Frequently asked questions
Below we’ve provided some information on the Lighting Network and our service. If you have any other questions, please feel free to get in touch .
What is Lightning Central?
Lightning Central provides information on a simple, easy way to use the Lighting Network.
We provide a node on the Lighting Network that users can connect to in order to send payments. We also open channels on the Network for a fee - for those who need them.
Our Lightning Network node already has a lot of connections to other nodes on the network. So, when you connect through us, you get well connected into the network, making payments faster and cheaper.
What is the Lightning Network?
The Lightning network is a “Layer 2” network on top of the bitcoin blockchain. In the Lightning Network, you can use channels to others to make fast, secure and cheap transactions, that are eventually settled on the blockchain.
What cryptocurrencies are on the Lighting Network?
The Lightning Network originally started with bitcoin, although several other currencies are planning their own versions. Recently, Litecoin has been operating a more modestly sized Lightning type network.
Interestingly, a number of stable coins – those tied to non-cryptocurrencies such as the USD – have been rumored to be moving to use the same technology, which would allow micropayments in USD.
What is an Account?
The Lightning Network's technical term for our Accounts is "channels"
In the Lightning Network, a "channel" must be established between two parties in order for them to send payments to each other. Payments can also be sent through a number of nodes, as long as they have channels in place. So getting a channel in place allows you to accept payments from any number of folks on the Lightning Network.
We should also say that the way that a channel is funded matters. If I fund a channel between us with 0.1 BTC, I (or someone connected to me) can send you that much through our channel. If you fund a channel between us with 0.1 BTC, you (or someone connected to you) can send me that much through our channel.
Why might I need an Account?
The Bitcoin Lightning Wallet we suggest comes with the ability to receive 0.1 BTC. You will need an Account if you receive 0.1 BTC and still want to receive more.
Can I pay people through the Account you set up for me?
You will be able to send payments out from your Account as soon as it is funded (your put some bitcoin into that Account). These funds will be used for the payments you want to make as well as for (very modest) network fees.
Putting bitcoin in your Account is simple and described in the "How it Works" section. You can send into your Account from an exchange (e.g. Coinbase) or a bitcoin wallet. Many people in the U.S. use the CashApp.
How much do you charge?
Our pricing is generally about a small fraction of the channel size you are buying. Our pricing by channel can be seen in on our “Get an Account” page.
Can I buy a channel for dollars?
Yes. You can buy a channel for USD using Mastercard and VISA.
Can I buy a channel for someone else?
Absolutely! During the purchase and sign up process, you will be able to send us the e-mail of a person to whom you want to gift a channel. We will take it from there, keeping you notified of key events as your channel gift is activated.
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