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Title: do i have to open a channle to use lightning network with electrum? Post by: speedyb on February 27, 2021, 03:54:35 PM do i have to open a channle i have a wegsit enabled wallet but not sure what the channle parts are for do i automaticly use the lightning network or do i need to setup a channle to use? ALSO ARE THE FEES LOWER IF I USE THE LIGHTNING NETWORK?
Title: Re: do i have to open a channle to use lightning network with electrum? Post by: BitMaxz on February 27, 2021, 06:09:11 PM Yes, you will need to set up a channel minimum amount is 0.002BTC to open a channel.
There is a guide here on the forum that you can follow you can read them from the link below. - https://bitcointalk.org/index.php?topic=5259973.0 About the fees, I think you can pay even 1 sat but if you are planning to use the lightning network because of the huge fees on mainnet and wanted to transfer them to another wallet there are only a few wallets and services that support lightning. Title: Re: do i have to open a channle to use lightning network with electrum? Post by: speedyb on February 28, 2021, 06:59:30 AM what if you send the bitcoin to a legacy wallet non wetsig/lightning will you loose the bitcoin or can the transaction be cancled
Title: Re: do i have to open a channle to use lightning network with electrum? Post by: Rath_ on February 28, 2021, 09:25:33 AM what if you send the bitcoin to a legacy wallet non wetsig/lightning will you loose the bitcoin or can the transaction be cancled You need to be more specific; it's difficult to understand what you mean. You can send your coins to any type of addresses from Electrum. Since Electrum has RBF enabled by default, you can cancel a transaction by replacing it with a transaction paying a higher fee. You can do it easily by right-clicking on an unconfirmed transaction in the "History" tab and selecting "Cancel transaction". Lightning transactions cannot be cancelled once they are initiated; in most cases they are settled in just a few seconds. If such a payment fails for some reason (e.g. there's no route or some peer stops responding), you will be able to spend your coins again after some time. Title: Re: do i have to open a channle to use lightning network with electrum? Post by: Abdussamad on February 28, 2021, 02:33:11 PM you can't send lightning payments to a wallet that does not accept them. the receiver has to give you an invoice to pay to so you'll know if they can take it
Title: Re: do i have to open a channle to use lightning network with electrum? Post by: khaled0111 on February 28, 2021, 03:22:40 PM what if you send the bitcoin to a legacy wallet non wetsig/lightning will you loose the bitcoin or can the transaction be cancled Do you mean to open a channel and fund it from a legacy address? Well, this is not possible.You can try it yourself. If you have a legacy wallet on Electrum and try to open a lightning channel you will get this error message: Quote Not available for this wallet. Lightning is currently restricted to HD wallets with p2wpkh addresses. Title: Re: do i have to open a channle to use lightning network with electrum? Post by: nc50lc on March 01, 2021, 04:17:44 AM From the looks of it, OP is confused of lightning and he thought that mainnet and lightning funds can be sent though either network.
what if you send the bitcoin to a legacy wallet non wetsig/lightning will you loose the bitcoin or can the transaction be cancled Let's say that you already have an open channel and you go to the send tab:If you paste a Bitcoin address there, Electrum will send a normal transaction and spend your on-chain funds. If you paste a lightning payment invoice there, Electrum will initialize a lightning payment. It depends on what you've pasted; bitcoin addresses, on-chain payment invoice (eg. from payment processors) and lightning invoice (long string that should start with 'ln') are very very different from each other, you do not have to worry about losing funds. And read Abdussamad's reply. P.S.: it's "SegWit" not "WetSig" (sounds kinky) :-X |