Onchain is actually pretty cool 😎
419 sats \ 16 comments \ @kilianbuhn 3 Nov 2022 bitcoin
I'm rediscovering Onchain atm. Onchain is actually pretty cool. You don't need any device running at all - unlike a node in the Lightning Network.
The world could get nuked in an apocalyptic WW3 scenario - if a few dozen people around the world run nodes - your onchain stuff stays (of course your Lightning channels too but maybe not all channels...)
Also, mnemonics are unbelivable cool.
And onchain processes a lot a lot of transactions too. In a world where transactions are offloaded to Lightning .. onchain processes enough!
Onchain is cool.
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284 sats \ 2 replies \ @F 3 Nov 2022
Onchain is still quicker than Western Union, paypal / regular banks, etc. And more secure. Also requires no third party.
& scarce and easily verifiable.
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12 sats \ 1 reply \ @thePR0M3TH3AN 3 Nov 2022
And don't forget Fedwire. Bitcoin is the fastest and most decentralized final settlement network in history. Lightning is awesome but it can only exist because the base layer is so robust and reliable.
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0 sats \ 0 replies \ @Bendejo 4 Nov 2022
That is the key fact. Thanks. We love Bitcoin, onchain and on lightning too.
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15 sats \ 0 replies \ @iguano 3 Nov 2022
I like onchain to keep safe my heavy bags, but lightning is better for paying my morning coffee :)
Onchain is cool.
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35 sats \ 0 replies \ @ncryppt 3 Nov 2022
Onchain got 14 year's of stability behind hit! I love lightning, but you can never go wrong with onchain
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6 sats \ 1 reply \ @sommerfeld 3 Nov 2022
Lighting channel funds are also on-chain and in the face of apocalypse, they can be force-closed at will and reused.
Lightning is just transaction batching to save on fees, taken to its limit.
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0 sats \ 0 replies \ @tomlaies 3 Nov 2022
It's only a 5 sentence post. It's not demanding to much to read literally 5 sentences before commenting
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0 sats \ 0 replies \ @nullama 4 Nov 2022
You do need to connect to a node in the Bitcoin network to use on-chain though...
It's basically the same, just that lightning adds another layer to it, hence the layer-2 description of it.
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0 sats \ 0 replies \ @BlokchainB 3 Nov 2022
In this low fee environment sure. It’s not so fun when your txns get booted from the mempool
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0 sats \ 4 replies \ @AngeloMetal 3 Nov 2022
Cool. Now pay 100x in fees.
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5 sats \ 1 reply \ @nullama 4 Nov 2022
Someone just sent 2.71238570 BTC($55,116.52) with a fee of 4,316 sats ($0.88)
I don't know why people say BTC fees are high, when the data is just there showing it's super cheap.
And actually that transaction overpaid the fees, it could have been included in the block by paying half that amount...
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0 sats \ 0 replies \ @AngeloMetal 4 Nov 2022
I didn't say on-chain fees are high. I just said they're about 100 times greater than with Lightning.
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100 sats \ 0 replies \ @Majjin 4 Nov 2022
Higher fees than lightning: Yes Slower than lightning: Yes Less privacy than lightning: Yes
Can send absurdly large amounts of capital: Yes More reliable than lightning: Yes Can receive payments while offline: Yes
Both lightning and on-chain are Bitcoin: YES!
There are trade offs and use cases for both. However, I think we both agree that both are vastly better than the fiat system we have today.
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0 sats \ 0 replies \ @samsamskies 4 Nov 2022
Sending large lightning payments can be more expensive than sending an onchain payment for the same amount. Happens to me all the time. Sometimes I don't mind paying more for the increased privacy and instant settlement though.
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0 sats \ 0 replies \ @bitcointerest 3 Nov 2022
Onchain sounds cool because it is cool. I am however starting to leaning towards lightning because of its simplicity.
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0 sats \ 0 replies \ @selfish_gene 3 Nov 2022
давай так... цена 0.00001001 биткоина не имеет значения. сегодня это 1$ завтра 100000$ через неделю 1000 000 0000 0000 $... понимаем что отправка 1000 сатоши не имеет значения для $. значит он не важен... понятно
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