How Does Work?
A BITCOIN TRANSACTION:
Ali wants to send Benji some bitcoin:
  1. Ali opens the bitcoin wallet app on her phone and clicks 'Send'.
  2. Benji opens his wallet app and clicks 'Receive'.
  3. If they are together: Ali scans the QR code on the wallet app on Benji's phone.
  4. If they are not together: Ali copies and pastes the address Benji texts her, into the address field in her wallet.
  5. Ali enters the amount to send, and hits 'Send'.
  6. A few seconds later, Benji will see the amount pending in his wallet.
  7. If it was sent through Lightning it will be confirmed almost instantly, and is almost free.
  8. If it was sent 'onchain' (on the Bitcoin mainchain), it includes a small fee, and usually takes around 10 minutes to be confirmed. It can take longer, depending on network traffic.
← 77 →