Dion on Nostr: Well, like I said, I am in the process of trying to understand the lightning network. ...
Well, like I said, I am in the process of trying to understand the lightning network. I started with phoenix wallet that was pretty easy set up. We know what happened with phoenix in the US.
Now I have downloaded Mutiny Wallet and ZEUS . So now I’m understanding that these wallets all have different features . I’m also learning that having a wallet doesn’t mean you have a lightning address . This is where the confusion starts.
The next confusing thing is funding layer 2 from layer 1. I thought with the wallets having on chain and layer 2, I would be able to send the on chained to layer 2, but that is not how it work. I understand that I need a second channel. But that in itself is confusing as well because if I’m trying to send on chain Bitcoin to the lightning network, I don’t understand what the second channel role is.
From the tutorials I’ve been watching everybody funds their lightning wallet from another lightning wallet, so the question is how do you fund the initial lightning wallet? I was able to fund my wallet because I had already been able to set up a Phoenix wallet .
Now I’m confused on how to add funds to layer 2. In addition, it seems that I’m only being allowed to add so much funding to my lightning wallets. Which means there is a limit on what I’m able to purchase using lightning simply because I can only fund my account up to a certain amount which I don’t even understand what that is.
I understand there is inbound liquidity and outbound liquidity, but I do not understand how you adjust those liquidities and how those liquidities affect my transactions. So on one hand, I understand the necessity and need for lightning network, on the other hand the lightning network is not easy to navigate.
Now I have downloaded Mutiny Wallet and ZEUS . So now I’m understanding that these wallets all have different features . I’m also learning that having a wallet doesn’t mean you have a lightning address . This is where the confusion starts.
The next confusing thing is funding layer 2 from layer 1. I thought with the wallets having on chain and layer 2, I would be able to send the on chained to layer 2, but that is not how it work. I understand that I need a second channel. But that in itself is confusing as well because if I’m trying to send on chain Bitcoin to the lightning network, I don’t understand what the second channel role is.
From the tutorials I’ve been watching everybody funds their lightning wallet from another lightning wallet, so the question is how do you fund the initial lightning wallet? I was able to fund my wallet because I had already been able to set up a Phoenix wallet .
Now I’m confused on how to add funds to layer 2. In addition, it seems that I’m only being allowed to add so much funding to my lightning wallets. Which means there is a limit on what I’m able to purchase using lightning simply because I can only fund my account up to a certain amount which I don’t even understand what that is.
I understand there is inbound liquidity and outbound liquidity, but I do not understand how you adjust those liquidities and how those liquidities affect my transactions. So on one hand, I understand the necessity and need for lightning network, on the other hand the lightning network is not easy to navigate.