Should I open a LN channel while the fees are low?

[hatshepsut93]

Currently I don't have any need to use LN, since I don't use any services that use it, and so I still haven't opened any channels on mainnet. But I'm thinking that since the fees are low now, but will probably start to rise again as we'll enter a new bull market, would it make sense to open a channel with some very small amount now, in order to use it in the future to receive and send LN payments, or is it a bad idea for some reason, like maybe a node I''ll open a channel with will decide to close it for some reason. Also, how long in general do LN channels last? I've heard that they can be kept open for years, is that correct?

[rdbase]

There are some explanations I have read about the lightning network in the recent weeks because it seems to be picking up in interest by many large companies for their use case basis.
Here are some facts to consider before making a decision on if you should contribute to the network with setting up a node.

Understand LN in an easy way.

https://cryptopotato.com/what-is-lightning-network-beginners-guide/

- This is what's coming, LN Loop out and Loop in

https://cointelegraph.com/news/lightning-labs-releases-alpha-version-of-lightning-offramp-solution-lightning-loop

- Active Nodes LN

https://1ml.com

Looking over these made me understand the ins and outs of the LN.

[RawDog]

The fees will definitely be going up later.  That you can be sure.  Remember, the Core team loves high fees so that people won't use the system.  Once more people come to lightning and start using it, they will shut down that use just like when it happened to bitcoin in 2017.

[mk4]

Should you open an LN channel? I think it depends on what your goals/intentions are. If you wanted to open a channel for the sole reason of helping the network and increasing the number of LN nodes, then sure! If your main goal is to earn money though, I really don't think it's worth it due to the risks.

[hugeblack]

So far the lightning network is still unstable. So I do not advise you to do it for your daily needs.
When the fees go up you need to send your coins once to a wallet supporting the lightning network and then you can open whatever channels you want so a fear of high fees is not an excuse to use the lightning network.

You can try out small amounts so you know how things are going.

[Haunebu]

The fees will definitely be going up later.  That you can be sure.  Remember, the Core team loves high fees so that people won't use the system.  Once more people come to lightning and start using it, they will shut down that use just like when it happened to bitcoin in 2017.

The fees will only go up in this case when Bitcoin and crypto market start another insane bull run, but no one can accurately predict when that will happen which is why there is no set time frame for this to happen. It could take a month, an year or even more.

Coming to the question by op, I don't think that the risk is worth it currently since LN is still in its experimental phase.

[Carlton Banks]

maybe a node I''ll open a channel with will decide to close it for some reason

There's nothing you can do to control that. You can use information about a node's uptime and how old it's present channels are to help you make good decisions. The incentives are to keep channels open as long as possible, but there have been bugs in the node software that can cause channels to be auto-closed when it was in fact unnecessary. Understanding the various lightning software, and keeping up to date on those details is important at this stage in LN node software development.

Also, how long in general do LN channels last? I've heard that they can be kept open for years, is that correct?

Right, bearing in mind the caveats above

[lyks15]

If you think like a businessman it is a good idea. Less operating fee is equivalent in a higher income. But if you do this no assurance that you did not waste your money. The last thing that I know there is an alotted year on how many year that you can use it so think you need to think well.

[franky1]

caveats:
1. opening a single channel of say $20 does not mean you get to spend all $20
2. opening a single channel does not guarantee even being able to spend any of it, as it depends on who/where/when you are in the network(your reliant on others availability/agreement)
3. if you decide to open up multiple channels to maximise chances of being able to buy something. you also open up the risks of your channel partners using your channels and your balance against you.

even the LN devs themselves have lost funding when using a system THEY designed

opening a channel just for the sake of opening a channel is meaningless sybill activity.

[Ailmand]

Why not if it will be more practical to open a channel while the price is still low. I think you could still earn a good income regardless of the fee. I'm sure that if more people would open  their own LN channel in the future, the prices would also strike higher so better grab the chance now.

[Pursuer]

I think you could still earn a good income regardless of the fee.

no you won't.
actually earning has never been the focus of LN. quite the opposite, the focus has been on keeping the fees as low as possible so you won't be able to earn anything meaningful. specially with small amounts.

if you want to get paid for just running a node then go run a PoS coin and then experience the downfall of its price because of a bad distribution design.

I'm sure that if more people would open  their own LN channel in the future, the prices would also strike higher so better grab the chance now.

I don't think so.
the price doesn't go up if you open LN channels. the price will go up only with more adoption. and more adoption (related to LN) will only happen when different businesses start opening up LN channels. like exchanges, merchants,... for instance if Amazon started accepting bitcoin and did it through LN then it would be leading to a price spike.

[kryptqnick]

I read some of the comments here, and now I have a question about LN: if the fees increase along with adoption, why do we even need this network? I mean, was not it supposed to help Bitcoin with transaction fees, so that mass adoption becomes at least possible? If the fees are really low simply because not many people are using the network, it means it does not offer a viable solution at all. I still think that what DAG offers is better in the long run. Surely, at first there are big centralization issues, but the idea that along with the growth of the network increases the speed of validating transactions and decrease the fees (if any) seems like a right idea.