Hooooooo boy. So did dollars before 1971. You trade cash (lightning) then settle on chain (exchange $35 per ounce of gold). This is why I have to write an article explaining money. And the difference between currency and money. It all gets so muddled because we've been using fiat for 54 years.
Discussion
Iβll read it but doesnβt take away from the fact that both Bitcoin n lighting are money which is a form of currency
I can accept Bitcoin as currency rn
I can also accept lightning as currency rn
One is faster n cheaper but yet both can be used as currency bc thatβs what the intent was
Currency is a coupon for money.
Money is a Non-Consumable asset.
They are related but not the same.
When you accept bitcoin for an item, unpon confirmation, that transaction has final settlement.
When you accept lightning for an item, you must then close the Channel, and await confirmation to "Own" that Bitcoin. Then the transaction has final settlement.
That is the difference.
Put another way, if I give you a chicken, you have a chicken.
If I give you a coupon redeemable for a chicken, you do not have a chicken.