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The Lightning Network strikes again. In a small but significant development of Bitcoin (BTC), a new type of his BTC address was developed. introduced: “Lightning Address”. These unique identifiers are specifically designed for use with the Lightning Network, a Layer 2 payment protocol that runs on top of the Bitcoin blockchain.
A user-friendly addition for Bitcoin users to send, receive, and even raise funds, manage Lightning addresses, and allow users to connect to their nodes. Crowdfunding is he one of the most common real-world uses of Lightning addresses.
Cointelegraph spoke with Geyser Fund Chief Technology Officer MetaMick to learn more about how Lighting Addresses are being used and why crowdfunding is such an easy feat for the technology. Geyser Fund is a crowdfunding platform similar to GoFundme, but using Bitcoin and Lightning.
Lightning addresses are email-like identifiers that allow users to send values to each other via Lightning. explains MetaMick, chief technology officer at Cointelegraph was able to test the service and raise funds immediately.
Creators can now receive project contributions to their Lightning address.
Launching a crowdfunding project has never been easier.
“Yes, it’s too soon, Mick!” @JoeNakamoto pic.twitter.com/hUFZapyUqj
Geyser (@geyserfund) December 16, 2022
These wallet addresses can be created in custody solutions like Wallet of Satoshi, CoinCorner, BitRefill, etc. and can be quickly synced to Geyser Fund.
Simply link your wallet to Geyser and all donations go directly to your wallet.
Crowdfunding has long been an area of interest for Bitcoin and cryptocurrencies. Thanks to Bitcoin’s censorship-resistant and self-sovereign properties, it is one of the most efficient ways to send money online.
The first widespread use of Bitcoin to raise funds was the 2011 WikiLeaks campaign, where Julian Assange raised thousands of Bitcoins when access to banking services was cut off. Most recently, Bitcoin was used in a Canadian trucker protest when the Canadian government shut down a US dollar-based crowdfunding solution. It was a similar story with the Nigerian protesters.
However, Lightning Addresses take fundraising a step further in terms of both speed and ease of use. While a typical Bitcoin transaction takes an average of 10 minutes, Lightning Network transactions can be completed almost instantly. I can do it. Lightning is great for small, frequent 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 now have a faster and easier user experience to raise funds. Moreover, thanks to the “Hodl invoice”, all funds are transferred directly to the creator’s Lightning address, so Geyser does not act as a custodian. The result is a trustless, non-custodial process, a key tenet of the Bitcoin philosophy.
Related: Not medical advice: Bitcoiner implants lightning chips and pays BTC by hand
Ultimately, the Lightning Network still has some hurdles to overcome, such as the need for easier-to-use wallets and better integration with existing payment systems, but the Lightning Network has the potential to revolutionize how payments are made. It is clear that there is , and the money is collected online.
As more users adopt the Lightning Network and take advantage of these new addresses, we may see a major shift towards more efficient, cost-effective, and censorship-resistant online payments.
