Lightning

What is Lightning?

The Lightning Network is a system built on top of the Bitcoin network that allows users to transfer BTC in a matter of seconds with low fees.

When sending or receiving BTC via Lightning on Paxful, your Paxful BTC Wallet will be used and you can use that BTC to do everything you already do on the platform.

Note: Lightning is only available on Paxful's web version, but we're working on getting it on the mobile app soon!

What is Lightning used for?

Lightning is supported by many BTC wallets and exchanges and is usually used to send small amounts of Bitcoin (also known as micropayments).

How do I send BTC on Paxful using the Lightning Network?

  1. First you’ll need a Lightning invoice—you can create this in the wallet you’re sending BTC to, or the wallet owner can generate it for you. Make sure that this app or exchange supports Lightning transactions.
  2. Head to the Lightning tab of your Paxful Wallet.
  3. Select Send.
  4. Paste the invoice you received or scan the QR code.
  5. Confirm the amount you’re sending and click Pay. 
  6. Your transaction will be processed in seconds. Please keep in mind that transactions made on the Lightning Network cannot be reversed.

How do I receive BTC on Paxful using the Lightning Network?

  1. Head to the Lightning tab of your Paxful Wallet.
  2. Click Receive and enter the amount you’d like to receive.
  3. Share the invoice with the wallet you’d like to receive the payment from, or scan the QR code.
  4. Once the transaction is initiated, you’ll receive your BTC in seconds—no need to wait for confirmations, all transactions are final.

What are the fees associated with Lightning?

When you send BTC using the Lightning Network on Paxful, you’ll be charged a 1% fee on the amount of BTC you’re sending. Paxful doesn’t charge a fee for receiving BTC via Lightning.

Where did the funds from my Lightning transaction go?

If you received funds from a Lightning transaction, they will be added to your Paxful BTC Wallet balance. Any time you use the Lightning Network to send and receive funds with your Paxful Wallet, your BTC wallet will be used.

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