Instant Bitcoin: My First 30 Days On Lightning

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This is a jour­nal of my expe­ri­ence with Light­ning that will be use­ful to any new­com­ers to Bit­coin or Light­ning. As a dis­claimer, there are many more ways to do things than I have shown here. There are a range of prod­ucts and solu­tions for get­ting start­ed, some more com­pli­cat­ed than oth­ers. While there are cer­tain stan­dards and best prac­tices for using Bit­coin and Light­ning, the only way to get bet­ter is to jump in wher­ev­er you feel com­fort­able and learn a lot as you go. 

Before div­ing in, it’s good to have an under­stand­ing of the dif­fer­ence between Bit­coin Lay­er 1 and Light­ning, i.e., why Light­ning exists, its own trade-offs and spe­cial con­sid­er­a­tions. This post specif­i­cal­ly per­tains to oper­at­ing Light­ning chan­nels. Effec­tive chan­nel man­age­ment can be a rab­bit hole of its own, but before we can make sense of it, let’s estab­lish some key concepts.

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