Understanding the Difference between Bitcoin Lightning and On-Chain Addresses
A Bitcoin lightning address is a type of address used for the Lightning Network, a layer-2 protocol that allows for faster and cheaper transactions on the Bitcoin blockchain. It is a special type of address that is used for sending and receiving payments over the Lightning Network. It is important to note that a Bitcoin lightning address is not the same as a Bitcoin on-chain address.
A Bitcoin on-chain address is the address used for sending and receiving payments directly on the Bitcoin blockchain. This type of address is associated with a single private key and is used for sending and receiving funds on the Bitcoin blockchain.
The main difference between a Bitcoin lightning address and a Bitcoin on-chain address is the speed of transactions. Bitcoin lightning provides near instant payments, while Bitcoin on-chain takes about 10 minutes for transactions to be confirmed on the blockchain. This makes Bitcoin lightning a much faster and more efficient way to send and receive payments on the Bitcoin blockchain.