After reading this, i went through your text and made a list of topics that you used to explain the mountainous task of describing Bitcoin to a normie
I was researching this topic which keeps popping up called balancing channels, and I couldn't conceptualise it, but after researching it , the penny finally dropped and I just got it
Most retailers I'd guess dont have a square terminal which to Jack's credit organises everything under the hood
If I was guessing as a beginner, I'd advise the store owner to use a good ux PoS system and unfortunately WoS is the only one I can think of, and advise them to let the sats accumulate to a level of say 50k sats and get into a self custody wallet like phoenix for example , Which opens a channel automatically for an onchain fee
this is where the channel liquidity and balancing penny dropped because each time your channel becomes too full, another onchain fee is applicable to open another channel and i suppose i haven't really understood forced closures yet thinking about it
and then the other penny dropped that, why hasnt someone designed a lightning wallet that automatically sends the sats accumulated to your onchain addresses when it reached the lightning balancing criteria
in my naivety it dawned on me, is this what ark, spark et al are trying to do, much to the disdain of darth and justin and other lightning experts
So thank you, another area of Bitcoin I familiarised myself with
After reading this, i went through your text and made a list of topics that you used to explain the mountainous task of describing Bitcoin to a normie
I was researching this topic which keeps popping up called balancing channels, and I couldn't conceptualise it, but after researching it , the penny finally dropped and I just got it
Most retailers I'd guess dont have a square terminal which to Jack's credit organises everything under the hood
If I was guessing as a beginner, I'd advise the store owner to use a good ux PoS system and unfortunately WoS is the only one I can think of, and advise them to let the sats accumulate to a level of say 50k sats and get into a self custody wallet like phoenix for example , Which opens a channel automatically for an onchain fee
this is where the channel liquidity and balancing penny dropped because each time your channel becomes too full, another onchain fee is applicable to open another channel and i suppose i haven't really understood forced closures yet thinking about it
and then the other penny dropped that, why hasnt someone designed a lightning wallet that automatically sends the sats accumulated to your onchain addresses when it reached the lightning balancing criteria
in my naivety it dawned on me, is this what ark, spark et al are trying to do, much to the disdain of darth and justin and other lightning experts
So thank you, another area of Bitcoin I familiarised myself with
And also I have a cheat sheet 😃