Mindblown: a blog about philosophy.
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2 – Setting up a non-custodial Lightning wallet
Setting up a non-custodial wallet is a more leisurely approach to connect to the Lightning Network if you don’t want the full-node experience. Simply download the Bitcoin Lightning Wallet app on your Android phone or the Blue Wallet, which works perfectly for iOS and Android, and you can start creating and settling invoices. With this, you can open…
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1- How to set up a custodial Lightning Wallet
We are going to use Bottlepay as our example for a custodial Lightning Wallet, because their user experience is great for beginners. There are plenty of other options. Step 1 – Download the Bottlepay App from Playstore of App Store Step 2 – Choose your country Step 3 – Add a mobile number which becomes your log-in info Step 4 – Agree to the…
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Key features of the Lightning Network
How fast is the Bitcoin network? Currently, Bitcoin can only process between 2 -7 transactions per second. For context, Visa, the legacy payment network that powers your debit and credit cards you use for shopping, process up to 150 million transactions a day. In comparison, its network capacity is 24,000 transactions per second. How then…
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The Lightning Network solution
Can the Bitcoin network have it both ways, i.e. maintain its original design and still serve as a high-speed network for micropayments? Through the Lightning Network, it can, and we’ll show you exactly how to use the Lightning Network for everyday transactions like paying for a cup of coffee. The Lightning Network is an example…
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How to use the Lightning Network
What you’ll learn The problem Lightning solves Setting up a custodial Lightning Wallet Setting up a non-custodial Lightning Wallet Setting up a full node on the Lightning network Right now, Bitcoin is an excellent store of value but slow and expensive for everyday transactions, which is where the Lightning Network comes in. The so-called layer…
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CBDCs – Government Crypto
Open permissionless blockchains aren’t, however, the only show in town. Governments are starting to recognise that some of the elements of transparency provided by blockchains might actually enable them to exert more control over central bank issued money. This is leading to the rapid development of Central Bank Digital Currencies (CBDCs). No surprises that some…
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Privacy Coins & Transparency, Anonymity or Pseudonymity?
Privacy coins are the crypto industries response to blockchain analysis, and government attempts at regulation. Those who promote them see transparency as a threat to privacy and security. Privacy coins are designed to give users complete anonymity when conducting transactions. Unlike with BTC or ETH, these cryptocurrencies use stealth addresses and ring signatures to hide…
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Cryptocurrency & Regulatory Authorities
Crypto analytics providers help bridge the gap between the crypto industry and regulatory bodies. Naturally, it makes sense to consider crypto as a challenge to regulatory and tax authorities due to the permissionless nature of blockchains. Some countries have certainly taken this view, with nations such as China, Russia and india at various time threatening…
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Business of Blockchain Analysis
Blockchain analysis companies apply data science techniques to publicly available blockchain data. They do this to discover useful information about transactions; the process involves identifying, clustering and modelling data. This data can then be visually represented and access sold in commercial packages using a familiar SaaS (software as a service) model. The most obvious commercial…
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Absence of personal information doesn’t make you invisible
Firstly, it is crucial to understand that the absence of personal information on blockchain transactions does not result in anonymity. For example, Bitcoin transactions move funds between addresses which are alphanumeric strings (containing no personal information) simply pointing to a location on the Bitcoin blockchain ledger. These addresses are recorded on-chain and are therefore visible…
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