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24 sats \ 7 replies \ @ChrisS 12 Oct 2024 \ parent \ on: Ask SN: Bitcoin node or not? AskSN
Yes. A lightning channel is a 2 of 2 multisig on chain transaction, so it depends on how much on chain fees are at the time but will be much less that 20k sats unless fees are abnormally high. But when you open a channel all of the liquidity will be on your side so you can send money at first but not receive. There are many ways to get inbound liquidity so you can receive payments.
Wants me to open a lightning channel to send or receive with a minimum of 20k sats . Does that mean I lose those sats or I get to use them it’s just a minimum I need to get going?
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If you are opening a channel with 20k sats then you will have 20k sats available to spend in the channel. There are other options some wallets provide to buy a channel with inbound liquidity in which you will trade the sats for the inbound liquidity. In that case you will be able to receive right away but not spend. I’m not sure which you are being prompted to do.
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Won’t let me send or receive without a 0-conf channel? Saying the lsp will provide 0-conf channels so I can pay and receive. The lsp will also wrap my invoices
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You can pay sats from Olympus to open a channel with you with inbound liquidity or you can choose any peer and open a channel with them and all it costs you is the fees of an on chain transaction.
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I’m so lost here I might have to go watch something on it to get my head around it
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Heres a good guide on Zeus. https://darthcoin.substack.com/p/getting-started-zeus-mobile
Maybe a good spider to study the basics of the lightning network like peers, channels, and inbound and outbound liquidity first.