Have you ever wished to make a Bitcoin Lightning Network payment minus bothering to receive an invoice at first? If yes, we have good news! You can!
Lightning Network is an exhilarating advancement in the Bitcoin market and is attaining traits constantly. But, payments need the beneficiaries to initially issue an invoice, that is away from an idyllic situation.
Designers are seeking methods to solve this problem. Luckily, there is a technique to do it, i.e. by using a circular route.
The elementary idea is that customers can invoice and pay themselves. The chosen transaction amount is simply sent to the projected beneficiary in the form of an overpaid forwarding payment. This circular routing technique works effectively with all present Lightning node operations.
Evidently being a hack and not a characteristic, it has certain risks and problems associated with it as well, which are as follows:
- Higher fee and disaster risk due to the long path and little repayment.
- No identification of currency as an anticipated payment. To the recipient, it looks like a typical fee.
- The dispatcher and receiver must be connected well in nodes with enough fluidity for the circular route.
- Security issues as malicious actors can control nodes in every direction and carry out robbery and other fraud.
Currently, this is only an imperfect hack, but the complete Lightning Network is in its experimental phase yet. It would be wonderful to experience the protected form of this feature when Lightening Network is constant and safe enough.
A chief institutional investment is approaching for a year, and we are still unaware of that event. Mainstreaming will accelerate with a two-track attitude, from both institutes and users.