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My understanding of Lightning Network

My understanding of Lightning Network

Bitcoin Reddit

Reddit / Bitcoin Reddit 11 Views

All users sends all of their Bitcoin into the lightning Network so that they can make lightning transactions with their Bitcoin. The users never take their Bitcoin out. The lightning Network simply holds all of the users Bitcoin like a vault, and does transactions on layer 2.

There is not a routing problem because their only needs to be one channel that all users use.

What is the point of having multiple channels watchtowers and routing if lightning Network us so cheap and quick, all users will want to use it.

This is not Bitcoin anymore. All users trust this lightning Network which sits on a symbolic only for show block chain that only use is to onboard users with 'bitcoin'. Over time the original blockhain becomes more and more of a formality, like the gold standard, and it will inevitably be phased out like the gold standard.

This system is not Bitcoin, it has nothing to do with what the white paper described, and it requires an astronomical amount of trust in this lightning Network. It reduces Bitcoin into some type of slow moving formality on which lightning can base itself on.

We should support cryotocurrencies that actually use onchain transactions, and any cryptos that actually ALLOW space on the chain for transactions from users. (Bitcoin cash is my favorite)

submitted by /u/Nilecrile
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