A handy addition to the ways Bitcoin users can send, receive, and even collect money, Lightning addresses can act as custodians, or users can connect to their own nodes. Crowdfunding is among the most popular real-world uses for Lightning addresses.
Cointelegraph spoke to MetaMick, CEO of Geyser Fund, and Stelios Rammos, CTO, to better understand how Lighting Addresses are being used and why crowdfunding is such a low-hanging fruit for this technology. Geyser Fund is a crowdfunding platform similar to GoFundme but that uses Bitcoin and Lightning.
Lightning addresses are “email-like identifiers that allow users to send value to each other via lightning. They are easy to save and reusable (unlike bolt11 lightning addresses),” explained MetaMick, chief technology officer at Geyser Fund. Try Cointelegraph the service and be able to raise funds in no time. short:
First developed by Andre Neves and Fiatjaf (the developer behind Nostr), Lightning wallet addresses can be generated on custodial solutions such as Wallet of Satoshi, CoinCorner, or BitRefill, and quickly synced with Geyser Fund:
“Just link your wallet to Geyser, and all donations will go directly to your wallet.”
Crowdfunding has always been an area of interest for Bitcoin and cryptocurrency. With Bitcoin’s censorship-resistant and self-sovereign properties, it is one of the most efficient ways to send money online.
Over 20 types of Lightning Wallet addresses are available for plug-and-play. Source: Geyser
The first large-scale use case of using Bitcoin to raise money was a 2011 Wikileaks campaign, where Julian Assange raised thousands of Bitcoin when access to banking services was cut off. Most recently, Canadian truck driver protests used bitcoin when the Canadian government shut down US dollar-based crowdfunding solutions; It was a similar story with the protesters in Nigeria.
However, Lightning Addresses takes finance a step further in terms of speed and usability. Transactions on the Lightning Network can be completed almost instantly, compared to an average of 10 minutes for regular Bitcoin transactions. Lightning is perfect for recurring small payments, like those made in brick-and-mortar stores, or for sending small donations to creators around the world.
And thanks to Lightning Addresses, Bitcoin users can now collect funds faster and with a straightforward user experience. Additionally, Geyser eschews acting as a custodian as all funds go directly to creators’ Lightning addresses thanks to “hodl bills.” The result is an untrustworthy, non-custodial process, which is a core tenet of the Bitcoin philosophy.
Related: Not Medical Advice: A Bitcoiner Implants a Lightning Chip to Manually Make BTC Payments
Ultimately, while there are still some hurdles to overcome with the Lightning Network, such as the need for more user-friendly wallets and better integration with existing payment systems, it’s clear that Lightning Network has the potential to revolutionize the way payments are made and money is raised. Online.
As more users adopt the Lightning Network and take advantage of the benefits of these new addresses, it is possible that we will see a significant shift towards more efficient, cost-effective, and censorship-resistant online payments.
