LIGHTNING WALLET

lighting network is a friendly system that enables speed, cost relief of BITCOIN transactions, and the features we saw in previous magazines about lighting network. And in order to benefit from this and make transactions in the lightning network system, a lighting wallet is required.

What is lighting wallet?

This is a program with an application that allows you to send, receive and store bitcoins at the level of satoshi (satoshi is a small amount of bitcoin for example cents in a shilling).

The two main types of wallets are;-

1. Custodial wallets;

these n wallets in which the management of private keys lies with the authorities of the respective wallets. They make it easy to send and receive online currency. Also, the beauty is that if you forget to open your wallet, you can request new keys from wallet owners via e-mail and you will not have lost your coins that were in your wallet. With this feature, it helps people who are starting the journey of Internet currency (Bitcoin). An example is the wallet of SATOSHI, blue wallet etc

2. Non-custodial;

these are wallets in which the management of private keys rests with the user himself. These are used by the most experienced in online currency. And if you forget your password or lose your private keys, you will not be able to find them again, causing you to lose your coins completely. Examples are Muun, Phoenix etc

These two types fall into two categories:- mobile wallets (hot) and hardware wallets (cold)

1. Mobile wallets hot..

these are wallets that can work with the presence of the internet and work on devices such as phones, computers and browsers. The advantage of these is that you will be able to use your coins anytime. You can also change to get cash or make online currency payments. 🎯These are very useful for people who use their coins in daily transactions.

2. Hardware wallets cold

These are wallets that keep bitcoins for a long time in specialized equipment. When someone needs their coins, they transfer them to mobile wallets and then you will be able to use them.🎯These are suitable for people who keep their internet coins for a long time without using them