Three ways to close a #Lightning channel. 🤔 ⚡
*Mutual closing (both partners agree to close) ☺️
*Forcing the closure (one partner tries to close without the other's consent) 😕
*Protocol violation (your channel partner tries to cheat you, by posting an obsolete transaction) 😱
Finding the path
In #Lightning 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. #Bitcoin
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 #Lightning ⚡
Cold storage (for the new bitcoiners) 🤔
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.
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
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.
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).
*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? ⚡
Running a #Bticoin 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?
This is important 🙋
If you follow the protocol and have your node protected, there is no risk of losing funds by participating in the #Lightning Network. ⚡
I did not follow the protocol 🙄 , I lost sats, however I gained knowledge.