What do you show?The address/qr code on your mobile?
Discussion
First thing you need to understand that you have Bitcoin on the base layer (onchain), and you have Bitcoin on the 2nd layer (Lightning).
Onchain is slower (transactions are processed in blocks, generally 10 minutes apart) and more expensive. You send a transaction via your wallet, and confirm it with your key.
Lightning is fast and cheap. When using a Lightning wallet you can send to anyone else with a Lightning wallet by scanning a QR code and confirming with your pincode.
You can sell BTC on exchanges by sending it there or you can sell it Peer-2-peer via services like Peach, Robosats etc
First thing you need to understand that you have Bitcoin on the base layer (onchain), and you have Bitcoin on the 2nd layer (Lightning).
Onchain is slower (transactions are processed in blocks, generally 10 minutes apart) and more expensive. You send a transaction via your wallet, and confirm it with your key.
Lightning is fast and cheap. When using a Lightning wallet you can send to anyone else with a Lightning wallet by scanning a QR code and confirming with your pincode.
You can sell BTC on exchanges by sending it there or you can sell it Peer-2-peer via services like Peach, Robosats etc
Can you connect your Bitcoin Address to your Bitcoin-Lightning address?
No. You can create a Lightning channel to someone if you have a Bitcoin / Lightning node. Basically what you do is you make an onchain agreement for a specific amount and you can then send Bitcoin via Lightning until you close that channel. You can have more channels with more people.
Or you can swap onchain Bitcoin to Bitcoin on Lightning if someone likes to do that peer-2-peer or use a wallet like MuunWallet which does so called ‘submarine-swaps’. In MuunWallet you can send / receive Onchain Bitcoin transaction and out of that same wallet do Lightning transactions as well. The fee for Lightning transactions are higher than real Lightning wallets though because of the swaps. But it’s an easy to use portal to convert onchain to Lightning and vice-versa
Lightning channel/Lightning Nodes/Lightning Address/Lightning Networks?Aside from Bitcoin Address and so forth...Arent these intoxicating for us in the 3rd world don't you think?How many Lightning Networks are there?AAre they not part of Bitcoin-Lightning network?
Anyway o received another Sats from i dont know who and just want to also say thank you...
It feels overwhelming at first, I agree. But you can always dive in deeper.
Want to keep it basic? Just use Lightning which is low-cost, fast, non-technical (unless you want to run a node yourself). It doesn’t cost anything, just download a Lightning wallet and you’re ready to go. It’s free, open and always available. There is only 1 Lightning network and by downloading an app like BlueWallet, MuunWallet, Wallet of Satoshi, Alby etc etc you can be part of it, pay with it and receive money with it. See this as your checking account
Want to save for the future? Take real self-custody? Then go for onchain. It’s a bit more difficult to grasp at first, but it’s the safest way to safe your wealth. See this as your savings account
And it will get easier over time as smart folk build better products and services with great UX. We are the early adopters.
On bitcoinexplorer.org, i see a miner (mining pool) the named Patoshi?Why is he/she not active or not seen like the more popular mining pools like binance/luxor/foundry/etc.,and why is Patoshi rarely mentioned on mainstream?What are Patoshi Blocks?
And 10 minutes is not slow for those who need it most...
True. But keep in mind it can take longer. Transactions are placed in a cue. Transaction that pay more fee to the miners will be placed earlier in the cue. So depending on the amount of transactions waiting in the cue transaction can be higher in price, or it can take longer before they are processed. You can easily check the current fees and amount of traffic on mempool.space
I see transactions that pay 40% fee?And it states these is due to inefficiencies?So would these transactions be prioritized due to higher fees?
No, the 40% you see is the difficulty adjustment of the last period. The difficulty to find blocks gets adjusted depending on the hashrate every few weeks to make sure the global average of blocks coming in stays at 10 minutes.
The v/sat per byte is the fee. At the moment it’s higher because people are storing ordinals / NFTs in the chain. Lots of discussions to be found on this topic because it’s polluting the mempool and raising fees. However you can still send low fee transactions, they just take longer now: can be up to days..
If you want it to be faster (be earlier in cue) you pay more fee. If you’re willing to pay the fee depends on how important the transaction is, and how big the transaction is.
Can anyone easily download all the Bitcoin Transactions of a block?
Yes, everyone can see them in the block explorer or by using their node. That’s the beauty of Bitcoin. All nodes download the complete history of transactions ever made on the network. Everybody ‘checks’ with their node if nobody is doing fraudulent stuff, or not obeying the rules of Bitcoin. You can’t cheat, like central bankers cheat on society and keep printing money and setting up fraudulent schemes
Checks also means verifies/validates?Would that make you a miner,then?
No. Miners are also nodes but they build blocks too. Nodes only check so everything follow rules. If not they ignore.
