Payment Through The Lightning Network

Discussion in 'Purchase and License Keys' started by PrincipalityFusion, May 15, 2018.

  1. PrincipalityFusion

    PrincipalityFusion Well-Known Member

    Are you guys considering allowing payments using the Bitcoin Lightning Network?
  2. Ch3vr0n

    Ch3vr0n Translator NL & Mod

    Pretty sure that's implemented through a network update like segwit. Nothing redfox needs to do. The lightning network mainly increases the number of transactions that can be done. End users like redfox have no control over that afaik.

    Sent from my Nexus 6P with Tapatalk
  3. PrincipalityFusion

    PrincipalityFusion Well-Known Member

    Uh, not exactly. Redfox would need to supply a LN address, either through them setting up a LN node directly or a trusted party that handles their node for them, then end users, such as you and I would use a LN wallet (such as Eclair) to connect to that node. This would enable Slysoft users to renew subscriptions using BTC without having to pay miner fees each time they did so once the channel was set up. It would also eliminate the need for the 6 confirmations that Slysoft would need to wait for before being certain they got paid as once the LN payment was sent, the user cannot try to cheat by spending it again (hence the need to wait for X number of confirmations). The LN payment would pretty much confirm instantly.

    So, since they don't have this payment method set up, just hoping that they might consider it since they already except Bitcoin. This is a very good evolution of that.

    But yes, you are correct in that Segwit makes the LN possible.
  4. Ch3vr0n

    Ch3vr0n Translator NL & Mod

    Just for the record, slysoft doesn't need a single confirmation of any kind. Slysoft is dead. As to the rest, maybe @Ivan can look into it. But don't think 6 confirmations are needed, I think 1's enough to trigger the license send

    Sent from my Nexus 7 with Tapatalk
  5. PrincipalityFusion

    PrincipalityFusion Well-Known Member

    Oh yeah, sorry about that....I meant RedFox:)

    But yeah, most businesses that accept BTC wait for 6 confirms before calling it good. You don't have to wait 6 and it's been a while since I renewed my subscription so can't remember how many confirms Redfox waits for, but I wouldn't recommend 1 confirmation only...and i don't think Redfox does. Yes, on the first confirmation, the payment is on a blockchain, but if another blockchain (say one without the payment to RedFox) becomes the longest chain and a malicious user tries to respend the transaction (some wallets allow you to do this), then Redfox is out that money. So 6 is the recommended number of confirmations to wait to be certain that your particular payment has made it to the longest chain. Most wallets won't even mark a transaction complete until 6 confs.

    Anyway, I just luv that 'Fox accepts Bitcoin, and IIRC, BTC was about $400 dollars a coin when they started accepting it so they should have done very well for themselves by now. This is just the next step up to make payments a little easier, more efficient for your users.

    No biggie. Just wanted to throw the idea out there.
  6. RedFox 1

    RedFox 1 Super Moderator

    Its a great help to many users that like BTC, or Litecoin or BCH.