Bitcoin Lightning Network Payouts
Introducing lightning-fast Bitcoin Lightning Network payments ⚡
https://www.kryptex.com/billing/payouts/request/btc-ln
Withdraw Bitcoins daily, with ultra-low fees and lightning-fast processing.
Bitcoin Lightning Network is a second-layer protocol designed to speed up and reduce the cost of transactions within the Bitcoin network. It addresses scalability and speed issues. Here are its key features:
- Speed:
- Bitcoin Network: Confirmations take about 10 minutes, but it can take hours or even days during high load.
- Lightning Network: Transactions are processed within minutes.
- Fees:
- Bitcoin Network: Fees are high, especially during network congestion.
- Lightning Network: Fees are minimal.
- Scalability:
- Bitcoin Network: Limited by the block size.
- Lightning Network: Allows thousands of transactions off-chain, only updating the main blockchain when necessary.
However, Lightning Network has its limitations:
- Liquidity: Large transactions require a substantial reserve of bitcoins. Lightning Network isn't suitable for sending large amounts.
- Connectivity: Your wallet or exchange must support Lightning Network.
- Complexity: Interfaces are more complicated than regular Bitcoin transactions. To send funds through Lightning Network, you need to create an invoice on the receiving side and paste it when sending.
What is an invoice in the Lightning Network
An invoice is a payment request in the Lightning Network.
Unlike a regular Bitcoin transfer, you don't enter a wallet address. Instead, you create an invoice for a specific amount of bitcoins on the receiving side. The payment form reads the data from the invoice and sees how much and where the bitcoins need to be transferred.
An invoice looks like this:
lnbc15u1p3xnhl2pp5jptserfk3zk4qy42tlucycrfwxhydvlemu9pqr93tuzlv9cc7g3sdqsvfhkcap3xyhx7un8cqzpgxqzjcsp5f8c52y2stc300gl6s4xswtjpc37hrnnr3c9wvtgjfuvqmpm35evq9qyyssqy4lgd8tj637qcjp05rdpxxykjenthxftej7a2zzmwrmrl70fyj9hvj0rewhzj7jfyuwkwcg9g2jpwtk3wkjtwnkdks84hsnu8xps5vsq4gj5hs
Key parameters encoded in the invoice:
- Amount — how many bitcoins to transfer.
- Recipient — the address or ID of the recipient.
- Expiry time — the duration for which the invoice is valid. Usually, it's active for 15-60 minutes.
- Description — additional information if required.
How to Send Bitcoins via Lightning Network
Your wallet or exchange must support the Lightning Network.
If your wallet or exchange does not support the Bitcoin Lightning Network, you cannot send bitcoins via the Lightning Network. You cannot send Lightning Network payments to a regular Bitcoin wallet.
- List of wallets that support the Lightning Network.
- List of exchanges that support the Lightning Network.
Create an invoice to receive Bitcoins in your wallet or exchange. Let's take Binance as an example.
- Select "Deposit" → "BTC".
- Choose the network → "Lightning Network."
- Enter the amount to receive in Bitcoins, e.g., 0.0001 BTC, and click "Create Invoice."
- Take the network fee into account when withdrawing. If you want to receive 0.0001 BTC and the fee is 0.000005 BTC, you should have at least 0.000105 BTC in your balance.
Copy the generated invoice.
Open the payout page Bitcoin (Lightning) in the Kryptex personal account.
- Paste the invoice in the "Lightning invoice" field. The amount cannot be changed as it has already been encoded in the invoice.
Request the payout and confirm it via email as usual.
Invoice Entry Error
- Invoice format is invalid — the invoice is either invalid or missing characters. Kryptex works with BOLT11 invoices.
- This invoice expired. Please, order a new one — please request a new one. Your invoice has expired. Please create a new invoice and try to enter it faster. Typically, an invoice is valid for 15-60 minutes.
- Invoice Amount Limits — the invoice amount should neither exceed nor be below the set payout limits. If you need to withdraw more, make multiple transfers or use the regular Bitcoin withdrawal.
- Network Fee Consideration — take the network fee into account when withdrawing. If you want to receive 0.0001 BTC and the fee is 0.000005 BTC, you should have at least 0.000105 BTC in your balance.
