RE: Why I Decided To Lock 1 Million Sats On The Lightning Network
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How secure is the lightning network in terms of having sats stored on it? I guess you can't do things from the ledger yet with second layer?
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It still has a few vulnerabilities that can be hacked so I wouldn't say this is for everyone just yet! The million sats I put in less than half was bought, I have been earning them for ages now and just messing around with the LN so I don't really feel it.
I can always ping it to an exchange in a second and trade it if needed also which is why I like having a bit of skin on lightning. It's also better for UTXO management if you sending on-chain 10/20/50 BTC apart from the fees you losing you're also generating so many UTXO's so while your balance increases its made up of more UTXO's meaning it would be more expensive to move your balance in the future as it consists of more data.
By using LN I can consolidate my BTC and then send one big UTXO to my ledger if I want to secure it on-chain
I like how we're talking in sats now! I'll probably hold fire on dipping my toes in to lightning at the moment but I have heard that Strike are using it now to send instant payments across the world between different currencies instantly which is massive really!
Quite a few merchants are now setting themselves up to accept BTC payments so I have a feeling we'll be seeing more layer 2 developments going on this year as well
Lol taking in fiat is too confusing I have to know what the rando relationship between a rand, dollar abd a pound is fuck out here with that mess!
It's going to make it so much easier to buy things in the future! for example I'll know the value of real estate in one country versus another and you can see if it's value for money based on Sats vs amenities and other shit you value in property
I can only imagine how easy it's going to make travelling like if I know a burger cost 5000 Sats in my country and I know if this is a good deal or bad deal and not getting fucked over by tourist traps because I don't know what he value of that counties money
Imagine getting off the plane and you just swiping and QR coding Sats without exchanges and all that other shit ah it's going to be glorious!
Digital nomad life is going to be great you'll jusy go on AirBnB see where the best place in the world is to rent by Sats and boom you off to the races
Lol, that's a pretty sick vision - fast forward 5 years and this could very well be the reality!
Having sats as the reference point will make things so much easier. I heard they were looking at even splitting the sat up into smaller denominations but that may be a rumour!