Bitcoin lightening network is a technology I will still have to study to understand fully how it works, as I haven't really come to terms with understanding, but going by what I currently understand, what op is saying sure makes sense,
The BTC network is on-chain while the LN is off-chain, when using the LN, the only tx's that are recorded on the blockchain is the opening tx in which both parties send funds into a multisig address and the closing tx in which the last tx is then broadcasted, every other tx is not recorded in the blockchain. What the op is saying cannot work, if tx's are not broadcasted on-chain, they cannot reflect on the mainnet. It is either you use LN which is a layer 2 solution or you use the main network. 
Topic: Bitcoin to LN BTC without conversion (Read 124 times)
Suppose, a wallet has 1 BTC then he'd be having 1 BTC on original network and 1 BTC on Lightning network as well. When user spends from either, balance will be deducted simultaneously from both networks, so original amount remains same. No conversion involved.
Non-custodial Bitcoin wallets don't actually store a balance. There's no ledger inside the wallet keeping track of how much bitcoin you have. Instead, your wallet calculates the balance by looking at the blockchain and adding up all the Unspent Transaction Outputs (UTXOs) associated with your wallet addresses. So you can't just deduct some bitcoin from your wallet balance without making an on-chain transaction to spend some UTXOs. The balance is just a calculation, not a real thing stored in the wallet itself and to spend bitcoin, your wallet has to create a transaction sending some UTXOs to a new address on the blockchain.
if some one should have the supposed 1 bitcoin in his or her wallet, and open a LN which I believe should be connected to the same wallet, the balance from appears as the same, and which ever network the individual decides to spend his or her bitcoin from, the transaction will be recorded on both networks, which will also make both balance reflects accordingly.
No. That's not how the Lightning Network works.
Bitcoin lightening network is a technology I will still have to study to understand fully how it works, as I haven't really come to terms with understanding, but going by what I currently understand, what op is saying sure makes sense, if some one should have the supposed 1 bitcoin in his or her wallet, and open a LN which I believe should be connected to the same wallet, the balance from appears as the same, and which ever network the individual decides to spend his or her bitcoin from, the transaction will be recorded on both networks, which will also make both balance reflects accordingly.
The idea of having a transaction on one network like the Lightning network immediately reflect on the Bitcoin mainnet is challenging. This is because it would require a real-time synchronization mechanism between the two, which currently doesn't exist.LN operates with a different set of rules and processes designed to be lightweight and fast, while the Bitcoin blockchain provides a more robust and secure record of transactions.
This is what I currently understand, but like I said before, I will still need to study this topic to understand better how the lightening network truly functions.
The LN operates quite differently from the main Bitcoin blockchain. It is a "layer 2" protocol, meaning it sits on top of the Bitcoin blockchain and provides a different way to transact. LN transactions happen off-chain in private channels between parties.These transactions are not immediately recorded on the Bitcoin blockchain. They are settled later in bulk to reduce transaction fees and congestion.
Understanding how LN channels are opened and closed and how they interact with the main blockchain will give you a clearer picture of how balances and transactions are managed across these two layers.
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Bitcoin lightening network is a technology I will still have to study to understand fully how it works, as I haven't really come to terms with understanding, but going by what I currently understand, what op is saying sure makes sense, if some one should have the supposed 1 bitcoin in his or her wallet, and open a LN which I believe should be connected to the same wallet, the balance from appears as the same, and which ever network the individual decides to spend his or her bitcoin from, the transaction will be recorded on both networks, which will also make both balance reflects accordingly.
It's just like using mycelium wallet and electrum wallet, with Bitcoin wallet on both controlled by one private key, each time one sends or receives bitcoin to either of this wallets, the transaction will reflect on both, and bitcoin balances update on both as well.
This is what I currently understand, but like I said before, I will still need to study this topic to understand better how the lightening network truly functions.
It's just like using mycelium wallet and electrum wallet, with Bitcoin wallet on both controlled by one private key, each time one sends or receives bitcoin to either of this wallets, the transaction will reflect on both, and bitcoin balances update on both as well.
This is what I currently understand, but like I said before, I will still need to study this topic to understand better how the lightening network truly functions.
