I said "bitcoin does not scale". Try reading the comment. Lightning is NOT bitcoin. It is lightning. A centralized L2 for payments which most people do not use.
Discussion
Maybe remove the GetAlby Lightning address from your bio, since nobody uses it.
I am just trying to have a civil discussion here. But that seems to be difficult.
#[4] just told uou. What part are you seeking clarification on?
Hey #[8] #[9]
I tried THREE TIMES to copy the npub from #[6] and each time it pasted the wrong address for #[2] and even pasted a note ID twice instead of the npub.
I can’t use your app to have a conversation.
Please fix.
Who are you talking to? What app are you referring to?
nostr:note16v2wyxerk3apvwswnq2qdfx2cvnxysjpz6k26ghwweu344fjhqrs3796jl
To open a channel on the #LightningNetwork, one has to create a smart contract on the #Bitcoin chain.
#LN is Bitcoin.
If Lightning isn’t #bitcoin then what the heck is all this bitcoin doing on our nodes?
What do bitcoin nodes have to do with lightning? I am just trying to understand how this works.
#[5] just told you. What part are you seeking clarification on?
#[6]
A bitcoin node that runs the Lightning Network protocol creares timelocked multisig transactions called channels using bitcoin to enable very low or even no-fee forwarding of payments between peers. The transactions have immediate final settlement, can be withdrawn and spent, and when the channel is closed, the transaction is broadcasted to the bitcoin blockchain. There is no token used other than satoshis, the smallest units of bitcoin.
Thanks
This video might help too.
Thanks for explaining. My understanding was that bitcoin does not support smart contracts. At least ones that are turing complete like solidity. What is the purpose of blockstacks? I would like to understand bitcoin better.
You're saying bitcoin doesn't scale, and that's not accurate. Bitcoin is scaling just fine. Lightning is not centralized. There are thousands of individual nodes running the protocol worldwide.
What you may be confused by is that there ARE centralized custodial wallets like #[5] and #[6] that facilitate transactions for the user. What they do is provide easy onboarding and instant liquidity to users so they don't have to spin up their own nodes to make payments. However, they are not the entire Lightning Network, just participants on the network providing a valuable service to thier users.
Anyone with the desire to do so can run their own node fairly inexpensively and avoid using custodial Lightning if they choose to.
OK, thanks for the clarification. But seems to me that the bitcoin network is very slow (blocks every 10 minutes from what I understand). Seems to me that if there was a lot more adoption the network would not be able to handle all the potential traffic without things like subnets, or sharding or other scaling tech that is being used by various other L1's like Solana for example. I am not saying that the other L1's don't have other problems. There are always tradeoffs. Just that they are using other approaches which might be considered.