Post
Topic
Board Development & Technical Discussion
Merits 3 from 1 user
Re: The Lightning Network FAQ
by
darosior
on 24/09/2019, 12:54:42 UTC
⭐ Merited by BitCryptex (3)
(This is dependent on the number of transactions made,
make a single transaction on LN and you paid more than a single onchain bitcoin transaction.
You have to make multiple transactions to the exact same person to save the most on fees.)
You are confused between direct payment channels and the actual Lightning Network. Having such a network is the whole point of solving the direct payment channels issue you pointed out. You can learn more about the Lightning Network here.

To answer the question : using the Lightning network is viable if you expect to do more than 2 payments using it. You will in practice have to pay some additional on-chain transactions to reload your channels.

Actually you're confused.   Smiley

Make a single LN transaction and you pay one onchain transaction fee to bitcoin network and then the LN transaction fee (per hub used), and then 1 onchain transaction fee to redeem your coins onchain.
Which means a single onchain transaction without LN would have been cheaper (as only a single onchain transaction charged)
However make 20 to 200 LN transactions to the same person and you saved greatly in fees.
Ah I understand... I actually naively thought you were honest and not spreading FUD. Have you ever read the whitepaper ? Or are you typing faster than you're learning ?

You want to discredit a network of routed payment channels by talking of the tradeoffs of a single payment channel. But you talk about the routing (a characteristic of a network of multiple channels) as one of these tradeoffs. That's why I thought you were obviously confused : actually you're not you're spreading FUD, but do you really think someone could actually believe such logic-less speech ?

LN is not a magic solution, it only relieves fee costs and decreases onchain transactions if used wisely.
That's true.
Which in LN case is multiple transactions between the same parties over and over again.
That's wrong. Intentionally or not ? Wink

As the thread title is "The Lightning Network FAQ" and not "The Lightning Network FUDers challenging", I'll stop answering your messages. Please refer to the whitepaper (more conceptual) and the specifications (more technical and implementation-wise) for more accurate information about the Lightning Network.