Bitcoin & Lightning Network on Kraken, how does it work?

[dirtyharry]

Lately I see the option to choose Lightning Network protocol for Bitcoin transfers.

Can you tell me if I can choose this for any bitcoin transfer I want to receive or does the sender need to use the same network then?

Can you help me please?

 

[aniglo22]

Yes sender and receiver must use the same protocol. Just use Bitcoin Network "Standard blockchain protocol" in your picture. Lightning is more complicated.

 

[JackAlabama]

dirtyharry said:
Lately I see the option to choose Lightning Network protocol for Bitcoin transfers.

Can you tell me if I can choose this for any bitcoin transfer I want to receive or does the sender need to use the same network then?
View attachment 7609

Can you help me please?
Click to expand...

overall its more complicated thing.

im not a kraken user but maybe they have a limitation of 1000 usd or smth like that for lightning transfers, due to liquidity or fatf regulations (on private transactions).
Best is you use it to / from yourself at first with wallet of satoshi, because lightning invoices have timeouts and such things.

 

[float]

Think of lightning as more for instant lower-value transactions. You'd use lightning if you wanted to pay for you sandwich at Subway, or tickets at the cinema. The 'standard' Bitcoin network is for everything else. If someone has send you an address that starts with 1, 3 or bc1, it's a normal Bitcoin address on the normal Bitcoin network.

You'd know if you'd get a Lightning invoice because it's much longer than a usual Bitcoin address and it starts with 'ln'.