Yesterday I went to visit my friend who has manage to hold some bitcoins cents, a cent is equal to 0.01 Bitcoin, he decided to move his altcoins into Bitcoin because he was losing value and he got tired of seeing his satoshis getting lower and lower as well as his initial investment. I did exchange his altcoins for Bitcoin 2 weeks ago, so yesterday I just went to put his Bitcoin into lightning network.

He has decided to stay with Bitcoin and only sell if his portfolio grows but is willing to hold Bitcoin for the best or the worst.

So I told him that it will be a good idea to put the Bitcoins he holds into LN because in the future opening a channel in LN may just get too expensive or more expensive than today, so as yesterday you can send bitcoins with one dollar or less, but I believed in the future Bitcoin tx will go back to al least $10, so opening channels at that time will be more expensive.

If you hold Bitcoin in small amounts you need to start creating channels because in the future your satoshis will be more valuable but also to transact in Bitcoin will be more expensive than today.

To me opening channels in my computer is out of the question because I need my satoshis in the go for small payments, to hold large amounts that being for than 0.04 should be put into cool storage.

Opening channels today will save money tomorrow.

I use the app call bitcoin lightning wallet https://play.google.com/store/apps/details?id=com.lightning.walletapp   

I used this wallet because you can received in this wallet lightning payments once you used up or send some satoshis away, so this is what I did with my friend and I fund.

I created one channel almost empty it leaving, only 10% in it and the other 90% I sent it out to zigzag exchange send it back to the chain and opening another channels with the same node this way we can send and received lightning network payments. I didn’t send all the funds away just 90% so the the channel that almost empty have funds. This app was watchtower option, so you just need to open the app every 7 days and you are good to go, but if you are going to received payments you better put the app online so that you don’t used up your tokens for backups.

Let’s say you hold 0.25 Bitcoin, you can create some channels let say with ACINQ for about 0.05 you can send that much but if you send those funds to zigzag sent those funds back to you and open another channel now you have 2 channels with at least in one you can received up to 0.04 and in the other you can send up to 0.039, you will lose some satoshis but now you know you are ready to go in Lightning network and you don’t have to pay for incoming channels that only last 30 days.