Lightning vs BCH
The lightning network may be a fast and cheap way to spend your BTC but the lightning network has some major flaws in my view and many security risks in that all transactions require you to trust multiple 3rd parties to open payment channels in order to use the network.
If you want to send your lightning BTC, on the blockchain to a secure wallet you will also be likely to incur a high transaction fee.
For those of you out there that would prefer to hold BCH instead here is a simple solution I have found to convert your Lightning BTC to BCH for a very small fee.
The online exchange 'FixedFloat' offers instant exchange from Lightning BTC to BCH. I have pasted a link to the exchange below as well as a screenshot of the website.
Screenshot of FixedFloat Exchange
The site is called 'FixedFloat' because it offers a 'Fixed' rate of exchange with a 1% fee or a 'Floating' variable exchange rate for a 0.5% fee.
Simply select the amount of Lightning BTC you wish to send and also input your BCH address in the destination box and fixed float will create an invoice for you to send your Lightning BTC to and the exchange then takes place instantly.
The site requires no KYC although you can create an account if you wish to keep a record of your transactions which might be helpful.
I believe in the future of Bitcoin Cash and would much rather keep my crypto as BCH instead of Lightning BTC. I personally use the BCH wallet provided by bitcoin.com which is non custodial meaning you hold you your own private keys. True financial sovereignty, which is the whole purpose of why crypto was created in the first place!
Below is a link to the Bitcoin.com wallet which you can use on android or ios
You can keep your crypto on an regulated exchange if you wish, but then you give up your financial sovereignty and trust a 3rd party to look after your funds. It's not much different from holding your money in a bank!
Centralized Exchanges are facing more and more regulatory pressures, holding your own private keys means the crypto belongs to you only, just keep your private keys safe!
For reference I have posted a link to video about keeping your private keys safe below.
If you want to earn a little Lightning BTC to get started take a look at ZBD wallet there are many way you can earn a little Lightning BTC from the many games and apps which integrate with this Lightning wallet.
Here's the link to ZBD wallet below, check it out, it won't take you long to earn enough to trade it for some BCH.
I hope you have enjoyed my article, you can check out some more of my articles here if you wish. 😊
https://read.cash/@onlymythoughts
Article is my own original content, lead image courtesy of Pixabay.
Oh didn't know about these before. Interesting. Maybe I will check on Fixed Float.