Just imagine... he have more than a year on SN and still didn't figure it out or even read the frickin' simple guide I wrote for noobs. And is still keeping his few sats on SN...
What are doing these people all day long? With what they wasting their precious time if not with learning about bitcoin ?
I found that the best way to get inbound liquidity from SN is just establish a channel to SN, then buy something on Lightning, like a gift card, using your SN channel as the outgoing channel.
This creates a remote balance on your SN channel which you can then use to withdraw from your SN wallet.
Shouldn't cost thousands in sats, maybe hundreds from the initial channel opening but that should be all.
Personally I just keep spending if I need more inbound liquidity.
Getting inbound liquidity is a known issue for Lightning. There are even services where you can purchase inbound liquidity, though I'm not sure how it works as I've never used it. I guess you just pay people to open a channel to you.
I figure if I just keep spending I not only help the bitcoin circular economy but I also get the inbound liquidity that I need.
For me, I use bitcoin to spend on my regular needs, by buying amazon gift cards. So this is money that i'd spend anyway. I then buy more bitcoin with my savings. I try to time it so that I'm spending bitcoin when the fiat/bitcoin price is high, and stacking when the fiat/bitcoin price is low.
What is your pubkey? I will consider opening a channel to you. I don't know how helpful it'll be though since I lack inbound liquidity myself.
Or sometimes by paying someone to open a channel to you. But then all the beads are on their side, so you cannot spend anything (no beads on your side), only receive money.
Sure, imagine you have a piggy bank that works a bit differently. This piggy bank has two sides: an 'inbound' side, where people can put money in, and an 'outbound' side, where you can take money out. In Bitcoin Lightning network, 'inbound liquidity' refers to how much money people can send to you (put in your 'inbound' side), whereas 'outbound liquidity' refers to how much money you can send to others (take out from your 'outbound' side). They need to be balanced for things to work smoothly. If you can't send money, you might not have enough in your 'outbound' side. If people can't send you money, you might need more room in your 'inbound' side.
That's right. The abacus beads need to be on your channel partner's side in order for them to send it to you!
It's challenging bc to some extent you're still beholden to on-chain and to someone offering their utxo to give you the ability to receive. LSPs have helped a lot and there's more innovation coming. I am wondering if there's more layers yet to be built that could further insulate consumers and newbies from the headaches though.
Imagine you have a tulip garden, and your inbound liquidity is like the empty space in your garden where friends can plant tulip bulbs for you. If your garden has room (inbound liquidity), people can come by and plant more tulips (send you Bitcoin). However, as more tulips are planted (you receive more Bitcoin), your garden gets fuller, leaving less space for others to add more tulips until you decide to dig some up and give them to others (send Bitcoin out), freeing up room again.
Without reading every guide, I’d say you can get inbound liquidity by making channels and then sending some out to your phone wallet. This will give your channels a remote balance (inbound liquidity)
Channel size = UTXO amount locked in the channel opening tx
Commit fee = First-to-fill sats in LN channel that acts as a emergency funds to get your part of funds confirmed on-chain. Usually equal as the Onchain fee
Channel reserve = Mutually-agreed fidelity bond that deters channel counterparty from publishing fraudulent close. Usually 1% of channel size
I've had to get a wallet going because, well, I've sold a Pouch on here and had to have a place to make an invoice, thus the stone started rolling, and I've said "fuck this", I'm going to restore full functionality on SN and dip my toes in LN.
Increase the block size!