While Electrum is easy to use for beginners, it allows for a wide range of customizations and edge cases. Developed by Thomas Voegtlin in 2011, it has established itself as one of the most important open-source Bitcoin projects. On a laptop computer, you might be best off with a client like Electrum. You can choose to run a full Bitcoin and Lightning node on your home server, or you can choose to install a lightweight wallet on your phone. To use this Bitcoin for payments and participate in the Lightning Network, you’ll need a Lightning client. So you’ve purchased one Bitcoin from a broker or miner. How to use the Lightning Network Choose a wallet They can send and receive payments as small as a single satoshi (1/100 millionth of a Bitcoin) with their direct peers, the peers of their peers, and ideally anyone else within the network. They can then make an infinite number of transactions inside one of these channels. To achieve that, users have to deposit their capital into “channels” established with their peers. The Lightning Network aims to solve this problem by letting users transact on a secondary layer, funded with Bitcoin secured on the Bitcoin Blockchain base layer. But with the limit on the number of transactions so low, how can we make cheap payments? In short, without being able to validate the network, Bitcoin is not decentralized. Without the ability to easily validate the integrity of the network, Bitcoin users will have to rely on others to tell them whether they own Bitcoin, or how many Bitcoin exist in total. If it allows for more transactions, it becomes harder for participants to run their own Bitcoin node, as bandwidth and computing requirements would rise. The Bitcoin Blockchain faces an impossible dilemma. As a separate network it promises to make Bitcoin payments faster and cheaper while not compromising the security of the Bitcoin Blockchain. The Lightning Network has been highly anticipated by Bitcoin enthusiasts for years.
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