A channel is your access to the network. If I were to close it, I would have to make a new one and thus fund it. Uh... I am not the best to explain this, honestly.
Apologies for the ping guys, but, help? ^^'
nostr:npub1m0sxqk5uwvtjhtt4yw3j0v3k6402fd35aq8832gp8kmer78atvkq9vgcru nostr:npub16vzjeglr653mrmyqvu0trwaq29az753wr9th3hyrm5p63kz2zu8qzumhgd nostr:npub137c5pd8gmhhe0njtsgwjgunc5xjr2vmzvglkgqs5sjeh972gqqxqjak37w
You can also exchange LN for bitcoin with something like Boltz, but you got the main premise correctly 🐶🐾🫡
Btw nostr:npub1tcekjparmkju6k83r5tzmzjvjwy0nnajlrwyk35us9g7x7wx80ys9hjmky you should try updating your profile, I cannot see you zapper configured 🐶🐾🫂
My profile...? My LNAdress is still ingwie@birb.it and Vitor zapped me just a moment ago.
What exactly is missing?
Probably some relays still have an old info and Damus shows no zap button for you on my phone 🐶🐾🫡
That's odd. I checked in snort, primal and amethyst, and it's right there.
I remember there being a tool to broadcast kind0 events. Maybe this will help! I'll try that. :)
btw, those are my primary writes:
I see it now! All fixed! 🐶🐾🫂
I think I get it, do you need to link with someone to start channeling?
You create a channel to someone by funding it with on-chain bitcoin and by linking to their address.
For instance, you can see mine here: https://mempool.space/lightning/node/024ff0d07634390efb131904b10a64cf2e3300574b51902d493a360fb522f486fc
1. Fund your node's BTC wallet by sending some to it.
2. Connect to the peer you want to establish a channel with - you just need their node's public key, address and port should they use a non-standard one.
3. Create a channel by binding your on-chain value associated to your node's wallet to that channel (aka. funding).
Now that the channel is established, it's total capacity equals the bound BTC value; meaning if that channel was funded with (converted) 500.000 sats, this is now it's max capacity. In fact, this is the kind of channel I have with Fishcake. Should I get zapped so hard that I would technically reach this limit, i could not receive any further zaps unless me or him were to increase the channel funding.
Should, for whatever reason, the channel close, then the accumulated value is split to their respective owners and transfered on-chain. However, this includes fees... So in most cases, you make a few channels, and that should do for a long, long time. I am FAR away from even reaching that 500k limit.
Thing is, as you can tell, you need some BTC before you can even get started. And this is a huge barrier of entry for many. I was SUPER lucky that Fishcake decided to build a channel with me. Absolutely amazing and I feel very fortunate for this. ^-^
That said, if you ask around here on Nostr, people will likely help you get a channel set up.
A channel is always based off an initiative; you *have* to create the channel - you can't just automatically receive it. Likewise, someone else has to have the initiative to build a channel to you.
I hope this helped!
Ah thank you so much for the explanation. 🙏
I got some btc collecting dust in a drawer somewhere. Might try it.
But last question, if you and i open a channel of 1k and let's say I open up a stall selling tomatoes. Then I can't actually make any money unless I first spend that locked up 1k and can only accept sales up to 1k??
Once you have a channel, you can receive sats through it - a channel isn't just for funds, but also for routing payments, like your uplink to the internet. So if you were to open said channel, you could receive a maximum of 1k sats before you had to either increase it, close it and make a new one, or spend some. That said - this is getting more into the weeds than I am really aware of...
For most of what I read, I used https://docs.lightning.engineering/the-lightning-network/payment-channels
Hopefuly it helps :)
Aha! I get it now, if we open 1k channel on each side, the reason for the cap is that it's basically btc held in statis, it literary is a harrypotter showdown.
I can only earn +1k because that's the amount of force you're pushing my way, I can earn up to your share, closing the channel with me getting 100% and you zero. Okay wait. One more try:
A channel is basically a table where two parties put an equal amount of coins onto, and whatever happens from there it's up to those two parties to decide and keep track of who owns the bigger part of the pile. (If disagree they tableflip and walk away with half each)
The routing seems to be a layer ontop, where they volunteer to use their pile to help others make transactions. But the two parties can never leave the table with more coins than what was stacked in the beginning.
Somebody please proofread/correct me 🙏
