A little questioning on the lightning network co-operation.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Sandra_hakeem on July 05, 2023, 06:14:43 PM

...I wanna try out the lightning network today -say, using bluewallet.io, how do I generate the deposit request first of all?? ...hold on a sec; does it actually creates ,stores and process transactions on a separate Blockchain? Or does it prioritize the action that miners avail themselves more to transactions coming through the lightning network on the mempool that 'em usual 6 confirmations??!
Secondly, do y'all have other suitable wallets to recommend? _{I mean something with a more simpler operational method? Yeah?}
Thirdly, how big does 0.00028190 BTC seem to be on a 40 dollar tnx?is it less on the lightning network?
Lastly, does every wallet supports the lightning Co-operation? Or is it made feasible to some preferred cold wallets?
P/S: are these part of the lightning network FAQ? Please, Redirect me if this questios have been answered already.
Preciate y'all!

Sandra 🧑‍🦰

First of all you need to create the channel on the lightning network tab after creating the channel, you will have a deposit request generated. This request will include an invoice or a payment request that you can share with others to receive funds.

- The Lightning Network operates as a second layer solution on top of the Bitcoin blockchain. It doesn't create a separate blockchain but rather uses smart contracts to enable faster and cheaper transactions.

- The Lightning Network does not rely on the usual six confirmations that Bitcoin transactions require. Instead, it provides instant transactions by leveraging the payment channels established between participants.

- 0.00028190 BTC = 0.00028190 BTC the fiat value is determined by the exchange value at the time of conversion so if you want to make $40 transaction then use any site like preev to get the BTC value and then make transactions.

aysg76

legendary

Activity: 1960

Merit: 2124

When you open up a LN channel you can make transactions within it without the need of confirmation as they are not popped up to the blockchain but as said opening and closing transactions are there with the remaining amount and that needs to be confirmed before closure of the channel.

So if you are interested in reading more about it here is one of the active threads on the forum where you can read more about it : Re: Lightning Network Observer

hugeblack

legendary

Activity: 2646

Merit: 3911

Follow this guide ----> Electrum Lightning Network walkthrough has basic answers to your questions, and you can use this script to show the pictures ----> Imgur to TalkImg - automatically fix your broken images .

Here is ----> All Lightning Network Threads In One Place

In short, all your transactions in the Lightning Network are two transactions onChain, one to open the channel and the other to close it, and here you need those channels to reach the necessary confirmations, and then all transactions within the channel are done instantly.
Initially some LN have limit channel size up to 0.167 BTC but most of channels are accept up to 0.1 BTC so $40 is not a big problem

BitMaxz

legendary

Activity: 3374

Merit: 3095

BTC price road to $80k

Why not follow the guide from the blue wallet they do have some guides on how to use it.
Creating a lightning wallet on blue wallet is easy check the guide from this link below

- https://bluewallet.io/docs/create-lightning-wallet/

Or watch this video https://youtu.be/Cfc3JGb3a4g?t=506

About separate blockchain no all lightning transaction happens off-chain outside the blockchain network, unlike on-chain transaction.

And take note lightning network doesn't need miners to confirm a transaction all transactions made with lightning are almost instant, unlike an on-chain network that requires confirmation.

Regarding to your 3rd question the value of BTC doesn't matter whether on-chain or off-chain network. Your BTC in your lightning wallet should be worth the same as what the current BTC value from the market.

To learn more about lightning I suggest read this The Lightning Network Faqs

Sandra_hakeem

hero member

Activity: 798

Merit: 1045

Goodnight, ohh Leo!!! 🦅

...I wanna try out the lightning network today -say, using bluewallet.io, how do I generate the deposit request first of all?? ...hold on a sec; does it actually creates ,stores and process transactions on a separate Blockchain? Or does it prioritize the action that miners avail themselves more to transactions coming through the lightning network on the mempool that 'em usual 6 confirmations??!
Secondly, do y'all have other suitable wallets to recommend? _{I mean something with a more simpler operational method? Yeah?}
Thirdly, how big does 0.00028190 BTC seem to be on a 40 dollar tnx?is it less on the lightning network?
Lastly, does every wallet supports the lightning Co-operation? Or is it made feasible to some preferred cold wallets?
P/S: are these part of the lightning network FAQ? Please, Redirect me if this questios have been answered already.
Preciate y'all!

Sandra 🧑‍🦰

Topic: A little questioning on the lightning network co-operation. (Read 126 times)