This is the way, from liquid to ln or vice versa with a rate of 0.1%.
Discussion
Do you need a special wallet to receive/send LBTC?
Are liquid transactions actually less private than lightning ones?
Sorry Iβm still a liquid noob π¬
Liquid's official wallet is Green Wallet which by the way is a very good Bitcoin wallet because of the multi-signature options it has.
Liquid Network is more private than LN, the amount of transactions is encrypted and only the sender and receiver know their values.
Liquid is an iou. What good is a multisig if what you have is basically a shitcoin?
Youβre most likely right, itβs a shitcoin if you swap all you btc into l-btc and hold it. What Iβm mostly interested in is a way to gain more privacy for my btc transactions. And it may very well be that Liquid offers such an option.
Privacy in terms of anonymity? Run your node over TOR and you wonβt leak your IP.
Doing that already π Still, having followed the debates around Samourai vs. Wasabi for a while, Iβm still not sure I can gain sufficient privacy/anonymity with my on-chain transactions. The ordinals case has also shown that high fees can be an obstacle for frequent transactions, also LN ones.
What are you trying to do? Buy shit over at Silk Road? π
Do I have to buy shit on silk road to be concerned about my privacy?
No. Thatβs why I asked you what are you trying to do. If you donβt buy and sell your BTC at a KYC exchange. No one will know who you are.
Plus I think those guy who do buy shit on silk road are using monero π€·π»ββοΈ
And this is the point, with high fees even LN is not viable for many technical reasons, at least for micro payments.
In fact the ideal way in a high fees environment would be to use LN over Liquid.
Right now many people are paying over $200 for forced channel closure on LN.
I'm not using Liquid because I like it, I'm using Liquid out of necessity.
This would indeed useful, although I see how many people react allergically to federated stuff like liquid, which I partially understand.
But if so, why has nobody created a decentralized bitcoin side-chain yet?
Simply because it is not possible right now, we do not know the way.
Bitcoin is not scalable and for it to be scalable it would have to lose its decentralized essence, hence the layer 2 solutions that lose Bitcoin properties in favor of being more scalable and private.
You simply have to understand the layered protocol and operate as such, your savings in Bitcoin, your daily balance in LN, Liquid would be an intermediate layer between Bitcoin and LN that you can use in situations like the current one or to lose track of your btc.
If you think liquid is a shitcoin, you don't understand how a sidechain works.
Then rsk, rgb, fedimint or cashu are shitcoins.
Yes they are. They take your bitcoin and give you a token. If they rug pull you are SOL
IIRC It was designed to be used by exchanges and the like, and for that it seems to be a great solution. As a normal user I prefer to peg-in and out of lightning.
With liquid you forget the pain in the ass of channel management.
Liquid works just like Bitcoin except that blocks are generated every minute and transactions are private because they are encrypted.
It is true that liquid is federated, but it is the same path that fedi or fedimint have followed and I think it is a good way to scale.
LN to Liquid. Worked great!