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Using Bitcoin Lightning to propel mass-adoption of cryptocurrency by alex-rourke

View this thread on: hive.blogpeakd.comecency.com
· @alex-rourke · (edited)
$44.57
Using Bitcoin Lightning to propel mass-adoption of cryptocurrency
A question you might hear often from people who are new to cryptocurrency is 

"How do I convert cryptocurrency to REAL money?"  

Those reading this on Leo Finance probably have a few dozen solutions on the tip of your tongue, but for the millions of normies out there, the answer is not so obvious.

So, I decided to see if I could come up with an easy enough way for my friends to start receiving Bitcoin Lightning and showing them how to get it into their bank account.

I thought I'd start with my business-owner friends.

##### Step 1: get an app

The first thing I did was find a Bitcoin Lightning Wallet App.   I honestly didn't do a whole lot of research.   I watched a YouTube video on Wallet of Satoshi and decided it was good enough for this experiment:

https://www.youtube.com/watch?v=7JTxwhe6Pnk

I realize the video is 50 years old in Crypto-years, But it's pretty well explained.
##### Step 2: load some BTC

Next thing I did was load up my Wallet of Satoshi with some Bitcoin. I did this by sending some BTC to the on-chain address provided by the App:

![Wallet of Satoshi  BTC on chain.jpeg](https://images.hive.blog/DQmYUrdQeq5YX2aLwi4UDXgCdGW6GMVreAeunBFphgXat9V/Wallet%20of%20Satoshi%20-%20BTC%20on%20chain.jpeg)

You are welcome to send some BTC to this address for research funding :)

After a few confirmations, BTC showed up in my wallet and are ready to be used on Lightning Network.

##### Step 3: make a Bitcoin Lightning Payment

Here I asked my friend to use the "receive" option in Wallet of Satoshi and add a test amount of 12345 Sats.

This opens a QR which I can then scan to send the requested amount.  Q46 is the local currency. You can choose which currency you would like displayed.

![Wallet of Satoshi  receive.jpeg](https://images.hive.blog/DQmXT46E2oNo15HWksY81pD5sQLrVXomJUZxGNJH8kNLGJ6/Wallet%20of%20Satoshi%20-%20receive.jpeg)

Once I press "send" the other person receives a payment confirmation. Now this is where it gets cool because they actually see the magic happen in front of their eyes:  

![Wallet of Satoshi  Successful transaction.png](https://images.hive.blog/DQmf1dhvvr8gR4fRx2F3iXmu2BkwoRePakhgpNxeAaw2oGs/Wallet%20of%20Satoshi%20-%20Successful%20transaction.png)


##### Step 4: Convert Bitcoin lightning to local currency

Once you have BTC in your Wallet of Satoshi, you can 
a) Send it to a on-chain BTC wallet with something like [Zig Zag](https://zigzag.io/)  .  I personally use a cold-wallet called [Trezor](https://trezor.io/).
b) use a website such as [compradinero.com](https://www.compradinero.com/) in my country, where you enter your bank information and send BTC to a provided wallet and that's it!  In about 60 seconds my friend received his converted sats in local currency in his bank account.

You might have seen @kaleelkazi in the latest Leo Finance Podacast where he interviewed Esteban de La Peña of IBEX who are doing this exact thing in El Salvador now that Bitcoin is legal tender in this country:

https://peakd.com/hive-167922/@khaleelkazi/rtkrimfg
https://youtu.be/n_KDgUR5pW0

Maybe we can hear from @galberto who is from El Salvador.   What is your impression of Bitcoin adoption in your country my friend?


I'm sure there are a million other ways to do this, but I decided to choose this one for now and see if people like and understand it. I realize adoption is a slow process, so I'm happy if a few people start using #Bitcoin Lightning.

 I'll let you know how it goes.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@alex-rourke/using-bitcoin-lightning-to-propel-mass-adoption-of-cryptocurrency)
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@anaghamahishi ·
Thanks for the information. I have never used this wallet. I'll use it for sure. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@anaghamahishi/re-alex-rourke-4nvzph)
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vote details (1)
@antoniojoseha ·
In Vzla, Binance have an option for p2p transactions with 0% fees, is the most used. I think in Argentina that option is available too.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@antoniojoseha/re-alex-rourke-4yzjnt)
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vote details (1)
@alex-rourke ·
$0.07
> e most us

I gave this Binance p2p a try this weekend to purchase some USDT.  I think it works quite well actually.  pleasantly surprised.
👍  
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vote details (1)
@cryptictruth ·
Easiest way is to covert to USDC and spend it with the Coinbase debit card. You get a tiny apy on the usdc and a 4% xlm cash back. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@cryptictruth/re-alex-rourke-79dfjc)
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@alex-rourke ·
$0.39
Is the Coinbase debit card only available to US Re...
Is the Coinbase debit card only available to US Residents?

