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I am trying to open a LN channel, it says that I need at least $50-$100 to open a channel (100k-200k Satoshi), is true? This makes it an instant deal breaker fo

• rafaelero 6y ago
  My understanding is that opening a LN channel is the same as making an on-chain transaction, which is subject to fluctuations depending on how busy the blockchain is. Right now, according to mempool, the transaction costs are around $1, which I expect would be the cost of opening a channel. I don't know for sure, but I guess there are also some methods for opening more than one channel at once, reducing substantially the cost of opening channels when there is coordination (which could be built by a wallet app). Not entirely sure of that, though. But exciting times ahead.
  • CyberDildonics 6y ago
    The mempool is transactions that haven't been included. That is not the place to look. The average bitcoin transaction is $13.72 USD. Two weeks ago it was $31 USD. The median is now $6.31 USD. https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m https://bitinfocharts.com/comparison/bitcoin-transactionfees... Looking at transactions that are not going to make it in does not mean anything. This person actually looked at the real information. You are making a guess based on something irrelevant. > I don't know for sure, but I guess there are also some methods for opening more than one channel at once, reducing substantially the cost of opening channels when there is coordination (which could be built by a wallet app). Not entirely sure of that, though. But exciting times ahead. What are you basing that on? Transactions are priced by the bytes they take up. Larger transactions cost more.