Bitcoin : Can someone here address my concerns with Lightning Network?
First off, I will say that I believe I have a pretty good general overview of how lighting network works. You pay to open and close channels, then payments on those channels are near instant/free, and later applied to the blockchain when the channel closes.
My concern, let’s imagine a moon scenario where bitcoin is being used by everyone in the world. Let’s also assume that everyone is using lightning network, to the point that the cost of opening and closing a channel gets very large.
1) Can a lightning channel deny ones ability to use it? I.e. can the payments be blocked if the person who opens/closes the channel doesn’t like you. I’m not asking *would* they do this, I’m asking *can* they do this.
2) If the answer above is yes, and the fee to open/close a channel is only practical for millionaires/institutions, how is it any better than the current banking system?
Btw, I’m very pro Bitcoin over BCash, so no I’m not a troll. Just curious. Please keep this thread about Bitcoin, and not “this is why blocks must be bigger”.
Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
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