Topic: Lightning Network questions (Read 274 times)

Well, when it comes to Lightening Network- it is developed to solve two major problems, which are:
1. Delay and
2. Cost of bitcoin transaction.

Below is the thread that throw much emphasis on what I want to share in this regards.

https://bitcointalksearch.org/topic/m.54223990

You can test it from here- https://github.com/spesmilo/electrum, it's not official version. Make sure you are verifying the signature. To learn more about this, you can check this thread as well- https://bitcointalksearch.org/topic/electrum-lightning-demo-5221146

Hello friends,

Thanks for all replies! I am very positively shocked that Electrum is implementing LN! I even had a look at their github, it's buzzing with commits. Do anyone know when will they release candidate? I wil be happy to test it. This could massively simplyfy things for me, I would just use Electrum like I use now, but with LN functionality. I would ask my business partner to run Electrum LN/server too.
As for my current setup with c-lightning, I will delve again into it and read all the FAQ. I am on the good path. Thanks again for all your help and work

That depends on the wallet you are using. Most of them give users 24 hours to broadcast a penalty transaction. As far as I remember, once you enable receiving in Eclair Mobile, that time is extended to 2 weeks for new channels. That's plenty of time. Turning on the app and letting it synchronize once a week should be sufficient.

EDIT: Ok better moving to the thread by bitcryptex above..


Wind_Fury is right, better would have been to checkout https://bitcointalksearch.org/topic/the-lightning-network-faq-5158920 before..

But here are some answers anyway for the record.
Hello crypto_curious

Just to mention, we just started an FAQ, maybe it's a good place to start finding some informations.

Both for the connection, none to keep a channel opened. A long absence will result in a force close, though.

No. You need a LN client in order to be able to pay his invoice! (And have a channel funded so that you can find a path to him.)

Unfortunately, LN requires logic on both sides in order to make a payment ("post" it for the sender, redeem it for the recipient). So no, your business partner has to run a node. Note that he could use a mobile wallet, too (I mean it's not *that* harsh to put up a LN client.

Yes, actually in this specific case you could be offline as long as you want. But I'm not sure the clients take this into account.

Yes
The fundchannel command allows you to specify the feerate with the 'feerate' parameter.

Yes, it's called keysend and is only partially supported for this release (it will be fully in the next one).

Electrum is about to integrate LN, could be a good pick for your business partner ?

I have answered your questions in a separate post under The Lightning Network FAQ thread. Feel free to ask more questions in that topic so that more people could contribute and easily find answers to the same questions in the future. Also, consider reading the first post in that thread and this one.

All questions will be answered/or are already answered in this topic, https://bitcointalksearch.org/topic/the-lightning-network-faq-5158920

Plus I believe the saying, "Google is your friend" applies. Practice your information-searching skills. Happy hunting.

Hello friends,

A apologize in advance is this is trivial to some of you, but I've been reading and there is no clear explanation to what I am trying to understand. So let me ask you

Every week I am paying my business partner some amount of Bitcoin for goods he is selling me. I am using SegWit, bech32 native addresses so we save on fees. Everything is good so far. But I know that at some point fees will be higher and I won't be able to use low fees like 1 sat/byte I am using mostly now.
So I started research on LN. I have c-lightning node already running, but not connected to anyone and no channels. Questions:
1. How we can connect on LN? We both need to keep nodes open, or just one of us? If only one node is required, will it be me or him?
2. I understand he would issue me a "invoice" every week and I would pay it each time using my LN wallet. So I don't need a node technically, he should have a node. Correct?
3. Can I have node open and pay to his LN wallet or something? So he don't need to have a node? How he would transfer Bitcoins back from LN to his normal SegWit wallet?
4. I would need to replenish my LN balance every now and then, as I am only sending funds to him and he is not sending anything back. That would save amount of on-chain transactions. Correct?
5. When funding or opening a LN channel, can I pick amount of on-chain fee? I'd like to open a channel using 1 sat/byte, I don't mind to wait. C-lightning can allow for that?
6. Can I pay him passively so he doesn't need to do anything, no issuing of "invoices" or anything? In best case scenario, I have a node, I am opening and funding a channel, all he does it to install LN wallet and give me his address. And then I need to explain to him how to transfer BTC from LN wallet to his normal Electrum wallet.

I'd appreciate any replies and please me patient with me, I am completely new to LN. Thanks!