How to buy bitcoin on the Lightning Network in Canada

Canadians can now instantly buy bitcoin on the Lightning network directly from their Bitcoin Well account. With the ability to use e-Transfer to buy bitcoin over the Lightning Network, and use Lightning for bill payments and to instantly sell bitcoin, Canadians can now live fully on a Lightning-powered bitcoin standard ⚡️

Buying bitcoin on the Lightning Network is easy, here’s how:

Add your Lightning Payment Address to your Bitcoin Well account
Send an e-Transfer with your unique e-Transfer details
Receive bitcoin directly to your Lightning wallet in less than 10 seconds 🏎️

Below are detailed instructions on how to buy bitcoin on the Lightning Network via e-Transfer, as well as a handy feature to easily send bitcoin to ANY Lightning wallet directly from your bank.

Step 1: Get your Lightning details

Go to the Buy bitcoin page in your Bitcoin Well account and choose the “Lightning” tab. This will show you your Lightning specific payment and wallet details.

Step 2: Enter your Lightning Address

Tap on the Lightning wallet field and select ‘Add wallet’ and give it a label/nickname. If you don’t have a Lightning wallet or a LNURL, you can easily get one at https://coinos.io/

Step 3: Add your e-Transfer details to your bank

Log in to your bank account and add lightning@satstacker.ca as an Interac e-Transfer payee. Your Bitcoin Well account will show you the security question and answer to use.

Step 4: Send an Interac e-Transfer to buy bitcoin on the Lightning Network ⚡

Send your e-Transfer to lightning@satstacker.ca with the security question and answer provided and bitcoin will be INSTANTLY sent directly to your personal Lightning address.

Step 5: Receive bitcoin INSTANTLY

The second your e-Transfer is received, the dollars are converted to bitcoin and bitcoin is sent to the Lightning wallet you provided. You’ll receive your Lightning payment instantly. The whole process only takes a couple of seconds to go from outbound e-Transfer to Lightning payment received.

Bonus feature: Send bitcoin to any Payment Address directly from your bank

When you send an e-Transfer to lightning@satstacker.ca, your bitcoin will be sent to the Lightning address you added in step 2.

However, you can include any of your wallet labels or any Lightning Payment Address in the e-Transfer memo, bitcoin will be sent to that Payment Address instead. Essentially, you can send bitcoin to any Payment Address instantly from your bank account 🤯

For example, the label “blink” is set as the default wallet in the example above, meaning inbound e-Transfers with a blank e-Transfer memo will be sent to the “bitkoinrad@blink.sv” Lightning Payment Address. However, if you send an e-Transfer with “mechanic” in the e-Transfer memo, then the bitcoin will be sent to the “uprightart41@walletofsatoshi.com Lightning Payment Address.

However, you can send bitcoin to any Lightning Payment Address, even if you haven’t added it to your Bitcoin Well account! For example, you could add “lndegeneres@walletofsatoshi.com” to your e-Transfer memo and, despite not being previously saved to your Bitcoin Well account, you can still send bitcoin to this Lightning Payment Address.

By utilizing e-Transfer memos for Payment Addresses, it's incredibly easy to send one off bitcoin payments to friends or businesses directly from your bank in Canada.

The compromise is over: bitcoin is fast and easy

In the past, Canadian bitcoiners had to choose between using freedom money at the mercy of the speed and cost of Bitcoin’s blockchain, or use the legacy banking system while surrendering their monetary freedom and independence. Ideally, Canadians never have to compromise their monetary principles; thankfully, they no longer have to.

Canadians can now use the Lightning Network to buy bitcoin, sell bitcoin and pay any bill with bitcoin, enabling them to maintain their independence and benefit from fast and convenient transactions. Bitcoin Well is the best place in the world to embark on your bitcoin journey 🌎

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Earn sats from your bitcoin transactions

Bitcoin Well is also the best place in the world to earn bitcoin. When you earn points in your Bitcoin Well account, you gain the opportunity to play the Bitcoin (Wishing) Well, where you win sats with every play.

The best part? We send bitcoin that you win straight to your personal wallet via the Lightning Network.

Oh yeah, did we mention you can win up to 1,000,000 sats? If you're an active Bitcoin Well customer, there is a chance you've earned a pile of points. The more you use your account for buying, selling or spending bitcoin - the more points you’ll earn! Log in to your Bitcoin Well account and check your point balance.

What makes Bitcoin Well different

Bitcoin Well is on a mission to enable independence. By custodying their own money, our customers are free to do as they wish without begging for permission. By enabling a full ecosystem to buy, sell and use your bitcoin to connect with the modern financial world, you are able to have your cake and eat it too - or have your bitcoin in self custody and easily spend it too 🎂.

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We are publicly traded (and love it when our customers become shareholders!) and hold ourselves to a high standard of enabling life on a Bitcoin standard. If you want to learn more about Bitcoin Well, please visit our website!