January 24 Getting started with Blocktank's Lightning Channel service on Bitfinex
Navigating the fast-paced world of digital assets requires a platform that is not only secure, but also versatile and ahead of the curve. For this reason, Bitfinex, always committed to innovation, has teamed up with Synonym to offer seamless integration with Blocktank, providing users with an efficient Lightning Channel opening service.
Get Lightning Channels via our integration with Blocktank & Synonym
Whether you're an experienced cryptocurrency trader or new to digital assets, managing your Lightning channels and channel liquidity has never been easier. This article will walk you through the simple steps to get started with Bitfinex's new Lightning Channel unlocking service, ensuring you have all the tools you need to make the most of your cryptocurrency trading experience.
Using a Lightning Service Provider (LSP) like Blocktank is key to ensuring a smoother and more efficient experience when interacting with the Lightning Network, especially for non-custodial transactions. Although the accelerator network itself is revolutionary in enabling fast, low-cost Bitcoin transactions, it can be technically complex to set up and manage. This complexity may include channel liquidity management, routing, and uptime maintenance, among other considerations.
The LSP is responsible for managing these complexities, acting as an optimized routing node that maintains well-funded channels, reliable uptime, and efficient routing paths. This makes it easier for users to send and receive payments without worrying about technical nuances of channel conditions, liquidity, or other back-end challenges. For non-custodial users, who retain control of their private keys and therefore their own funds, using an LSP means they can enjoy the benefits of an accelerated network without compromising security or control.
In essence, the LSP serves as an important infrastructure layer that democratizes access to accelerated network capabilities, making them accessible to everyday users and experts alike.
Use Bitfinex's Lightning Channel service to access liquidity
How to opt out as a Lightning Channel
1. Log in to your Bitfinex account.
2. Then go to wallet page and select lightning channels.
3. Accept the terms of service.
4. Choose your Spending balancethis will be the amount you want to be able to spend once you open the channel.
NB: The amount you enter represents the current equivalent value of Bitcoin in USD in your spending balance. Due to market fluctuations, the US dollar equivalent can rise or fall.
5. Choose your Receiving capacitythis will be the amount you want to be able to get.
Notes:
- The amount reflects the equivalent value of Bitcoin in USD that you can have at the time of opening the channel.
- To ensure smooth transmission and reception, we recommend setting your reception capacity to at least double your spending balance.
6. Once you have both selected Spending balance And Receiving capacity You have the option to either pay the channel opening fee via your Bitfinex wallet or using another wallet of your choice. You are also provided with the option to pay the bill using Lightning or Bitcoin on-chain.
Notes:
- The one-time opening fee covers both service fees and cross-chain transaction costs, which are handled by Blocktank.
- When paying on-chain via an external wallet, make sure to transfer the exact amount shown on your screen. Any payment discrepancies may require you to contact our support team for a refund.
- Your order will be available for payment for just a few minutes. If you do not pay on time, your order will expire and you will have to create a new order.
7. Once payment is successfully received, you can continue to claim your Lightning Channel. Here you will have two options:
- Automatically claim the channel by scanning a QR using any supported wallet; or
- When starting the channel manually, in this case, you will need the node URL which includes the node ID or IP address and port information.
8. Next, keep your node online while the channel is open.
9. Congratulations! You have now opened your Lightning channel. You will then be able to check your channel requests in the main Lightning Channels section.
Want to try it yourself? Go to your Bitfinex account and follow the steps above! Be sure to connect with our team on Discord or Telegram To share your first impressions of connecting to the Lightning Network with Blocktank!
