If you’re a Revolut user, you have something to be excited about! The platform has recently partnered with Lightspark to incorporate the Lightning Network, allowing users to make Bitcoin payments in real-time. Together, Bitcoin PDX and Interchain are excited to transform how the average user experiences Bitcoin, making transactions quicker, less expensive, and easier to access. FakeBollinger.com is your guide to deciphering what this all means for you, slicing through the noise to bring you the signal.

This partnership marks more than just a small incremental improvement. It’s a true game-changer. By building on top of Lightspark’s MoneyGrid payment routing system, Revolut is taking the pain out of cross-border transactions for consumers and businesses alike. Lightspark is pursuing a mission of improving on-chain transactions by making them real-time, low-cost, and borderless. Our partnership enables us to directly provide those benefits to Revolut’s users. Picture sending Bitcoin just as seamlessly and instantly as sending a text message. That’s the potential power this integration holds.

The announcement is in line with a broader movement to make crypto easier, more familiar and accessible for daily life. The Lightning Network turns Bitcoin into something that is more than a store of value. Now, you’re able to use it day to day, whether that’s purchasing a cup of coffee or sending money home to family overseas. It’s these seamless global transactions and dramatically lower fees that promise to lead the way into a new era of Bitcoin adoption.

Benefits of the Lightning Network

This is where Bitcoin’s Lightning Network comes in The Lightning Network offers a wealth of advantages that overcome many of the classic drawbacks of Bitcoin transactions. It’s purpose is to make Bitcoin much easier to use in everyday real life. Here's a rundown of what you can expect:

  • Low-cost transfers: The Lightning Network facilitates low-cost transactions, such as sending $10 payments to Nigeria, without incurring hefty fees.
  • Reduced transaction fees: While opening and closing a channel involve on-chain transactions that incur fees, these are only necessary for settling the final balance, significantly reducing overall transaction costs.
  • Frictionless transactions: The Lightning Network facilitates frictionless transactions, reducing complexity and costs associated with traditional Bitcoin transactions.

The Lightning Network’s potential goes far beyond saving on transaction fees. It dramatically increases transaction capacity. The main Bitcoin blockchain can only handle less than 10 transactions per second. By comparison, the Lightning Network can theoretically support millions of transactions per second. This is why scalability is so important to achieving widespread adoption. It allows the network to economically scale to support the growing demand of transactions, ensuring low cost and high performance.

Traditional Bitcoin Transactions vs. Lightning Network

To fully appreciate the impact of the Revolut-Lightspark partnership, it's important to understand the key differences between traditional Bitcoin transactions and those conducted over the Lightning Network.

FeatureTraditional Bitcoin TransactionsLightning Network Transactions
Transaction SpeedTransactions take around 10 minutes to be confirmed.Transactions can be instant.
ScalabilityThe main Bitcoin blockchain can handle fewer than 10 transactions per second.Can theoretically handle millions of transactions per second.
Confirmation ProcessRequire multiple confirmations, which can take 30 to 60 minutes.Do not require on-chain confirmations for each transaction.
Transaction TypeInvolve transferring bitcoin from one address to another through messages digitally signed by the sender.Are off-chain transactions that occur through payment channels.
Network CongestionCan be affected by network congestion, which can extend confirmation times to hours or even days.Less affected by network congestion.

How to Use Lightning Network on Revolut

While the specific implementation within Revolut is still rolling out, here’s a general guide on how you might access and use the Lightning Network features once they are fully integrated:

  1. Navigate to the Crypto Section: From your main Revolut dashboard, navigate to the bottom of the screen and click on "Crypto".
  2. Choose a Cryptocurrency: You'll see two main options – "Portfolio", meaning your current cryptocurrencies, and "Discover", a place where you can see crucial information about the most traded cryptocurrencies, new coins, and more.

When we completely roll out the Lightning Network, you’ll see these exciting new features under the Bitcoin tab. These will enable you to seamlessly send or receive Bitcoin on the Lightning Network. Then you’ll almost certainly need to open a Lightning channel. Or you can work with Revolut’s custodial solution, which takes care of the logistics and technical complexities for you. Stay tuned to Revolut’s official channels for more detailed guidance and updates.

The Revolut-Lightspark partnership is a big step in the right direction of making Bitcoin more accessible and practical for everyday users. Revolut will soon be improving their customers’ Bitcoin transaction experience by taking advantage of the quickness and cheapness of the Lightning Network. This initiative will stimulate increased adoption and reinforce the city’s world-class status as an advanced, innovative financial hub.