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1  Bitcoin / Bitcoin Discussion / Re: Is bitcoin on lightning network a different form of money? on: August 31, 2020, 04:17:23 AM
Thanks, all, for the help/homework. Formulating the question is the trick... apologies. Im going to avoid using mobile altogether, except for LN transactions, I think.

Still think lightning network should be considered bitcoin backed rather than bitcoin... Any takers?
2  Bitcoin / Bitcoin Discussion / Re: Is bitcoin on lightning network a different form of money? on: August 30, 2020, 02:58:26 AM
Quote

Fees are low because there's no expensive resource like block space for transactions to compete, only the nodes that route transactions know about them, so the capacity for transactions is much higher. On chain a full nodes stores all transactions in Bitcoin's existence, forever, which is why we have the block limit and why transaction fees get high sometimes.

I think what I don't get is how it ends up on the blockchain... and it has to or it isn't mine, right? At some point a miner must be hashing it into a block, otherwise as far as the archive is concerned it hasn't moved.
And there's no transaction fees or time elapsed... not sure if it's lightning network or blockchain transaction processing I'm misunderstanding or what.
The funds can't be available until a miner includes them in a block... So the payment is locked to my wallet by smart contract or whatever it is, but I couldn't spend it over the main chain until it gets hashed in? The alternative is it just disappears into lightning vr . Wrecking my head
3  Bitcoin / Bitcoin Discussion / Re: Is bitcoin on lightning network a different form of money? on: August 30, 2020, 01:31:02 AM
4  Bitcoin / Bitcoin Discussion / Re: Is bitcoin on lightning network a different form of money? on: August 30, 2020, 12:51:51 AM
But it doesn't exist in my wallet until its broadcast and added to a block... so how come the fees are nominal or zero?
5  Bitcoin / Bitcoin Discussion / Is bitcoin on lightning network a different form of money? on: August 30, 2020, 12:21:13 AM
Im a new user, trying to understand wallets etc.

If lightning network is offchain, isnt the currency just backed by the bitcoin blockchain rather than bitcoin? Or does the mess of channel routings end up in a block on the chain without me having to put it there?

Also, using electrum on android, should i just use a different wallet? Seems often recommended for pc, but ... too complicated to be starting with?
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