Build?I thought Miners job was to validate bitcoin transactions?How do miners build Bitcoin?
The beauty of it is if someone mines according to other rules they can mine all the want. The network will just ignore them and go on with the day.
Its like language almost. You are free to speak mumbojumbo but nobody will listen. Everyone who speak the same form the network
Verifies indeed.
No a miners mine blocks (delivers computational power to find the next block), this costs a lot of power to compete against other miners to ‘ain’t he block reward. When a block gets found nodes check if the block is correct and verify the transactions.
A node is a simple computer (like a raspberry pi, but can be any computer) that downloads / checks and syncs the blocks with the complete network. It downloads each block (max 4mb) when it’s mined and isn’t power consuming making it easy and affordable for everyone to check and verify the chain. This is a very important part for the decentralisation part
Yet nodes don't get rewarded as miners do?
Here's the exact statement on blockchain.info regarding the 40%. I like to know more of what i don't understand...
*This transaction paid ~40% more in fees due to inefficiencies associated with older wallets*.
Could you simplify what it means?
Nodes don’t get rewarded indeed. They only verify. No revenue for them.
Ah, there are several sorts of Bitcoin addresses: Legacy, Segwit, Taproot etc.
Technology evolves and the protocol as well. Sometimes because of functionality new formats are added. The most recent update was taproot. You can learn more by googling it. But basically it can mean that sending from a specific sort of wallet to another can be more expensive (because another format is used). I think other people can give you better details than me. :)
Most of them never answers back...that's one thing i hate about Bitcoin,especially for us who lacks money,education and the tools to better understand it...plus the language it uses...google translate doesn't help..i feel like it was solely created for the 1st world countries along with the allies...
Well you’ve come to the right place then. Most of the people on Nostr are Bitcoin enthousiasts and are willing to help. More and more people are also translating educational content into several languages. What’s your main language?
My mother-tounge?Or my National language?Tagalog is my countries language.
Okay thanks! Haven’t heard of that language before, interesting :)
But you do a great job in English. Spread the word locally in Tagalog. Language is just a medium
There is no Nostr relay/client/channel or whatever their called in Tagalog or as i know of in the Philippines...although i tried using Twitter/Facebook/Pinterest to share my views/thoughts on sites,i don't get much of a respond or either i get shadowbanned from doing so...and get bombarded with cryptocoins/shitcoins in return also.
I can communicate in simple english but when it comes to Bitcoin technicals or jargons i do get
lost.for words.
I understand. That means you’re early 😉
About the words: try finding words that match as good as possible and discuss later on when other people from your country join.
The first BTC meetings all over the world didn’t attract much people. Slowly, then suddenly
I seldom hear bitcoin meet-up in my country...mostly are blockchains...and if it ever happens w/c i am so looking forward to (Bitcoin Meetups).i don't expect to be invited...I am not one of them(Elites).This can only be held with many well known sponsors i think...
Organise them yourself. It doesn’t have to be big and fancy. Do it in your local library or cafe. We have them in cafes as well; everyone who wants can join for free. You will build a community yourself. The first time there probably won’t come much people, but gradually you will build a community with interested, like-minded people. Don’t wait for others: start yourself 💪🏻
Thats the difference,this is not like America...And i don't think i am equipt enough knowledge to discuss..although i tried with my family yeqrs ago...i was called CRAZY...imagine how weaterners how they know or understands money compare to us 3rd worlds
I’m not in America as well. Also just a small country. It starts with getting started. Grow your knowledge, read. Several books are translated and some even free available on the internet. Discuss on Nostr and see if you can organise a meet up in your country. There are always the first curious ones. Learn about the monetary system and how we are being messed with by the US printing so much money: it inflates all of the currencies over the world. Spread that message locally, via the internet, socials. Teach them, interact with them, open discussions and show them what’s wrong… they’ll start to be interested when prices are going up again for goods and groceries. It takes time
Here have some sats. You’re welcome here. ⚡️⚡️⚡️
Organising these time,energy,money...i can or may have time and energy...the money i dont.
You don’t need money: you only need a location which can be a library, local meet-up point, cafe, or even outside.
Yes, it does cost time and energy, but if you’re motivated and want to help change the world that shouldn’t be an issue. You can also always do a fundraiser if you need some money. Check out geyserfund.
*Its not available in your country.
I checked and i believe Its available,i may thought of it as the other apps that promotes the same idea...and upon checking it says its not available...anyways i may have to figure out how to fill out those requirements...
This “inefficient wallet” statement probably is intended to describe fee estimation. These days, wallets do a pretty good job of estimating the fee required to enter the next block, or at least communicate trade offs in fee selection.
Just a few years back, a lot of wallets were terrible at estimating fees. This often lead to users overpaying for their transaction.
What does it mean associated with older wallets?