Here’s something for you if you’re not already running your own lightning node but want to get into it easily. Coinos wallet is an excellent way to get started and open up an amazing world of pioneering tech. All the Lightning Network services, games, paywall content and income opportunities become available to you for no more effort than signing up to a website.
It seems a rare thing these days that an online financial service works well and is easy to use. Online banking certainly doesn’t fall into that category! Things get more and more convoluted every day. It’s refreshing to find a site that does what it is intended to do efficiently and with a minimum of fuss.
The web wallet we’re going to review here is custodial, so be careful. You could download the open-source app and run it yourself but we’re trying to save ourselves that bother. So let’s use the web wallet—just don’t leave a lot in there!
Lightning Wallet Quick Trial
First I issued a few invoices, the interface for that is easy enough. I pasted them in to the sending sites and the payments appeared instantly. Impatient to see if withdrawal worked, as soon as I had 7000 satoshi in there I tried sending it to my Electrum wallet. I had low expectations, especially with such a small amount.
Not many online services are thoughtfully coded, even many crypto ones. They tend to just charge a big base fee and don’t bother trying to get you a good deal when you withdraw. To my surprise, there was a noticeable delay and then it said the fee would be 226 satoshi. Excellent!
So I went ahead and clicked Send. All my previous experience of wallet sites and the like was telling me it can’t be this easy. I was fully expecting a message scolding me for trying to send such a silly low amount but I got a transaction hash right away. The first confirmation took 17 minutes.
You also get a personal page from which people can pay your lightning wallet directly. It gives them an invoice and a choice to send a BTC transaction instead if they prefer. If you’re really paranoid, you can access it over tor via their .onion site. Trudeau would have trouble stopping that!
This is a taste of a possible future that is opened up by Bitcoin. It’s a future where things are as easy to do as they are with cash, or perhaps easier. It’s not an unreasonable thing to expect. It will only happen if we start using the tools and make it happen. Services like coinos.io make it easier for us to do that.