The Lightning Network has been created to make bitcoin transactions as fast and cheap as possible. It’s part of a newer class of crypto technologies that are known as “layer 2” blockchains — these are like express lanes on highways. By offloading some of the transaction traffic to the Lightning Network’s “layer 2” blockchain, the core Bitcoin blockchain (“layer 1”) can move faster.
The Lightning Network does this by using smart contracts to establish off-blockchain payment channels between pairs of users. Once these payment channels are established, funds can be transferred between them almost instantly.
This means your customers will be able to make bitcoin payments for much less than the usual network fee and also receive near instant confirmation (similar to a credit card payment).
In order to make a lightning payment, you or your customer will need to use a bitcoin lightning enabled wallet. There are numerous wallets supporting lightning payments available that you can fund and then use, including:
NOTE: Because of how lightning payments work (‘off-chain’), they cannot go directly into your crypto wallet. Therefore Lightning payments offer the benefit of cheaper almost instant payments, but these payments will go into your Jobvir account wallet from which you can then withdraw them to a crypto wallet. You can find your Jobvir Account wallet by navigating to the Menu item ‘Transactions’.
To activate Lightning Payments, go to the menu item ‘My Profile’ -> Scroll down to ‘Payment Processing’ section -> click on ‘Edit Settings’->click or tap the ‘Advanced Settings’ tab->check the tickbox for ‘Enable Lightning Payments’.