How to start receiving bitcoins
1. Download the app
Bitcoin is an open network on which there are many applications (called wallets) that allow you to receive, send and store bitcoin.
Bitcoin has two levels:
Bitcoin On-Chain – used for transaction over 500 Euro. It is slower to be confirmed (can be hours) and fees per transaction are higher.
Lightning – used for transactions up to 500 Euro. It is instant, it is Off-Chain, fees per transaction are very low.
For starters, we recommend Wallet of Satoshi for simplicity. It can hold and transfer both, Bitcoin and Lightning as well.
2. Customize the app
In the upper right, click on the three dots to set the default currency, language and backup email.
3. Accept Bitcoin
Press the Accept button. Click on Determine amount and write down amount of money in your currency, how much the customer should pay you.
If customer is present, he then scans the QR code and pays. If he is not present, copy your Lightning Address (you can find it in your wallet) and send its to your customer. Using your Lightning address the customer can send you Lightnings or Bitcoins.
4. Secure your bitcoins for the long term (optional)
It is not safe to store large amount of Bitcoin on mobile. Once you receive more bitcoin, learn to use a hardware wallet .
Why Bitcoin ?
Negligible fees
The usual fixed fee per transaction is approximately 0.01 CZK and is paid by the customer. No percentages on the transaction like with cards.
It is easy
No contracts, no special hardware. All you need is a smartphone or tablet with the app.
No one will take your Bitcoin away
Payments are final. You are not in danger of having the transaction canceled by the card company.
You will reach new customers
The community will learn about you through word of mouth, social media and bitcoin maps.
Questions & Answer
Is Bitcoin lightning the same as Bitcoin?
The Lightning Network is a second layer for Bitcoin (BTC) that uses micropayment channels to scale the blockchain’s capability and handle transactions more efficiently and more cheaply. It is a technological solution designed to solve glitches associated with Bitcoin by introducing off-chain transactions.
Is lightning part of Bitcoin?
Lightning is a secondary network that sits on top of the bitcoin blockchain. It’s a network of payment channels that allows for near-instant, low-cost bitcoin transactions. On the Lightning Network, users can send and receive bitcoin without having to wait for confirmations on the blockchain.
What is the difference between lightning and Bitcoin address?
Using the Lightning Network is a faster and cheaper way to send and receive bitcoin transactions. There are typically little to no fees involved, and it’s used to send smaller amounts of bitcoin.
How do I convert Bitcoin to Bitcoin lightning?
Enter the desired amount of Bitcoin and write your wallet address to receive currency. Send Bitcoin to the address from your order, after the required network confirmation, Bitcoin (Lightning) will be sent instantly.
How fast is Bitcoin lightning?
Exactly how fast is the Lightning Network? The Lightning Network is capable of handling 1,000,000 transactions per second, while the main Bitcoin blockchain can handle around 7 transactions per second.
Is BTC Lightning anonymous?
In addition to this, Lightning Network is anonymous because the transactions are made off-chain the main Bitcoin network. That means, there is one more level of security added over the Bitcoin blockchain, that is not anonymous but pseudonymous.