Lightning network use in SA

[Mobus]

Anyone with experience in using the lightning network?

After reading this https://www.coindesk.com/strike-lau...nt-app-in-el-salvador-full-eu-support-is-next I was wondering to what extent it could be applicable to South Africa's low incoming communities and enabling low cost electronic "banking".

It read a "how to" on setting up and using your lightning wallet, which still seems fairly complicated. It also mentions sync'ing to the network on first run, which immediately raises the question of data usage in my mind. It doesn't help if you can save monthly banking fees, cut out ATMs and other middlemen, but ruin all the gains with R0.5 / Mb in data charges.

 

[backstreetboy]

Anyone with experience in using the lightning network?

After reading this https://www.coindesk.com/strike-lau...nt-app-in-el-salvador-full-eu-support-is-next I was wondering to what extent it could be applicable to South Africa's low incoming communities and enabling low cost electronic "banking".

It read a "how to" on setting up and using your lightning wallet, which still seems fairly complicated. It also mentions sync'ing to the network on first run, which immediately raises the question of data usage in my mind. It doesn't help if you can save monthly banking fees, cut out ATMs and other middlemen, but ruin all the gains with R0.5 / Mb in data charges.

Data is getting cheaper and will continue to do so. I paid R600 for 3gb 11 years ago and now I can get 200gb for just R100 more.

 

[BitcoinZAR]

The 'easy way' to use lightning is to just use a wallet like Blue Wallet (https://bluewallet.io/) that makes it dead easy to use.
If you are not running your own lightning node, then you dont really need to worry about data usage, just open the App and use it when you need to.
Its possible you looked into setting up your own lightning node and channels etc, which might be complicated for some. If you just use the BlueWallet app, its not hard to do at all.

If you do run a node or want to open a channel to me, you can check out the details for connecting to me here: https://1ml.com/node/03a8ef90e092600119e57e1ae2aac06789e1346d016d56aa3f0f1c1a88e283a064

 

[bromster]

Imagine buying a Vida coffee with BTC tomorrow.

I'd have nightmares about it for years.

 

[w1z4rd]

Litecoin and Doge have lightning support. It makes transactions faster and cheaper.

 

[Roman4604]

Imagine buying a Vida coffee with BTC tomorrow.

I'd have nightmares about it for years.

Don't imagine, rather do [in a roundabout way].

- Move BTC 'coffee amount' from main secure wallet [e.g. Trezor] to lightning enabled wallet [e.g. Muun for Android] using standard, slow BTC on-chain transfer [with confirmations].

- Go to www.bitrefill.com and navigate to purchase Vida gift voucher for ZAR amount required. Checkout and select pay with BTC lightning.




- Scan BTC Lightning invoice QR code with with Lightning Wallet using phone's camera. Lightning payment [off-chain] is near instantaneous [& no confirmations], and voucher gets mailed to you.


- Go to Vida, order whatever and at payment time, present gift voucher code.

So bit of a rigmarole, but certainly possible. In future the idea would be that the Vida POS would be able to display the Lightning invoice QR code and you'd scan with Lightning wallet on your phone at time of placing order in store.