How Lightning Network outperforms Ethereum for tipping

boss

The Canadian band The Carbons got a little more than just a tip during a live performance in Kelowna, British Columbia. When passerby Ben from BTCSessions, a Youtuber and Bitcoin (BTC) educator, saw that the band accepted Bitcoin, he had to send some magic internet money their way.

The Carbons’ guitar case. Source: Tomy, the frontman

Tomy (frontman for The Carbons) had been into crypto since 2017, but like many people new to crypto, he thought heโ€™d โ€œmissed the boat.โ€ The price per BTC was around $2500. He told Cointelegraph that he began research in earnest when he:

โ€œRealized that it was basically an insurance policy for the current monetary system. At that point, it was around $8000. It’s been a wild ride since then, but I am playing the long game :)โ€

Fast forward to his live performance in Kelowna this weekend, and Tomy advertised he accepted crypto as payment. Unfortunately, his phone was out of juice at the time that Ben walked by, so the pair linked up on Instagram later on. As per the screenshots of the Instagram conversation, Tomy shared an Ethereum (ETH) address to receive a donation and become The Carbonโ€™s first crypto donor.

However, as Ben is a Bitcoin maximalist, he said heโ€™d be happy to send some Bitcoinโ€“not Ethereumโ€“his way. Ben told Cointelegraph that, among other things, itโ€™s โ€œThe foundational rules that govern the network, and the ease (or lack thereof) with which they can be changed,โ€ that guide his Bitcoin conviction.

Ben pointed Tomy towards downloading a Bitcoin Lightning wallet, and moments later, they were sending each other Bitcoin instantly over the Lightning Network (LN). Transaction costs are near free on the LN, and microtransactions are easy, which prompted Tomyโ€™s response, โ€œthatโ€™s fucking awesome.โ€ By comparison, sending money over Ethereumโ€“even at its lowest levels in two yearsโ€“costs well over $1.

Tomy busking at sunset with the crypto sign in view. Source: Tomy

Tomy told Cointelegraph that it was his first experience using the LN, and it took โ€œan hour of research on YouTube to decide on a wallet and then another few minutes to figure out how to use it.โ€

โ€œI hadn’t heard about the Lightning Network until last week! It makes me want to trade all my Litecoin and ETH for Bitcoin!โ€

The Carbons have since received three BTC donations, adding that โ€œall the tips help,โ€ but it probably hasnโ€™t moved the needle on their Spotify revenues just yet. Bitcoin expert Ben told Cointelegraph that he’s been using the Lightning Network since 2018, back when it was โ€œclunky and difficult, but it worked.โ€ LN has since become a part of his daily routine:

Undoubtedly, LN is well-known to the Bitcoin community and has spread roots across the globe. From settling up lunch in the United Kingdom to sorting out sim cards in Mozambique to paying for parties in Portland, United States, it’s gained traction.

Related: The UK ‘Bitcoin Adventure’ shows BTC is a family affair

However, awareness of the LN is weak among the crypto and broader community. Ben explains why this might be the case:

โ€œThere will be SOME who are incentivized to remain unaware because they are deeply invested into coins whose value is contingent on Bitcoin not being able to scale. However, most people likely just haven’t tried it!”

Ben encourages users to try out the LN, which he compares to โ€œmagic.โ€ During the IG conversation with Tomy, he recommends using the Muun Wallet, a free self-custodial wallet for Android and iOS:

As for Tomy, he told Cointelegraph he is now seriously considering selling all of his altcoins for Bitcoin. He then joked on Twitter that he might change the bandโ€™s name to โ€œThe Bitcoin Buskers.โ€

On a heartfelt note, and in light of the disastrous impact that the Covid-19 Pandemic has had on performing arts, Tomy told Cointelegraph, โ€œIt’s been a tough couple years for musicians,โ€ adding that the support and community are greatly appreciated.