Wallets

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Functionality of wallets

Template:TODO Wallets are considered Layer-3 applications. Wallets use the Lightning Network (a Layer-2 protocol) which is a payment protocol to provide wallet functionality.

Non-custodial wallets create, manage and use private Layer-1 keys that hold funds. Such private keys are for example Bitcoin or Litecoin keys, corresponding to the Layer-1 blockchain.

Custodial wallets are usually thin mobile apps that connect to web sites operating custodial wallets.

Lightning wallets connect to Lightning nodes as well as to Layer-1 blockchain nodes, such as Bitcoin nodes.

Features

Wallet features might include:

Dangers and Risks

Be aware of and understand the difference between full and thin wallets. The differences between custodial and non-custodial wallets. The differences between open source and closed source wallets. Wallets can steal all all your funds. Do not use a wallet you do not trust. Always research a wallet (e.g. on the internet) before you install and use a wallet. Only use a wallet you trust.

Wallets can have access to, hold, and manage the private keys of your funds. Wallets can misuse these keys to fraudulently steal funds from you if you are not careful. See fraud to learn about how to avoid fraud.

Best practices

  • Build knowledge: Learn about Lightning.
  • Build trust: Research a wallet to build trust before downloading it, installing it or using it.
  • Start with small funds: Start with small funds to improve your knowledge and the trust in your wallet.
  • Backup: Frequently backup your wallet. This is specific to your wallet, so check with your Lightning wallet provider.
  • Use a Watchtower: Use a Watchtower to be vigilant on your behalf about your Lightning payment transactions
  • Open the wallet regularly: This is specific to your wallet, so check with your Lightning wallet provider. Good wallets are vigilant and supervise your payment transactions and thereby can detect and also correct fraudulent payment transactions. You might have to open your wallet for this to happen.

List of Lightning wallets

Disclaimer: lightningwiki.net does not recommend any wallet(s) and is not responsible for the action(s) of any wallets. The use of any wallet is 100% at your risk. It is fully your responsibility. See dangers and risks.

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Mobile

Desktop

Web