I didn't do much research on the topic, but from what I read a peg-out can only be initiated by a member of the Liquid federation. You are right about that part. When you initiate a peg-out, an equal amount of L-BTC has to be burned from the Federation's supply. When that is done, your requested funds will be sent to the address you previously whitelisted.
You can read a little bit about it here > https://help.blockstream.com/hc/en-us/articles/900001408623-How-does-Liquid-Bitcoin-L-BTC-work-
I've heard about this in the past, but had no idea that the peg-in requires 102 confirmations before you get credited with your L-BTC!
Topic: Liquid Network - peg in peg out (Read 161 times)
Hello,
I wonder how it really works. E.g. I want to redeem 1 btc for 1 l-btc. 1 btc has been locked. I made many transactions and I have 2 l-btc, which I want to exchange for 2 btc. What happens to 1 btc which I locked earlier ? I know peg out isn't available for normal users.
I wonder how it really works. E.g. I want to redeem 1 btc for 1 l-btc. 1 btc has been locked. I made many transactions and I have 2 l-btc, which I want to exchange for 2 btc. What happens to 1 btc which I locked earlier ? I know peg out isn't available for normal users.
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