[Purpose of the Lightning Network Channel Backup]

This topic is probably for the active users of the LN. I hadn't heard about the Lightning Network Channel Backup until yesterday in a group chat. So I did my research i the official Lightning network website. I found out that there is a comprehensive article that teaches how to use it so I deemed it necessary to share it here for interested people.

Purpose of the Lightning Network Channel Backup

Based on my understanding the Channel Backup model exists between two users fostering lightning-fast Bitcoin transactions. It ensures that a user doesn't lose his/her share of Bitcoin locked inside a channel if something mistakenly happens to the Lighting Network node.

The channel information is static and it includes;

• The channel's funding transaction
• Channel capacity
• Public key of the other node in the channel
• Other relevant channel configuration details

How to use it

1. Restore Wallet Seed: Restore your 24-word wallet seed phrase. This recreates your on-chain Bitcoin wallet.

2. Node Failure: Your Lightning Network node experiences a major problem (e.g., corrupted hard drive, software failure).

3. New Node Setup: You install a fresh Lightning Network node.

4. Restore SCB: Transfer the SCB file to your new node or re-enter individual SCBs. Different wallets and LN tools provide the recover option in different places. In Thunderhub for example you can find it under Tools / Backups / Recover Funds from Channels / Recover.

5. DLP Process:

• Your new node uses the SCB file(s) to discover the public keys of nodes you had channels with.
• Your node contacts your former channel partners, alerting them to your issue.
• Cooperative nodes will initiate force-closing the channels, returning your on-chain balance according to the last agreed-upon state in the backup.

Original source Link - https://lightningnetwork.plus/posts/531

[Link to complete Chart]

The ways of earning and living for young people have changed drastically since we moved from the agriculture(field) era to the technological( Internet money) era. Many young people are willing to sit at home waiting for a freelance job rather than going out to work for someone and getting paid little shillings. Research has proven that the rate at which people quit working in traditional industries has increased, perhaps they have found an online skill or a way to offer their services with high flexibility.



Link to complete Chart

The concern is very alarming this is because if limited young ones are willing to work in these traditional structures (Oil, Agriculture, manufacturing, etc.) how will they grow? The Gen Z workers (that is people born between 1997 - 2012) were the first to prioritize flexibility, personal well-being, and as well as intelligent usage. Of course, the internet money is way higher than low-paying jobs in those sectors, they can either choose to start their own social media accounts that would endorse them or pursue freelance work rather than entering the traditional workforce.

So if there is a way to create balance and bring more young people to have interest in the traditional workforce what would you think of? I was thinking that increasing minimum wages and granting more benefits like health, rent to mention a few would help

[bitcoinhalving.info]

The Bitcoin halving seems to be pretty far since we have been anticipating it for a long time now/ But guess what we almost made it and not only that is is a double celebration for me ahead. In less than 24 hours I will be marking another 365 days completed and not just that, The Bitcoin network will be undergoing its 4 every halving in history. Join me as we watch the countdown happening!



bitcoinhalving.info

In cryptocurrency generally investing shouldn't be such a big deal as it is advised for a person to invest in what he is willing to lose. Yet, we still consider it as a risk, it's quite funny because if you had disposable money investing it should not be considered a risk but rather a seed. However, I observed that statistically men are more open to taking risks than women. Maybe it has something to do with the biological, psychological, and environmental (society) influence.

I don't mean to be rude to the women here. But i believe there is some truth to the idea, that men, statistically tend to be more risk-taking than women. It is believed that in terms of investment, men exhibit higher risk tolerance which is why we have fewer women investing in cryptocurrency. Although i don't entirely accept the fact, because i have seen potential investors, whales in the crypto space that are women while some choose to lie low but they have enough investment.

What do you think guys?

I wouldn't have said this but I am much more concerned about the fact that we have been hearing so many people talking about holding Bitcoin for the long term and never selling. I find it so confusing that after investing so much in Bitcoin for years we won't want to sell our bitcoin till we die.

I've been buying Bitcoin since last year when it dipped in December i know it's not long. Since then I have held my bitcoin firmly regardless of the price increase this year I still decided to sit on it. Although I do not have enough Bitcoin because I have little money then if I were to sell my holdings now I would have 3 times of I invested.

Also, I have the belief that Bitcoin will keep breaking new ATH forever. Should I leave my Bitcoin forever without selling it or set a goal that I have in mind and when it reaches that goal I sell and take my profits?


What do you do?

On what principles guide your actions in the realm of Bitcoin (BTC)?

The cost of things has gone up so much so that it's glaring. Imagine paying 5-12$ for an average meal you could get before for 3$. The jump cost is extremely high. Cooking a meal at home can cost you the same amount you would spend on eating in a restaurant. Funny enough people still afford all these things without complaining. My anger is that we make money to spend it all into our normal life expenses. It's difficult now to save or invest unless you part of the rich people in society. An average man has to just eat, pay bills, and survive.

