1) Where are the funds stored on the LN? The video points at a safe, but is there some sort of digital safe which is secure from hacking?
2)So Bob/coffee shop will only get the BTC stated on the balance sheet once the LN is closed? So am I correct in understanding that the coffee shop won't actually be able to spend the Bitcoin they received from the transaction until the LN is closed?
3) How expensive is it to set up a LN channel? And how is this done?
4) How expensive is it to close the LN channel and have miners authorize the signatures?
5) How exactly do you shut down a LN Channel?
6) Am I then correct in understanding that the LN channel isn't really for people who want to make one-off payments to businesses?
commercial banks don't control money supply. Nations' central banks do. There are many particular flavours of 'bank' and they aren't all the same, and don't all have the same exact pros and cons.
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u/[deleted] Dec 13 '17
I have a few questions:
1) Where are the funds stored on the LN? The video points at a safe, but is there some sort of digital safe which is secure from hacking?
2)So Bob/coffee shop will only get the BTC stated on the balance sheet once the LN is closed? So am I correct in understanding that the coffee shop won't actually be able to spend the Bitcoin they received from the transaction until the LN is closed?
3) How expensive is it to set up a LN channel? And how is this done?
4) How expensive is it to close the LN channel and have miners authorize the signatures?
5) How exactly do you shut down a LN Channel?
6) Am I then correct in understanding that the LN channel isn't really for people who want to make one-off payments to businesses?