Finding the best Bitcoin Lightning Network wallet can seem like a hard task. There is no one-size-fits-all wallet option and what works for you, could be the exact opposite of what another investor requires. Luckily, a little research goes a long way when discussing Lightning Network options.
The Lightning Network provides Bitcoinists with an alternative when the blockchain becomes congested. Ever since Bitcoin began to experience scalability issues, the cryptocurrency suffered from transaction delays and absorbent fees. Today, Bitcoiners have the Lightning Network to keep their transaction speedy and avoid the problems of early crypto investors.
Many in the crypto community have cited the difficulties in finding a solid wallet solution as one of the main factors behind delayed Lightning Network adoption. Thankfully, there are some new options in the cryptospace to consider.
Know Your Trading Style
The first step in finding a good crypto wallet is understanding your trading strategy. Do you need access to your crypto every day, every so often, or are you HODLing your precious Satoshis? The answers to these questions can help you determine what type of wallet fits your criteria. Below are the different types of wallets available.
PC wallets are the original way in which crypto was stored. GitHub is an awesome place to find solid PC wallets for your crypto. Most developers release a native wallet with their crypto. The Lightning Network mainnet wallet is available here. PC wallets are considered medium security because they are connected to the internet.
Mobile wallets are the most popular form of crypto wallet in the space. These portable crypto wallets are great for storing small amounts of crypto. If you trade often, this style of wallet keeps your crypto at your fingertips. Mobile wallets utilize your cellular network to access the internet. Because of these multiple layers, mobile wallets are considered low-medium security.
Hard wallets allow you to store your cryptocurrency in cold storage. Cold storage is when your crypto is offline. Hard wallets are the most expensive type of crypto wallet available. On average, a solid hardware wallet sells for $100 USD. This type of wallet is ideal for large crypto investors because its the most secure. If you wish to learn more please visit this Best Hardware Wallets article.
Paper wallets allow you to utilize cold storage without paying for a hardware wallet. These printouts include your private key, public key, and a 3d barcode. The barcode lets you send and receive crypto directly from the wallet. The downside of paper wallets is the fact that if you lose your crypto when you lose your paper wallet. Your crypto can be stolen, burnt up in a house fire, swallowed by a tsunami, accidentally thrown out….you get the point.
The Best Lightning Network Wallet
Now that you have a better understanding of the different types of wallet options, let’s narrow the list done to specific reputable Lightning Network wallets. Unfortunately, Lightning Network users don’t have many hardware wallet options. This lack of hardware support is set to change in the coming months as HTC releases the Exodus crypto phone which includes a built-in lighting network hardware wallet.
The Zap wallet entered the market on October 10, 2017. The developer behind this Lightning Network interface, Jack Mallers, wanted to create an open source wallet that was dedicated to providing Bitcoiners with a pure crypto experience. The wallet features a clean user interface and the installation is simple. Zap comes in both mobile and desktop versions to fit your needs.
In October of this year, Lightning Network users received great news from the developers behind the hugely popular Electrum wallet. The announcement came via the wallets founder, Thomas Voegtlin. At the time of the announcement, Electrum handled around 10% of all Bitcoin transactions. The integration included SegWit functionality as well. Electrum differs from most online wallets because the platform can also integrate with Ledger Nano S, Keep Key, and Trezor. This integration opens the door for more hardware wallet options in the future.
LND Thin Wallet
The LND mobile wallet provides users with a friendly user interface and advanced security features. Users can send and receive Lightning Network payments directly from their mobile device with this platform. The wallet allows users to send, receive, and view transaction details. There is even a section where you can monitor the Lightning Network node count. The LND Thin wallet is available for Apple iOS devices.
The Shango wallet app is one of the newest contenders in the space. The wallet allows you to control your own LND node or launch an ISO certified cloud node. This Lapp has received heavy media coverage for its integration of Amazon Web Services. Shango features the ability to load, send, receive, and monitor the Lightning Network from your Google or Apple smart device. Additionally, the wallet allows for no fee micro-transactions.
Spark utilizes the c-lighting coding to bring users an unparalleled experience. The platform permits users to run a fully validating Bitcoin node, a c-lightning node, and a Spark GUI simultaneously. The wallet is among the most popular in the space because of its near-zero configuration process and personalized themes. Users can download the app for their Google smart device and start receiving Lightning Network payments in minutes.
The Éclair wallet was the first mobile Lightning Network interface to hit the market. Despite a rough start, which included losing access to valuable coding, the developers managed to make Éclair one of the premier Lightning Network wallet options available today. Éclair is very easy to set up and its user interface requires no previous experience to navigate. Users can monitor the node count of the Lightning Network directly from the app. Interested parties can download the app from here
The Best Lightning Network Wallet
Now that you have a safe way to store your Bitcoin on the Lightning Network, you can browse a list of vendors that accept the second layer protocol here. The Lightning Network represents the evolution of Bitcoin. Bitcoinist have long awaited a return to low fees, micro-payments, and instant transactions. The Lightning Network provides all of these services and more.