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Thor: Lighting Channel Opening Service from Bitrefill

Thor: Lightning Channel Opening Service

Draft

As the Lightning Network grows to more than 500 BTC in capacity, we are doing our best to take advantage of its capabilities and offer utilities our customers and Bitcoiners can take advantage of. 

Today we would like to unveil Thor, a new service that allows you to open channels with our well-connected Lightning node, on demand, with custom capacities (300,000 to 16,000,000 sats).

The Lightning Network is a “second-layer technology” on top of Bitcoin, allowing for payments to happen instantly and with near-zero fees. 

What is Thor?

This service will let the customer get an empty lightning channel opened to them from Bitrefill’s node, on the Lightning network. Now anyone can now pay for, or gift, the ability to have a channel opened to a Lightning wallet in order to receive payments over Lightning at any time.

Why do I need Thor?

Initially, receiving payments on the Lightning network can be tricky. You need to have a channel opened, which means you need to have bitcoin loaded into your Lightning wallet, but to receive Lightning payments you need to have inbound capacity. This is usually solved by manually asking someone to open a channel to you, or to open a channel yourself and make some outgoing payments, which would allow you to receive. But it’s nice to be able to receive coins on Lightning before you can spend them!

What are the limitations?

The channel is guaranteed to be kept open on our side for 30 days, potentially longer if there’s activity on it. The reason for this limitation, and why this service comes at a cost is that opening an empty channel requires us to put the bitcoin in it and keep them there, and frankly — we’re a startup and don’t have infinite bitcoin :)

Give Lightning with Lightning — Or Dogecoin if you so prefer!

You can pay with any of the supported payment methods: from your Bitrefill account, with regular Bitcoin, with Ligh...

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