Hodl Hodl trading platform | Lightning and On-chain

Hodl Hodl trading platform  |  Lightning and On-chain

Hello everyone this is Will, with Hodl Hodl exchange, and this screencast is a demonstration, I’m going to complete two different trades at Hodl Hodl, one trade will use the Lightning Network, and the other will be On-chain which uses Bitcoin’s base network for the trade Hodl Hodl exchange has two different exchange modes, Lightning and On-chain and the main purpose of this screencast is to demonstrate the two different exchange modes here at Hodl Hodl, I’m on the home page here and On-chain mode is set by default, it is Bitcoin’s base network, when On-chain mode is selected the site has a blue theme with our standard logo, the other exchange mode is called Lightning, if I want to trade Bitcoin on the Lightning Network, I need to change the exchange mode to Lightning to do that, press the Lightning button, it is in the header of the site, when Lightning mode is set, the site is purple with a Lightning icon on top of our logo and after choosing one of the exchange modes you know where the trade will occur either On-chain or Lightning Network, and to complete these trades I’m going to use the TESTNET version of our exchange testnet.hodlhodl.com and from here we can see the Lightning icon in the header of the site, so I can click this to change exchange modes, now I have entered Lightning exchange mode and I can always go back to On-chain exchange mode, my first trade will be On-chain and I already have my second user logged in here so let’s say this user would like to buy some bitcoins, so he could click this buy Bitcoin link here at the top of the website, and we have some Canadian dollar offers here as my location and currency has been automatically filled in based on my IP address, so I will delete that press ENTER then click apply filters to get the full offer list and to filter this offer list better I would actually like to select by currency that is, fiat currency or cryptocurrency, I could choose XMR or Chinese Yuan or any currency so I’ll choose Iranian Rial and I will click apply filters, now we only see offers in Iranian Rial, also known as Toman, let’s say I find this offer and I like it and I click the offer here I’m able to see the details of the offer, I can buy between these two amounts worth of Bitcoin, at this rate, payment window confirmations required, 10% of a Bitcoin we can see the breakdown, goes to buyer exchange fee, estimated transaction fee payment method, international wire transfer, Swift, Bank wire is good for me to pay for these bitcoins I’m buying, ok and I’m able to see information about the profile of my counterparty here Boltman who is right here logged in and I will go ahead and click accept offer and create contract Ok contract has been successfully created generate escrow, both counterparties need to confirm their payment passwords, ok waiting for my counterparty to confirm his, he received a notification here so I will just click that we can see that the payment window is counting down I can even type hello I’ll confirm my payment password as the seller here and that changed the contract status so it was pending before now it’s depositing status so seller needs to send .1 BTC to this address so I will pause the video while I send 10% of a Bitcoin to this address ok we’re back and I have sent the 10% of a Bitcoin to this address so I will go ahead and click “I’ve sent the funds” the contract status changes to in progress we’re informed funds are locked in escrow waiting for buyer to send me the money now that the bitcoins are safely locked in the multi-sig escrow so as the buyer I have the bank name and bank account number I need to send the money to so I would go ahead and do that and once I’ve sent the money, I click I’ve sent the payment, and this advances the contract status to “paid” because as the buyer I’m saying I paid for my bitcoins so now the bitcoins are locked in escrow the seller should check the payment that means go to my bank account verify that I received the Toman that I desire so once I’ve verified I received the Toman then I can click release deposit payment password there is the buyers release address and the amount and I confirm release from escrow ok great contract is now completed bitcoins went to this address which is of course my address I had previously entered in trading settings ending in 58j and I will also click the release transaction ID to verify here we go 58J 0.099 perfect ok we just completed an On-chain contract now let’s complete a Lightning contract so I will switch the exchange mode I change the exchange mode to Lightning, I’ve entered Lightning exchange mode, I will go ahead and do that for both users so now I’m viewing Lightning offers, now let’s complete a Lightning trade, so let’s say I would like to buy Bitcoin so I click buy Bitcoin to view the full offer list here and I will go ahead and look through this list and choose this offer that I like, now I can see the details of the offer and I can enter the amount let’s say 0.001 – BTC payment method breakdown of the amounts and fees payment window this price there’s my counterparty and I click accept offer and create contract here is the notification, my counterparty the offer owner, the seller received, so I can go ahead and click create invoice as I’m informed here, press the button create invoice, this is my Lightning invoice copy invoice, invoice copied to clipboard and I will use this htlc.me sending, sent, so now I can click I’ve sent the funds and that advanced the contract status to in progress now the seller is informed waiting on buyer to make payment, as the buyer I need to send the payment for these bitcoins, payment method Monero and there’s the address I need to send the Monero to, so once I’ve done that I can click “I’ve sent the payment” and that advanced the contract status to paid and now seller needs to check the payment so I would go to my payment method here and see it’s Monero so I would go to my Monero wallet, verify I have received the Monaro which is exactly eleven point two one US dollars worth of Monero so I will wait for buyer to enter the invoice buyer needs to enter the invoice in order to receive the bitcoins via the Lightning Network here so I’m informed that this is the exact amount I need to create an invoice for, so that’s what I want to receive, let’s request this payment, and then I copy that, paste here click Add release invoice successfully added the release invoice so waiting for release, releasing status is the current status of this contract so the seller has been told to check the payment, buyer has already sent me the money using the payment method we agreed upon Monero, so if the money arrived so I would check my Monero wallet verify it’s arrived then I should release the locked amount from our wallet, ok release deposit, yes completed status for this contract, paid the buyers invoice, we’ve notified him funds were released to buyer, this was the amount of the contract, thank you for doing business with us, perfect, received payment we can see in this Lightning wallet alright great we just completed two contracts if you have any questions you can always reach out to us through Telegram Twitter Email and many other communication channels, alright thanks
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  1. nice video… the process still has room to be streamlined… having to navigate outside of hodlhodl to go to htlc.me is bad design/UI experience…. also, i might be nitpicking here but imho for sintax/semantics ease of understanding the process… instead of refering to "receipts" I would stick with "escrow"…

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