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I can't think there's a possibility to convert BTC on chain to BTC off chain without any cost when you're use non custodial wallet, but if we talk about centralized exchange, I think many exchanges support this. However this can't be used to save fees since centralized exchange has a fixed withdrawal fee.
If you talk about centralized exchange withdrawal, just check that Binance withdrawal fees are fixed but not the same for every blockchain. Recently, Binance implemented the lightning network, which I consider to be only a Bitcoin chain after the main net. The rest chains like ERC-20, BEP-20, or BEP2 are just altcoins.
They charge different withdrawal charges for different chains, and the Lightning network is most cheapest among those chains. The mainnet withdrawal charges a 0.0002 BTC fixed fee for the withdrawals, but the lightning network charge is 0.000001 which is around $0.04 at this moment.
There are a few Lightning wallets that have a unified balance. When you first send BTC to your wallet it will open a lightning channel for you. When you need to send a payment to an on-chain address it will do a submarine swap to transfer those funds. That’s about as close as you can get to the idea you’re proposing.
Mirroring balances and ensuring simultaneous deduction across both networks would require significant changes to how these networks operate and interact.
The security model of the Bitcoin network is different from that of LN so it would introduce new security concerns.
To elaborate further: A key aspect to consider is the impact on Bitcoins decentralization and security model. Bitcoins security is underpinned by its decentralized nature and the robustness of its blockchain. Introducing a system where transactions and balances are interdependent with another network like LN could complicate this model potentially introducing vulnerabilities or centralizing aspects that are currently avoided.
A seamless interface between those networks would require significant changes to their protocols.
I get your point but imo this would never happen because it violates the principles of Bitcoin.
The security model of the Bitcoin network is different from that of LN so it would introduce new security concerns.
To elaborate further: A key aspect to consider is the impact on Bitcoins decentralization and security model. Bitcoins security is underpinned by its decentralized nature and the robustness of its blockchain. Introducing a system where transactions and balances are interdependent with another network like LN could complicate this model potentially introducing vulnerabilities or centralizing aspects that are currently avoided.
A seamless interface between those networks would require significant changes to their protocols.
I get your point but imo this would never happen because it violates the principles of Bitcoin.
I can't think there's a possibility to convert BTC on chain to BTC off chain without any cost when you're use non custodial wallet, but if we talk about centralized exchange, I think many exchanges support this. However this can't be used to save fees since centralized exchange has a fixed withdrawal fee.
Bitfinex is one of the example.
Bitfinex is one of the example.
How to convert between LN-BTC and BTC
To withdraw Bitcoin using the Lightning Network, you will need to convert BTC to LN-BTC. This is a free process and is only used when making withdrawals from Bitfinex.
To withdraw Bitcoin using the Lightning Network, you will need to convert BTC to LN-BTC. This is a free process and is only used when making withdrawals from Bitfinex.
On-chain and off-chain, I can not figure out how you can make it done without anything in the middle.
On-chain network has more power to be against network attack and I as well as many others are keen on on-chain solution. Lightning Network is for small transactions because it is less secured than Bitcoin network (on-chain) and you should never let transaction fee affects your decision for where you store your bitcoin.
Safety for your bitcoin first, transaction fee can be considered later because you don't have need to move your bitcoin every day, hence you can choose good time to move it with cheap fee.
On-chain network has more power to be against network attack and I as well as many others are keen on on-chain solution. Lightning Network is for small transactions because it is less secured than Bitcoin network (on-chain) and you should never let transaction fee affects your decision for where you store your bitcoin.
Safety for your bitcoin first, transaction fee can be considered later because you don't have need to move your bitcoin every day, hence you can choose good time to move it with cheap fee.
Suppose, a wallet has 1 BTC then he'd be having 1 BTC on original network and 1 BTC on Lightning network as well. When user spends from either, balance will be deducted simultaneously from both networks, so original amount remains same. No conversion involved.
This should avoid congestion as people will use LN as it has cents fee.
What do you think? Any good?
This should avoid congestion as people will use LN as it has cents fee.
What do you think? Any good?
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