Vape Crypto Now Uses OpenNode and the Lightning Network
Vape Crypto has changed payment processors and will now exclusively accept bitcoin through OpenNode, a bitcoin only lightning network enabled payment channel. Alternative cryptocurrencies such as Monero, Litecoin, Bitcoin Cash, and Ethereum will no longer be accepted.
Why only bitcoin?
Vape Crypto seeks to provide our customers with a safe, reliable experience when using cryptocurrencies to purchase vape products. Bitcoin has never been compromised in its 10 year history despite numerous attacks and is the “gold standard” of security. We are minimizing risk for ourselves and for our customers by removing support for alternative, non-bitcoin, cryptocurrencies. Of course we still offer the industries only 10% off discount when you purchase vape with bitcoin!
For more information about why we accept bitcoin, please see the About Us/Why Bitcoin and Vape section of our website.
What is the lightning network?
The lightning network (LN) is a new payment protocol upgrade for bitcoin. Often referred to as the off-chain or 2nd layer scaling approach, LN allows for instantaneous and almost fee-less bitcoin transactions. You no longer have to pay on-chain miner fees associated with regular bitcoin transactions and will have confirmation that your payment was settled immediately.
Note: Lightning Network is not a separate digital currency from bitcoin – LN is a payment protocol built on top of the bitcoin blockchain and maintains the same, if not better, security/privacy that bitcoin’s 1st layer offers.
Comparison between on-chain and LN transactions.
- Regular (on-chain)
- Requires you to pay miner fees that can change every second. It can be as low as 1 cent to 50 dollars depending on how many people are sending a transaction at the same time.
- Requires you to wait at least 10 minutes to have confirmation that your payment was successfully sent.
- Lightning Network
- Fees are stable and will almost always be 0 (0.000001 cents).
- Instant confirmations.
- Payments of one cent or a fraction of a cent (microtransations) are possible.
How to use the lightning network.
Step 1: Get a lightning network enabled wallet.
First you’ll need a Bitcoin wallet that lets you receive, hold, and spend Bitcoin on-chain (regular) and via the lightning network. For the quickest and most simple experience, at Vape Crypto we recommend Blue Wallet for you to make secure, successful payments to businesses. You can download either on the Apple App store or on Google Play store. If you’d like to use your desktop, you can download Bitlum, a chrome extension.
For advanced users who would like to set up their own non-custodial bitcoin and lightning node, we recommend Zap for desktop.
Step 2: Move bitcoin into your lightning network wallet
If you don’t have bitcoin in your wallet yet, you’ll need to buy some. Every country and region is different, so you’ll want to do some research before choosing an exchange.
For US residents, we recommend CashApp.
If you’d like to use your desktop, we recommend Coinbase or Gemini.
Exchanges do not send bitcoin payments immediately and also do not have lightning network support, so they are not good for paying businesses. To use your Bitcoin, withdraw your Bitcoin from the exchange to your on-chain wallet before attempting to spend it.
If using Blue Wallet, make sure to create two wallets:
1. On-chain (regular) wallet
Needed to receive your bitcoin from the exchange or wherever else you store your bitcoin.
2. Lightning network wallet
To move your bitcoin from on-chain to your lightning wallet, select your lightning wallet, click manage funds, then click refill from your on-chain wallet and set your desired amount to top up your lightning network wallet.
Now you’re ready to make payments over LN!
Step 3: Make a payment
Making a lightning network payment is fast, inexpensive, and secure. There are a few ways to pay with LN.
- Scan the QR code (easiest)
If you’re using Blue Wallet, just select your Lightning Wallet, click on send, then select the Scan button. Then using your camera, scan the QR code on the merchant’s checkout page to send an instant bitcoin payment to the business.
- Send the payment manually Copy the payment URL from the invoice and paste it in your lightning wallet’s “Send” screen and send the payment.
- Open in wallet If your wallet is on the device you’re using to view the invoice, you can open the payment in your wallet by tapping on “Open in wallet.” Confirm everything is correct, and your wallet will make the payment.
We believe that partnering with OpenNode will increase security, better user experience, and provide a more secure way to spend bitcoin on vapecrypto.com Thank you for your business, and happy vaping!
For more information on the Lightning Network check out it’s Wikipedia Page.