Lightning cryptocurrency exchange
Monero works on the CryptoNote algorithm, unlike public blockchains (for example Bitcoin, Ethereum), when it is sent, neither the sender, nor the recipient, nor even the amount that was sent can be seen, thanks to Ring Signatures and invisible addresses (Stealth Addresses).
How to confirm the fact of sending funds in Monero blockchain?
Monero uses 2 types of “special” private keys: a private send key (used to send funds from your wallet) and a private viewing key that allows you to decrypt transaction and see the amount of funds sent.
Using this private viewing key, sender address, and Monero software, you can decrypt the transaction and confirm the sending.
You can read more about this in our article — How to prove Monero transaction?
Transaction processing speed
The average block release time is about two minutes. But sometimes delays do occur, and the block exit time can take 10-20 minutes.
Monero network fee
Transactions on the Monero network are very cheap, even at peak network times they are only a few cents.
A brief history of the Lightning Network
The Bitcoin community has long been baffled by the scalability issue. The speed of transactions fell, and the network fees grew. In 2015 Thaddeus Dria and Joseph Poon proposed a solution called the Lightning Network. The idea was to carry out some of the transactions outside the network, thereby reducing the load on the BTC blockchain. In 2018, the Lightning Network was launched in Bitcoin.
The Lightning Network is a system that helps users move funds among themselves without having to use a blockchain to verify a transaction. Instead, there is a quick check of funds from the sender and a request from the recipient who agrees to the transaction.
Problems you may encounter while getting the Lightning Network
- If during the creation of an order when inserting an invoice, an error occurs about the absence of a path, this means that there is no created channel between our node and your wallet node. A channel is required to send and receive payments on the Lightning Network. If there is no open channel between our node and your wallet node, the payment will not be executed. It is recommended to try using a different wallet.
- If the order page indicates that the order was completed, but you did not receive the funds, then the reason for this may be:
- Disconnected intermediate node. If one of the intermediate nodes is offline, the transaction may be delayed.
- Insufficient amount of deposits on intermediate channels. Intermediate nodes cannot forward the payment due to lack of coins.
- The invoice is out of date. Each invoice has a validity period. Of this term has expired, the payment will not work.
If your order is completed, but you have not received the funds, please contact technical support. We can help you quickly.
Lightning Network Speed
Since transactions on the Lightning Network do not end up on the blockchain, they are almost instantaneous. But if one of the intermediate nodes is off the network, the transaction may be delayed.
exchange in 3 easy steps
- Enter the desired amount of Monero and write your wallet address to receive currency.
- Click the “Exchange now” button and you will be taken inside your order.
- Send Monero to the address from your order, after the required network confirmation, Bitcoin (Lightning) will be sent instantly.