The 'bill' is settled on the main chain when one or both parties closes the payment channel. Channels are automatically closed when you withdraw funds to your on-chain wallet out of your lightning wallet. Most wallets abstract this process, so users don’t deal directly with channels. So if you withdraw your btc from the lightning wallet a settlement transaction is automatically broadcast to the main chain. If you leave the funds in your lightning wallet, the channel stays open until one or both of you closes it.
You can put it in a wallet not using exchange's, just like it was designed . You can also make a paper wallet like I did 15 years ago when I sent 50 btc from my Satoshi 1 wallet.
I do blame your wallet, I transfer Bitcoin often and have never had such a high fee, highest I have ever done was $3, most are less than a dollar and the transactions finish fairly quickly.
I checked on chain and the average fee was a little lower but not much. The fees have come down quite a bit but long-term, the expectation is that they will be in the hundreds, if not thousands, of dollars in the future.
Yes, the Lightning Network is put together like Frankenstein. Parts added to try to fix deficiencies. I believe it will be replaced by something better or totally redesigned.
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You're back! Good to see you! Another great video!
Thank you
Question regarding your demo... When do these transactions settle on the BTC ledger? Is there a subsequent step that makes that happen?
The 'bill' is settled on the main chain when one or both parties closes the payment channel. Channels are automatically closed when you withdraw funds to your on-chain wallet out of your lightning wallet. Most wallets abstract this process, so users don’t deal directly with channels. So if you withdraw your btc from the lightning wallet a settlement transaction is automatically broadcast to the main chain. If you leave the funds in your lightning wallet, the channel stays open until one or both of you closes it.
You can put it in a wallet not using exchange's, just like it was designed . You can also make a paper wallet like I did 15 years ago when I sent 50 btc from my Satoshi 1 wallet.
Good point 👍🏻!
why you think coinbase dont implant Lightning on there exchange?
Coinbase DOES offer Lightning transactions. They just recently added that functionality.
@@SVRNMoney ohhhh that's grand. So now I need to find out how I manage it with my Onekey classic.
But you'll still incur the same fees when you open and close channels.
Yes, that's one of the drawbacks but once you open a channel, you can have many interactions with low fees.
I do blame your wallet, I transfer Bitcoin often and have never had such a high fee, highest I have ever done was $3, most are less than a dollar and the transactions finish fairly quickly.
I checked on chain and the average fee was a little lower but not much. The fees have come down quite a bit but long-term, the expectation is that they will be in the hundreds, if not thousands, of dollars in the future.
It's a turd...NEXT ! Short and sweet explaination. There is better for every thing it does.
Yes, the Lightning Network is put together like Frankenstein. Parts added to try to fix deficiencies. I believe it will be replaced by something better or totally redesigned.