EXCHANGE BITCOIN LIGHTNING NETWORK TO CHAINLINK
What do you need to know?
- The average time for exchanging BTCLN to LINK is no more than 1 minute
- You only need 1 confirmation of the Lightning Network for the exchange
- If an error occurs when sending BTCLN, then you need to open a channel with FixedFloat. Information on how to do this is in our article
- If you see the message “Payment in transit” when sending BTCLN, then there is a problem between intermediate nodes. You need to wait for the final invoice payment or refund
- Our exchanger only sends transactions to the original LINK contract
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 that may arise when sending Lightning Network
- If an error occurs when you try to send the Lightning Network, then most likely it happened due to the lack of channels. The Lightning Network requires links between nodes. If your wallet allows you to open channels yourself, then you can open a channel with FixedFloat.
For more information on how to do this, see our article “How to start using the Lightning Network?”.
- If you see a “Payment in transit” message when sending the Lightning Network, it means the Lightning Network has been sent, but there is a problem with intermediate nodes. You need to wait for the final invoice payment or refund.
Lightning Network Speed and Fees
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.
The fee depends on the intermediate channels through which the payment passes. Usually it is almost zero. But it so happens that some channels charge a high fee for passing the payment. It can reach up to 1% of the amount.
Chainlink at a glance
Chainlink is a cryptocurrency based on the Ethereum blockchain. The LINK token inherits the functionality of the ERC-20 standard, although it itself complies with the ERC-677 standard.
Chainlink (LINK) is the first decentralized oracle service of its kind. The ChainLink project allows smart contracts to use ChainLink oracle services to interact with systems of other payment networks using various APIs.
LINK smart contract
Our exchanger only sends transactions to the original LINK contract. Transactions are not sent to addresses of third-party contracts.
My order is completed, but I cannot see the funds in my wallet, what should I do?
We send Ethereum tokens with an average commission so that the receiving party does not have to wait long for the receipt. But sometimes, with the increased load on the Ethereum network, the transaction can get stuck in the mempool and not get into the block. The status of such a transaction is “Pending”. The etherscan.io explorer gives information about the expected processing time of a transaction, but you need to understand that this value is not exact and may change depending on the situation.
If a transaction sent by us cannot be confirmed for a long time, contact technical support with a request to push the transaction through.