If you are a Bitcoin enthusiast you might be interested in learning how to deposit BTC onto TurinWallet using the Bitcoin Lightning Network. The Lightning Network is a second-layer payment protocol that facilitates instant transactions with very low fees or none. In this blog post, we will guide you through the process of depositing BTC onto TurinWallet using the Lightning Network. Please note that for this specific guide, we will be using Kraken exchange to withdraw BTC as they are one of the few exchanges that support Lightning Network transactions.
Depositing BTC from Kraken Exchange onto TurinWallet using the Lightning Network.
To deposit BTC onto TurinWallet using the Lightning Network, you first need to withdraw BTC from your exchange platform. As mentioned earlier, we will be using Kraken exchange for this specific guide. But remember, you can also use other exchanges that have lightning support, like these here.
Follow these steps to deposit BTC from Kraken exchange onto TurinWallet:
1. Log in to your Kraken account and select the "Funding" tab on the top of the page.
2. Search for BTC and select "withdrawal" (Arrow pointing up).
3. Once you're on the deposits and withdrawals page. Click on the "Withdraw" button next to deposit.
4. Choose the Lightning Network option and then click on "add withdraw request"
5. Open the TurinWallet app and select the "deposit" icon.
6. Click on the "Lightning Bitcoin" option, introduce the exact amount you want to receive (10.00 e$ for example) from the exchange, slide to generate invoice and copy the LN address displayed.
7. Go back to your Kraken withdrawal page and paste the TurinWallet Lightning Network invoice number in the "withdrawal request" field under "add withdrawal request".
8. Fill in the "request label". Note that it cannot be the same name as previous requests.
9. Click on "add withdrawal request" button and confirm the transaction sent to your email.
10. Go back to Kraken and click on "manage withdrawal requests", and select the one you created.
11. Finally, click on the "withdraw BTC" button.
12. Wait for a few minutes for the transaction to be processed by Kraken and your BTC will be deposited onto your TurinWallet.
Three benefits of using the Lightning Network
The Lightning Network offers several benefits to cryptocurrency users, especially those who frequently transact with BTC. Some of the benefits include:
1. Instant transactions: The Lightning Network enables instant transactions, making it ideal for micro-transactions.
2. Low fees: Lightning Network transactions have very low fees, making it cost-effective for users.
3. Scalability: The Lightning Network can handle millions of transactions per second, making it highly scalable.
Depositing Bitcoin onto TurinWallet using the Bitcoin Lightning Network is a simple process that can be completed in just a few steps. By withdrawing BTC from Kraken exchange and depositing it onto TurinWallet using the Lightning Network, you can enjoy fast and cost-effective transactions. Additionally, the Lightning Network offers several benefits to users, such as instant transactions, low fees, and scalability.