Time to get the txn from lightning network to btc blockchain

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: supermankid on May 25, 2022, 08:54:05 AM

if all people in the world started using bitcoin, will lightning be able to handle the rate of txns?

Yes. Lightning, currently, can handle dozens of millions of transactions per second. And it's reasonable to have increase of both channels and channels' capacity if more people install a Lightning client. This is the problem that's trying to solve after all; scaling.

Quote from: supermankid on May 25, 2022, 08:54:05 AM

will the amount of channels need to increase?

Yes. It's needed.

supermankid

jr. member

Activity: 31

Merit: 12

Great to hear input from all of you. Thanks a lot.
Summary:
1) Bitcoin core does not support sending to lightning network but we can send to address on lightning wallet that is supported by bicoin core
(I saw the possibility of choosing lightning address or standard btc address on wallet of satoshi)

2) The txns are not recorded and are not traceable (expect the channels those taking part in the txn)

3) The speed of txn depends on the channel but I have one question ==> if all people in the world started using bitcoin, will lightning be able to handle the rate of txns?
will the amount of channels need to increase?

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: supermankid on May 25, 2022, 02:55:32 AM

1. How long does it take for a txn settled in lightning network to be confirmed in BTC blockchain?

As said, LN transactions are off-chain. So you will get the coins
* in case it was you creating the channel, when you and your peer will close the channel between you two (which afaik is an on-chain transaction and that one has to be confirmed)
* in case you use a third party service for LN, it depends when and how the third party sends you those coins (or credits your account if it's a custodian wallet).

Quote from: supermankid on May 25, 2022, 02:55:32 AM

2. Is it possible to trace all the txn history in lightning network.(for e.g. https://explorer.lbtc.io/)

Each LN node knows only the transactions routed by it; so the answer for you is no.

Quote from: supermankid on May 25, 2022, 02:55:32 AM

3. Is bitcoin core able to send to lightning wallet? lightning wallet address are way too longer than the segwit address.

Afaik Bitcoin Core doesn't handle LN.
So if, for example you use Blue Wallet for LN (please don't take it as an advice to use this one, it's just an example I know), there's a bech32 address you can send to in order to fund "your"[1] LN wallet you can send further LN transactions from.

[1] Actually it's not entirely yours, since the LN "wallet" in Blue Wallet is a custodian account.

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: BlackHatCoiner on May 25, 2022, 03:10:12 AM

A transaction settled in the Lightning Network is never confirmed in the blockchain. That's why it's often called "off-chain". The only transactions that get place in the blockchain and have a relation with Lightning are those that open and close the channels.

I have a feeling that's what supermankid was asking about, but he didn't express himself in the best way.

@supermankid
The same rules that apply for standard Bitcoin on-chain transactions apply to transactions that open and close LN channels. You need to pay enough fees for a miner to have an incentive to include your transaction in a block.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: supermankid on May 25, 2022, 02:55:32 AM

1. How long does it take for a txn settled in lightning network to be confirmed in BTC blockchain?

A transaction settled in the Lightning Network is never confirmed in the blockchain. That's why it's often called "off-chain". The only transactions that get place in the blockchain and have a relation with Lightning are those that open and close the channels.

Quote from: supermankid on May 25, 2022, 02:55:32 AM

2. Is it possible to trace all the txn history in lightning network.(for e.g. https://explorer.lbtc.io/)

A commitment transaction is not written in a public ledger, as it is in blockchain. When one pays another via Lightning, and have opened their own channel, they use a private ledger, that is only known by those two. If they don't have a channel dedicated to their transactions, and need to use intermediary nodes' channels, privacy is still protected somewhat with onion routing.

Quote from: supermankid on May 25, 2022, 02:55:32 AM

3. Is bitcoin core able to send to lightning wallet? lightning wallet address are way too longer than the segwit address.

Bitcoin Core doesn't have an inner Lightning wallet.

supermankid

jr. member

Activity: 31

Merit: 12

Hello everyone,

Learning about the lightning network but I am not 100% clear on some ideas so wanted to ask few questions below?

1. How long does it take for a txn settled in lightning network to be confirmed in BTC blockchain?
2. Is it possible to trace all the txn history in lightning network.(for e.g. https://explorer.lbtc.io/)
3. Is bitcoin core able to send to lightning wallet? lightning wallet address are way too longer than the segwit address.

As always thanks in advance 😁

Topic: Time to get the txn from lightning network to btc blockchain (Read 188 times)