0 sats \ 2 replies \ @kristapsk 15 Jan \ parent \ on: We need to drain OTC desks. They are turning BTC into paper bitcoin_beginners
for example if you lose the state of your ln wallet you will never be able to broadcast your closing transaction.
And, for example, if you lose onchain wallet data and it's backups, you will never be able to spend that onchain bitcoin.
abstract concept is very similar.
No. Lack for requirement for a trusted third party and operating with native Bitcoin transactions is what makes the difference.
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1 sat \ 1 reply \ @037bedfa93 OP 15 Jan
And, for example, if you lose onchain wallet data and it's backups, you will never be able to spend that onchain bitcoin.
No, you only need the seed and derivation path that is part of the protocol, the lightning state is not.
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0 sats \ 0 replies \ @kristapsk 15 Jan
seed and derivation path
That's what I mean with "backups".
part of the protocol
Part of which protocol? It's bunch of BIPs, Bitcoin Core doesn't implement most of them, for example.
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