Lightning network uses real Bitcoin transactions underneath, you just don't broadcast them but instead use them as your to keep track of your balance. So, it's not some token or virtual coin, it's real Bitcoin.


Yes, kinda like that, when you choose to close your channel, you are just broadcasting the latest of these unbroadcasted signed transactions.

You can try to learn more from here about Lightning Network https://academy.binance.com/blockchain/what-is-lightning-network

I think you'll have fee of it not that's equal to zero, yeah it's almost free but every transaction has its price. My question since I'm not that well versed on it as well is, does LN pose a danger to miners?

Fees are low because there's no expensive resource like block space for transactions to compete, only the nodes that route transactions know about them, so the capacity for transactions is much higher. On chain a full nodes stores all transactions in Bitcoin's existence, forever, which is why we have the block limit and why transaction fees get high sometimes.

You are welcomed to bitcointalk community, concerning lightning network,i will advice to research through Google to get the necessary information you need ,couple with the forum information

I will refer to this threads below, it has a in-depth discussions about Lightning Network (LN), maybe you can find your answers there or even more:

• Lightning Network Discussion Thread
• Is the Lightning Network centralized?
• The Lightning Network FAQ

When you first use Lightning, you open a channel with another party by broadcasting a transaction to the blockchain. You can then move funds back and forth across your channel. When you do, both you and the other party in your channel sign a new transaction stating funds have moved, but you don't broadcast it. You can send money back and forth as many times as you like, each time signing a new transaction stating the new balance. Whenever you want to take the coins back out of Lightning and on to the main blockchain, you simply close your channel by broadcasting the most recent transaction, and whatever the balance on your channel was is how much bitcoin you can withdraw.

Basically you put bitcoin in, move it back and forth, and then take more/less/the same amount of bitcoin out again at a later date. There is a lot more going on behind the scenes in the form of hash timelock contracts to ensure honesty between participants, but that's the basis of it.

That's correct. Bitcoin in a Lightning channel cannot be spent on the main chain until the channel is closed by broadcasting the transaction with the channel's most recent balance.

Thanks, all, for the help/homework. Formulating the question is the trick... apologies. Im going to avoid using mobile altogether, except for LN transactions, I think.

Still think lightning network should be considered bitcoin backed rather than bitcoin... Any takers?

Topic "What does the Lightning Network need to become mainstream?" moved to altcoins.

https://bt.irlbtc.com/view/5274368.msg55155201#msg55155201

That means something?