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0 sats \ 3 replies \ @beameduplol OP 4h \ parent \ on: Is Bitcoin Lightning feasible for contactless retail payments on the go? bitcoin
Okay, and what is wrong with saying LN-BTC? How does it convey it's different than Bitcoin? LN-BTC, Lightning Bitcoin, as in the layer 2. Even you seemed to get the meaning of it so why should I change it? I like convenience, especially when I have to use this term multiple times while typing. Again you are the only person that actually cares about very very insignificant things like these.
You have stated it is a "wrong term", but why is it a wrong term?
As I said, is only BTC (bitcoin).
The (wrong) terms used by exchanges (shitcoin casinos) and garbage news sites, like L-BTC, LN-BTC create the false impression (especially to clueless noobs) that there are many types of BTC.
LN is just the payment network for Bitcoin, as it is VISA for fiat. That's all. I will not even call it layer 2, because is absolutely the same sats you transact onchain only that are not (yet) broadcast into a public tx on the blockchain. Read more about HTLC to understand this concept.
you are the only person that actually cares about very very insignificant things like these.
Because I care too much for Bitcoin and to be thought to noobs in the right way.
One thing is to be an educator and another thing is to be an influencer...
As the other terms, wrongfully used:
- KYC Bitcoin, non-KYC Bitcoin - another stupid term used creating the false impression that exist 2 types of BTC. There's no such thing !
- I opened a $1000 LN channel with x node... - another idiotic way to say the value in dollars of a LN channel. There's no such thing as dollars transacted over LN. Over LN you are using only sats, in fact the HTLC is counted in msats.
When you talk about Bitcoin, use only BTC or sats. BTC term is for a tx onchain, sats is for a payment over LN.
Remember this:
- onchain is a transaction, with final settlement in +10m (like SWIFT for fiat). PUBLIC log
- LN is a payment, with instant settlement and confirmation (like VISA for fiat). PRIVATE (only the 2 parties knows it)
transaction is not the same as payment, remember that.
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I like the explanation, but none of it explained why LN-BTC is a wrong term. I know how Lightning is a payment network for Bitcoin, and your hypothetical statement of how it gives nocoiners and shitcoiners the idea of multiple types of Bitcoin existing has not happened yet. They can always tell I'm talking about Bitcoin over Lightning, and there's the people that cannot, which is due to a general lack of understanding of Bitcoin as a whole. (knowing it as a speculative asset)
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but none of it explained why LN-BTC is a wrong term
Read again, the answer is there.
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