3 ms·

Lightning is Bitcoin. It’s trading state changes of sats between channels. Is a Casascius coin Bitcoin? A paper wallet? If I give you a casacius coin, have I g

• lawn 4y ago
  Lightning is using Bitcoin, but it is not Bitcoin. Giving someone a casacius coin is not the same as sending someone a digital Bitcoin, as the properties are different. And in the same way sending someone Lightning Bitcoin is different as it hasn't been recorded on the blockchain yet.
  • thinkmassive 4y ago
    A pre-signed Bitcoin transaction is a bearer instrument, just like a Casascius coin or dollar bill. Your understanding of the Lightning Network is flawed. https://github.com/lnbook/lnbook/blob/ece69d5c2ac8116ef83c1826bd43bd4b33c74dca/07_payment_channels.asciidoc#a-different-way-of-using-the-bitcoin-system https://github.com/lnbook/lnbook/blob/ece69d5c2ac8116ef83c18...
  • randomhodler84 4y ago
    Ahhh, it is in fact “on the blockchain” yet. The sats are in the channel, and there is a channel establishment tx on chain, all before a single millisat is sent. It’s just trading balances. Don’t fear it!
  • tromp 4y ago
    > hasn't been recorded on the blockchain yet That's not a very useful distinction. The latest channel update, being just a standard Bitcoin transaction, can be published on-chain any time a participant desires. Would you similarly claim that 0-conf transactions in the mempool are not Bitcoin, as they are not recorded yet?