BitCryptex, I get you rightly, that means after bitcoin with any input (high or low) is transferred to bitcoin lightlning network, and it is sent back to blockchain network, no need to consolidate again as the transaction input will be 1.
BitCryptex and bitmover, I really appreciate the opening and closing fees in bitcoin lightning network that you both commented about. I know more about bitcoin lightning network now.
Topic: About Bitcoin Lightning Network and transaction fee - page 2. (Read 391 times)
Which means the transactions fee will be very small.
Direct payments are feeless, but you still have to pay for the channel opening and closing fee.
Just to add to BitCryptex comment.
Opening and closing a channel costs the same fee as any normal transaction.
If network is congested you will pay a high fee to open the channel fast, or to close it.
You need to make 2 nromal transactions (open and close channel)
I believe no matter how high the inputs are, I will still be able to open a channel to transfer bitcoin to another person.
That depends on the implementation you use. Both c-lightning and LND have a limit of 0.16777215 BTC per channel. I am not sure about Eclair.
Which means the transactions fee will be very small.
Direct payments are feeless, but you still have to pay for the channel opening and closing fee.
Will it still remain high as it was before I opened lightning network channel or would have reduced to zero (0)?
The moment you open a channel, you combine all of your selected UTXOs and send them to a multisig address controlled by you and the other node. As a result, that address will have only one UTXO which will be spent when you close the channel. The closing fee is deducted from the funder's remaining balance which will be returned to the funder's on-chain address as long as its value is not under the dust limit.
Assuming I have several inputs, and my transaction fee is very high. Later, I did not send bitcoin using the blockchain network, I opened a lighhtning network channel and transfer bitcoin using lightning network to my recipient. I believe no matter how high the inputs are, I will still be able to open a channel to transfer bitcoin to another person. Which means the transactions fee will be very small.
Assuming, I later close the channel, my bitcoin remaining is transferred back into my normal balance (bitcoin on blockchain) from the lightning channel. What will happen to the previous inputs. Will it still remain high as it was before I opened lightning network channel or would have reduced to zero (0)?
I did not do anything. It was just an assumption that led me to the question.
Assuming, I later close the channel, my bitcoin remaining is transferred back into my normal balance (bitcoin on blockchain) from the lightning channel. What will happen to the previous inputs. Will it still remain high as it was before I opened lightning network channel or would have reduced to zero (0)?
I did not do anything. It was just an assumption that led me to the question.
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