Lightning Addresses on Bitcoin give Crowdfunding a leg up


Lightning Addresses enable individuals to crowdfund Bitcoin at lightning speed and without a node. News Collect this piece as NFTThe Lightning Network strikes once again. A small but significant change for Bitcoin (BTC) has been made: the “Lightning Address” is a new type for BTC addresses. Users can use Lightning addresses to connect to their own nodes or can be custodial. Crowdfunding is among the most popular real-world use for Lightning Addresses.Cointelegraph spoke to MetaMick, the chief technology officer of Geyser Fund, to better understand how to use Lighting Addresses and why crowdfunding is a low-hanging fruit for this technology. Geyser Fund, a crowdfunding platform that uses Bitcoin and Lightning, is similar to GoFundme. They are easy to remember and can be reused (unlike bolt11 lightning address),” said MetaMick, chief technology officer at Geyser Fund. Cointelegraph tested the service and raised money quickly. Creators can now receive contributions to their lightning addresses. It’s easier than ever to launch a crowdfunding campaign. “That’s it? Mick, this is just too fast! @JoeNakamoto– Geyser (@geyserfund) December 16, 2022
These wallet addresses can easily be created using custodial solutions like Wallet of Satoshi or CoinCorner. They are then quickly synced with Geyser Fund. “You just need to link your wallet to Geyser and all donations will go directly into your wallet.” Crowdfunding is a long-standing area of cryptocurrency and Bitcoin interest. It is one of the fastest ways to send money online because of its censorship-resistant, self-sovereign nature. There are more than 20 Lightning Wallet address types that can be used to plug and play. Source: GeyserThe Wikileaks 2011 campaign was the first to make use of Bitcoin to raise money. Julian Assange raised thousands when he lost access to his bank accounts. The Canadian Trucker Protests used Bitcoin to raise money after the Canadian government closed down USD-based crowdfunding options. It was the same story with protestors from Nigeria. Lightning Addresses make funding faster and easier to use. Lightning Network transactions can be completed in a matter of minutes, as opposed to the average 10-minute transaction time for regular Bitcoin transactions. Lightning is perfect for small, frequent payments such as those made in brick and mortar stores or to send small donations to creators around world. Lightning addresses allow users to raise money faster and more easily than before. Although there are still some issues with the Lightning Network, such a need for better integration with existing payment systems and more user-friendly wallets, it is clear that it has the potential to revolutionize how payments are made and raised money online. It is possible to see a shift in the way we pay online, with more people adopting the Lightning Network and taking advantage of the new addresses.


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