FAQ

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Revision as of 11:21, 6 February 2019 by MiltonPusser (talk | contribs) (/* Does the sum of the funding from the Opening Transaction need to match the sum of the funds from the Closing Transaction? Say party A and B open a payment channel and each party puts in 1 BTC. A then sends a 1BTC payment to B and B sends a 2 BTC pay...)
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FAQ Lists, FAQ Sites, Q&A Sites

What is Lightning?

A way of making quick peer to peer payments over the internet, backed by Bitcoin or another cryptocurrency.

Can I use it already? / How do I use it?

Yes, just choose a Wallet

Why would I run a node?

Because it is cool, and you get some fees for routing.

Can I run a node without putting funds into the node?

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Is running a node dangerous?

Yes. Your funds are on a hot wallet, connected to the internet. Think about security.

What is the exact content of the Funding Transaction?

Template:TODO It contains or references the address(es) where the funding is coming from. The "who from" so to speak. It contains or references the amount of the funds. The "how much" so to speak. It is also timestamped on the Bitcoin blockchain. This is the "when" so to speak.

What is the exact content of the Closing Transaction?

Template:TODO It contains or references the address(es) where the settled funds are sent to. The "to whom" so to speak. It contains or references the amount of the funds. The "how much" so to speak. It is also timestamped on the Bitcoin blockchain. This is the "when" so to speak.

What is stored inside a wallet?

The wallet stores a private key to the multisig address of the Funding Transaction. Template:TODO

What happens if I lose my (non-custodial) wallet?

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Can I switch the third-party Lightning node configured in my Lightning wallet any time and as frequently as I want? Or is my wallet permanently bound to the Lightning node I selected when I created my Lightning wallet?

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What is stored in the Lightning node?

Template:TODO Besides payment information the node also stored routing information.

What happens to me as a wallet owner if the third-party Lightning node I used disappears forever?

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What information does a Lightning node operator need to restore his/her node

If, say, the hard disk gets corrupted? Is stuff gone? Template:TODO

Does the sum of the funding from the Opening Transaction need to match the sum of the funds from the Closing Transaction?

Say party A and B open a payment channel and each party puts in 1 BTC. A then sends a 1BTC payment to B and B sends a 2 BTC payment to C. Now the channel between A and B is closed. What does the Closing Transaction show? Both A and B settle with 0BTC? 2BTC in the Opening Transaction but 0BTC in the Closing Transaction? Template:TODO

Why is my balance changing without me sending or receiving transactions?

There are several possibilities, it could be you are accumulating fees for routing transactions. You can check this with 'lncli feereport'

Another likely possibility is commit fee renegotiation. PR's in lnd relevant to this issue:

How can I make money using Lightning?

Making money using Lightning