I know knowledge is not free anymore. We humans have monetized knowledge that if someone without the knowledge wants to learn he has to pay handsomely for it. Many persons are eager to learn how to trade and bad luck has fallen into the hands of liars and tricksters who take money promising to teach these people online. We don't need to pay anybody to learn how to trade, we can do that for free. After all the only thing they would teach online about trading is the theory aspect and then the section is over. There are various resources on the internet especially YouTube that you can start learning from there until you are familiar with trading.

Also, anyone who tells you that you can become a profitable trader in just two months is a liar. Trading takes time to be acquainted with. It takes 3-4 years before a trader can be seen as a consistent and professional trader.

Let me work you through this step I am using to be a professional trader

1. Learning on YouTube and other PDF resources online
2. Attending conferences and watching trading podcast
3. Find a mentor, whether offline or online. You may not be close to this person but always study his trade
4. Practice always and maintain consistency

How much profit we get from our investment is directly proportional to how much Bitcoin we have in our portfolio and so if you're interested in making more profit, there is no two ways about it, you've got to figure out ways to accumulate more Bitcoin, especially when it's bearish.

The advantage is that you don't necessarily have to wait for years before meeting your goal. Those who bought in bulk when it was bearish have probably reached their goal at the current $72k while those who bought a minimal amount even years back when Bitcoin was around $20k will be in profit but wouldn't have a  profit anywhere close to someone that starched a good amount of Bitcoin at let's say $40k

What I'm saying is that as much as it's important to buy based on our financial capacity, it's also good to put in additional effort to starch more in our portfolio if we are interested in making a good profit from our holdings. Remember that your profit is directly proportional to how much you've starched up in your portfolio.

Have you ever met individuals with insane and brilliant ideas that got you wondering, how come he knows all this and it's not even reflected in his life? Some could give you real business ideas that could change a whole generation but that's all they can do, they can't bring it to reality and all their ideas only end on the discussion ground and never come to life.

I've met some of them and I must say, they are the backbone of so many successful businesses. Always with brilliant solutions to hands-on problems but can't put things together all by themselves to create a company of their own.

I believe nature is fair to all and while it gives some people that quality, others can bank from these brilliant ideas and bring it all to reality by supporting the ideas with the needed finance, resources, and coordination required to have a successful firm.

What do you think?

Share your knowledge with others, that's the least you can do.

We most times complain about our resources being managed by a selected few who deprive us access and means to it and it pains us that the youth are not being carried along by our leaders but most of us are in a position to help those around us with the skills we have but find it difficult to do so.

If you can't help those around you with the needed skills that can help them become relevant in today's society, you're part of our problem as a nation. There are lots of advantages to teaching those around us the knowledge we have and these include;
1. Making them a better version of themselves
2. Making them a part of our circle that will forever feel indebted to us which is even to our advantage
3. Once they've gained financial liberation through the knowledge we've shared with them, they too can teach others and that way the level of crime in our society can be reduced drastically.
4. You learn so much and improve on the skill you're teaching others if you decide to teach them thoroughly with the whole of your mind.

 If you've gone to the beginners and help board to give answers to some of the absurd questions newbies ask that normally seem childish and unreasonable you will find out that while attempting to give them answers, your knowledge about the questions being asked becomes brighter, and better while explaining it through writing and ideas You've never thought of can even come to your mind in the process.

Don't be selfish with your knowledge, if others kept what they know to themselves you probably wouldn't get to where you are now. Isn't it better to share the knowledge with others, rather than allow people around you to constantly run back to you for any financial issues they are facing, teach them what can help them gain financial dependence so they can become a better version of themselves.

These topics affect the economies worldwide so I am concerned about bringing them up here

We have all seen that the price of diesel and other fractions of petrol or crude oil has increased significantly. The most annoying part is that countries well-known for the substantial amount of crude oil produce feel the squeeze. So, if it's hitting them, what about the countries they sell oil to? Could this cause some serious problems between countries in the future? like affecting the relationship between these countries or causing global conflicts on the horizon.

Hello everyone. I am June, a digital product designer. A friend told me about this platform and I joined, hoping to gain more insights about web3 and other related subjects. As a product designer, I have been in the web3 space for about 3 years now. I have designed a couple of web and mobile apps. I hope to make useful connections and possible collaborators from this platform. If you are a product designer here, 🙋 hi and hello to all the smart contract developers. I hope to learn from you all.

I am very passionate about building digital products and improving experiences. I would appreciate suggestions on how I can improve this platform with my skill.