To send transaction on
Monero:
- Open wallet
- Scan/paste receiver address
- Eneter amount
- Send
Lightning:
- Create a node
- Open at least one sending cahnnel (pay the on chain fees)
- Hope that you haven't messed any of the settings and everything goes through
- For some unknown reason get a channel with less money than the one you opened
- Open wallet
- Scan/paste receiver address
- Eneter amount
- Send
You see what I am talking about?
Oh and I forgot that there is a possiblity that the other node goes ofline and you lose access to your funds
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I do. The opening channels part still applies
If you use their lsp Olympus does everything automatically and the channels are 0-conf, i.e. it opens immediately, so what you say is false.
Isn't olympus basically a node ran by them? So that makes non self custodian
Do you understand the term "open a channel with them"?
You have custody of your channel.
I don't understand what olympus is and how does it work. Is it basically a node that you connect to and it opens channels to other nodes you want to open channels to? If it works tjat way it still has the problem that it is centralized (if you only oprn a channel with them and not anyone else).
No, they open channel with whoever they want, the same as you. You open channels with whoever you want. And you have full custody of your money, regardless on whom you open a channel with.
There is no centralization here.
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Maybe if you're using paper and pencil to send via Lightning, but contemporary lightning wallets handle all that shit. You literally just paste your invoice and hit send. And wallets like Breez handle all the channel BS on-the-fly in the background without any user intervention.
The wallets don't handle it all. The people behind the wallets do. (You rely on them)
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