The Lightning Network is a second layer solution on top of Bitcoin. It allows for considerably faster and cheaper transactions compared to on-chain ones. All that without compromising security. Whereas on-chain transactions require a fee in the range of several dollars and ten to twenty minutes of confirmation time, Lightning transactions usually cost a fraction of a cent and are instant. This greatly incentivizes the usage of bitcoin as a transaction method.
You can read more about the lightning network fundamentals in the Layered Money – Bitcoin Ecosystem Innovation beyond Layer-1 Decrypt article.
Bitcoin Lightning and Bitcoin Suisse Pay
Bitcoin Suisse recently added support of the Bitcoin Lightning Network as part of its Bitcoin Suisse Pay service. This means that merchants across Switzerland can now accept Lightning transactions along with the existing bitcoin on-chain and Ethereum transactions. This allows payers to save a significant amount of blockchain fees and waiting time. This also encourages the overall usage of cryptocurrencies for transactions.
Using Lightning is very simple. You just need to download a Lightning compatible wallet and deposit some bitcoin. All the rest is handled automatically. We recommend the following mobile lightning wallets for the best user experience:
5. Blue Wallet
Once you install one of these wallets, simply deposit some bitcoin – using a regular on-chain transaction and start using Lightning right away!