the funds reflecting in your account soon after.

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The invoice can be cancelled by clicking the Cancel Invoice button.

 

Can CoinCorner merchant accounts receive invoice payments via Lightning?

The ability for CoinCorner business/merchant accounts to receive an invoice payment via Lightning is currently only available on invoices created via the API.

Lightning payments must be enabled on your business/merchant account for this to be possible, and this can be done in the Configure tab in the sidebar of your account.

 

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