Bitcoin Lightning Wallets Raise The Bar

The latest in user-friendly Bitcoin Lightning Wallets such as the likes of Bluewallet are set to bring in a revolutionary change to the future of crypto payments. Users are now able to send and receive Bitcoin Lightning payments right from their mobile devices.

Raising The Bar:

Bluewallet now offers invoice generation as well the receiving of Lightning Network payments directly to mobile devices. On the other hand, Wallet of Satoshi is yet another recently launched user-friendly mobile app which is targeted at the Australian market down under which already boasts similar functionality to that of Bluewallet.

With a bunch of other newly-released LN wallets currently making waves in the crypto arena, Bluewallet and Wallet of Satoshi are the most user-friendly and easiest to get started with, due to their simple functionalities.

Australians can use Wallet of Satoshi to send BTC via Lightning Network to pay bills and buy products and services from participating merchants across Australia.

Together, these two “parent-friendly” wallets are paving the way for making it easy to send and receive payments. Furthermore, just when you thought it couldn’t get even better, these transactions can be as small as a fraction of cent, and that is just downright revolutionary! But why? Let us tell you.

Online Micro-Transactions Are Now Viable:

Can anyone remember Changetip? Found back, six years ago in 2013, this app enabled BTC users with the ability to send microtransactions across many social media platforms. Unfortunately, it was short lived as the service just wasn’t economically viable. Added to this were on-chain transaction fees and painful confirmation wait times and this made the overall user-experience especially inconvenient, more so when sending smaller amounts.

The service was finally shut down in 2016 when Airbnb acquired it. Enter 2019, and now these aforementioned wallets might just be the resurrection for this concept as transactions currently are instantaneous with almost zero cost with LN payments.

Tippin is one of these promising applications for the future of online micro-payments which is similar to ChangeTip but harnesses LN payments instead for better user experience. Meanwhile, another similar service is currently being utilised on the front page of the internet IE Reddit, known as the LN tipbot; it allows anyone on the platform to tip using simple text commands.

Yes we know, the functionality is still very much in the teething phase, but the advent of bidirectional and easy-to-use Bitcoin LN wallets now allows users to cash in their tips directly to their mobile devices in mere seconds.


Could This Mean Bitcoin Will Scale Beyond Visa?

The arrival of these next-gen mobile wallets gives us a unique peek into the possible future of online payments. Of course, there are some notable issues, such as the inability to withdraw sathoshis from the LN wallet to one’s on-chain BTC wallet, but this feature will be added to Bluewallet soon.

While we wait for this to happen, the Lightning Network is growing at a lightning-fast rate (see what we did there?) and currently sports over 5000 nodes with well over $2 million USD in capacity.

This additional layer which is forming on top of Bitcoin is set to become to the undeniable future of fast and cost-effective online payments while also potentially making altcoins, which were designed to be faster and cheaper, obsolete.

Prior to the LN, as we know, Bitcoin could only handle a measly seven transactions per second (tps), which many argued would ultimately mean it could never compete with the likes of traditional institutions such as Visa which can process up to 45,00 tps.

However, Bitcoin’s LN promises to handle millions of transactions per second as well as the arrival of sending amounts as small as that of a fraction of a penny.

We certainly think that this will ultimately elevate the Bitcoin adoption rate going forward. In addition to this, the possibilities of this technology could be revolutionary in a myriad of other ways.

What are your thoughts on the LN network and the advent of Bitcoin Lightning wallets? Let us know by leaving a comment below.