Rain is the first cryptocurrency platform in the region to support Lightning Network. You can use your Lightning Network address or invoice number to complete BTC Send transactions on Rain.
What is Lightning Network?
Lightning Network is an off-chain network, which means transactions executed on the Lightning Network are not executed on the Blockchain Network.
How can I send BTC through Lightning Network on Rain?
When you visit your Send page on your Rain account, you can follow the required steps by adding your Lightning address in the address section.
Visit the Send page on your Rain account and enter the amount you would like to send from your BTC account. Enter your Lightning address in the address bar and review the transaction details. Lastly, confirm by entering the OTP in order to complete your send transaction successfully.
Once you enter the Lightning address and it is identified by Rain, your send transaction will be processed accordingly through the Lightning Network.
How are Lightning fees calculated?
Lightning Network fees are percentage based. The percentage is always 0.75% of the total transaction amount.
For example: if you are sending 100 BTC, you'll be charged 0.75 BTC in fees. If you're only sending 0.01 BTC, you will be charged 0.000075 BTC in fees.
This setup is more efficient for micro transactions as it will enable customers to pay fees reflective of the amounts being sent.
How to get a Lightning Network address or invoice number?
For Lightning addresses, you will be able to get the address from any wallet that supports Lightning addresses.
Similarly, Lightning invoices will be retrieved from a Lightning wallet user.
What is the difference between Lightning address and Lightning invoice?
Lightning addresses are compared to BTC addresses, which are used to send any amounts through. You can note that Lightning addresses will always start with the initials “LN”.
Lightning invoices are specific requests for a one-time transaction for an exact amount.
Who can receive my send transactions made through the Lightning Network?
Transactions made using Lightning Network can only happen within the same network. Failing to send funds using a Lightning address to an address not on the Lightning Network will result in an error and the transaction will not go through.
Send transactions using Lightning addresses can only be executed to a Lightning address.
It is important to note that unlike BTC addresses that last forever, a lightning address expires within 24 hours. You will receive an error message if you use an expired address and the transaction will not be completed.
What makes Lightning Network better?
Lightning Network provides our customers with faster BTC send transactions with lower fees.
While sending through Lightning Network, customers will enjoy a fast transaction completion within 5 minutes only.
Additionally, Lightning Network offers lower fees that are percentage-based and depend on the amount of the transaction. More information below regarding the network fees for Lightning Network.