 Posted using [Dapplr](https://app.dapplr.in/Pd4fMofezhP6BkZ6A)
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@cryptictruth ·
I think so… 
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@fabian98 ·
The truth is quite impressive to see how it is becoming easier to use cryptocurrencies and encourage others to do so, and of those millions of ways to send crypto to fiat money I know about leofinance but many bridges are used and in the end a lot is lost in fees.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@fabian98/re-alex-rourke-5rvyeu)
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vote details (1)
@galberto · (edited)
Thanks for the mention, yes man, the goat wallet based on lightning network is something quite practical and fast to transfer, currently we have all received a btc airdrop from our government and we have around 200 ATMs available to make transactions in a very Efficient whether it is buying or selling btc, people are excited and a few are upset but, for the vast majority this represents a gateway to the investment world, Esteban has done a great job, today you can buy gasoline using your btc, and receive a discount of $ 0.20 per gallon purchased that is an incentive, note that the way to use it here is with dollars directly, bone nobse they have visible satoshi you transfer the btc as if they were dollars and the system transfers the satoshis without appearing only the btc transfers and its equivalent in dollars I think this is better because it avoids confusion between people, so we are doing well, here we are all excited about this implementation, imagine, and you have a connection to load funds to the wallet just by adding your bank account and making or authorizing a transfer directly to the wallet, or with your credit card, so this is really going to change life.



![Screenshot_20210920-170533~2.png](https://images.hive.blog/DQmUxzVb2ujwueQYRof3y32HfAB3ZBkXGGq8GhxjRCX65kQ/Screenshot_20210920-170533~2.png)
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vote details (2)
@alex-rourke ·
This is very encouraging! :) The gasoline incentive is amazing.    I hope people don't start panic selling because of the dip.    They should buy!!!

Did you already buy a parcel in Bitcoin City? xD. 
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@gangstalking ·
Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
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@hivebuzz ·
Congratulations @alex-rourke! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://images.hive.blog/60x70/http://hivebuzz.me/@alex-rourke/posts.png?202110031803"></td><td>You published more than 20 posts.<br>Your next target is to reach 30 posts.</td></tr>
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<sub>_You can view your badges on [your board](https://hivebuzz.me/@alex-rourke) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>


To support your work, I also upvoted your post!


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@hivebuzz ·
Congratulations @alex-rourke! You received a personal badge!

<table><tr><td>https://images.hive.blog/70x70/http://hivebuzz.me/badges/birthday-1.png</td><td>Happy Hive Birthday! You are on the Hive blockchain for 1 year!</td></tr></table>

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@sapphirecrypto ·
Yeah I also use Wallet of Satoshi due to the payment channels being handled, ease of use is a given. Simply hold small amounts, as it can be topped up easily and quickly. Somehow Lightning managed to remain under the radar for some time... but that is changing! 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@sapphirecrypto/re-alex-rourke-68w2zh)
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vote details (3)
@alex-rourke ·
Yeah! I've found it incredibly easy and practical.    I also think of it like an actual physical wallet.   I only have small amounts in case it gets lost.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@alex-rourke/re-sapphirecrypto-35mcmo)
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vote details (2)
@sapphirecrypto ·
Yes, exactly!
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@williamtboy ·
Please is this Bitcoin lightning different from BTC because I'm getting confuse.
I know how to convert BTC to cash but I don't know about this BTC lightning..

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@williamtboy/re-alex-rourke-u5naz)
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@alex-rourke ·
The Lightning Network is a second layer added to Bitcoin's (BTC) blockchain that allows off-chain transactions.   It's super fast and super cheap.  

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@alex-rourke/re-williamtboy-6fx378)
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@williamtboy ·
WOW. Is it in every BTC wallet address or we can find it in one specific wallet.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@williamtboy/re-alex-rourke-5yxedn)
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