LN still need on-chain transaction to open and close channel
Well, I am a newbie in LN, not much old in Bitcoin as well.
For me, until now, LN is-
Here- Bob (X) is a client who used to shop with BTC. Since the fee is high, he is looking for alternative way, hence he got LN.
He knows if he creates a channel with Y(Route?)- who already have channel with a lot of Bob's favorite shop, he can settle a lot of payments in most of the shops he is used to go daily.
I am trying to learn it from the perspective of a client of a lot of shops so that I can pay micro payments with bitcoin.
Please correct my above statement, for last 3/4 days, I am spending a lot of time into LN. Have read some parts of the whitepaper here- https://lightning.network/lightning-network-paper.pdf