Three ways to close a channel. πŸ€” ⚑

*Mutual closing (both partners agree to close) ☺️
*Forcing the closure (one partner tries to close without the other's consent) πŸ˜•
*Protocol violation (your channel partner tries to cheat you, by posting an obsolete transaction) 😱

Finding the path :bitcoin:

In the process of finding a path from source to destination is called "path finding" and the process of using that path to make the payment is called "routing". ⚑

The change address.

If you make a purchase of 1 bitcoin for example, and you have an input of 2 bitcoins, a single transaction will be created with two outputs, one of 1 bitcoin for the recipient and one of 1 bitcoin for yourself as an change, minus the fee

By opening a payment channel in lightning: 🧐

You can send and receive bitcoin payments at any time and/or earn bitcoin fees by forwarding payments for others.

Use ⚑ :bitcoin:

Payment Channel ?⚑

Financial relationship that exists between "channel partners", this relationship allocates funds to partners denominated in (mBTC) managed by a cryptographic protocol that ensures they cannot be cheated and is established by multiple 2 of 2 signatures

:bitcoin:

The best way to close a channel is... not to close it! πŸ˜„

Remember that they require a chain transaction, it is better to keep the channels open as long as possible, use it to make and forward payments (routing).

⚑ :bitcoin:

Cold storage (for the new bitcoiners) πŸ€”

Keeping bitcoin offline is called cold storage and is one of the most effective security techniques where keys are generated offline and stored offline, either on paper or on digital media.

:bitcoin:

If you are going to buy something online through πŸ€“

Open a channel directly to the merchant's node. The merchant node ID will be on the invoice you receive when you try to buy something.

⚑ :bitcoin:

Already have your node up and running? ⚑

*Connect to a few well-connected nodes.
*Open more than one channel
*Don't open too many channels
*Don't make the channels too small.

:bitcoin:

This :bitcoin:
Most people are very worried that someone is going to break in, identify what the 24 words are and steal their money. That is not the biggest risk. The biggest risk is you lose it, you forget where you put it, you didn’t do the backup in the first place...Andreas

Don't use complicated backup methods. πŸ€“

If you do this, it is more likely that your will be lost than stolen. Complexity is the enemy of security.

:bitcoin: ⚑

LNURL-pay?

With LNURL-pay you create static QR, the payer is the one who sends the recipient a request to create an invoice.

You can place your static QR on your website, on a poster, or attach it to products if you have a store, or simply share it for donations.

⚑ :bitcoin:

Did you know?πŸ€”

*millisatoshi the smallest unit of account on the Network and do not exist nor can they be settled on the Bitcoin network.

*satoshi is the smallest denomination of bitcoin that can be recorded on the blockchain.

⚑ :bitcoin:

Buy coffee with using Network ⚑ β˜• 😍

About :bitcoin: transactions

At this point if you have made any Bitcoin transaction and it has not been verified (quiet), it is in a temporary pool held by each node until the miner takes it and then validates it with the mining algorithm: Proof of Work (PoW).

Obtain :bitcoin:

*Peer-to-peer platforms
*Buy from a friend or acquaintance.
*At a bitcoin ATM.
*Selling goods or services.
*Playing games, there are many games that allow you to earn satoshis. ⚑
*Ask to be paid in bitcoin.

Exchange your fiat money 😊

By the way: 😍

*Lightning nodes are "wallets".😯
*Nodes communicate peer-to-peer with other Lightning nodes that create the network.
*Lightning nodes access the Bitcoin blockchain.

Are you using LN? ⚑
:bitcoin:

Running a :bitcoin: node:

*Makes the network more robust by serving more users, wallets and transactions.
*You don't rely on a third party to process or validate transactions.

Do you have a node?

You have nothing to lose but a lot to learn.

Use testnet bitcoin (TBTC), to do your testing and play around a bit, testnet which is a worthless copy of :bitcoin: where Bitcoin functions are replicated exactly.

A great way to experiment with ⚑

This is important πŸ™‹

If you follow the protocol and have your node protected, there is no risk of losing funds by participating in the Network. ⚑

I did not follow the protocol πŸ™„ , I lost sats, however I gained knowledge.

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