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HomeNewsTechUkrainian in Poland Withdraws Cash Within Minutes of Bitcoin Transfer: Here's How

Ukrainian in Poland Withdraws Cash Within Minutes of Bitcoin Transfer: Here’s How

Ukrainian in Poland Withdraws Money Within Minutes of Bitcoin Transfer: Here’s How

< img src ="https://bharatsuchana.com/wp-content/uploads/2022/04/qxHhJp.jpg"class="ff-og-image-inserted"> A Ukrainian resident was recently sent out money in Poland from Miami, United States, by means of Bitcoin’s Lightning network and a little help from a BTC developer who helped the citizen download and established a crypto wallet on phone. The resident received the amount in Bitcoin on her crypto wallet and was able to withdraw the amount in money through a Bitcoin ATM, with the entire process taking roughly 3 minutes to complete. The process highlights how effectively the Lightning system works for peer-to-peer (P2P) payments and how you could use it for cross-border payments too.As per a CNBC report, the Ukrainian resident downloaded a self-custodial crypto wallet app for Bitcoin and Lightning on her phone and created an invoice as a QR code. Those over at CNBC then recorded that QR code using the scan mode in crypto wallet of their own and transferred over 50,000 sats (or Satoshis) with the transaction fees amounting to a negligible amount. The Ukrainian who was at the location of a Bitcoin ATM in Southwest Poland was then able to withdraw the amount in cash.Bitcoin’s Lightning Network is a layer-2 system built on top of Bitcoin to make it possible for individuals to spontaneously move/ get payments and reduce transaction fees by keeping them off the main network. The Lightning Network essentially assists Bitcoin to be more functional as a day-to-day currency.In a deal, you can only send a minimum amount of Bitcoin– roughly 0.00000546 BTC. At the time of composing, that’s approximately Rs.

17. The Lightning Network enables you to push the limits to negotiate the smallest unit available– 0.00000001 BTC, or one Satoshi.The high costs on regular deals make sending out percentages on blockchain seem worthless. Though in a channel, you’re complimentary to transfer a portion of a Bitcoin for free.Bitcoin’s Lightning Network offers users a great degree of confidentiality. While you can take a look at the blockchain and explain that this deal opened a channel, you will not have the ability to tell what’s going on inside it. If the individuals make their channel personal, just they will understand about the deals taking place.Published at Thu, 14 Apr 2022 15:00:11 +0000

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