Is Bitcoin Lightning only worthwhile for frequent transactions?
The Lightning Network (on layer 2) is often presented as a solution for scalability and this may already work well, but (so far) it only makes sense if both parties exchange multiple transactions, right?
As far as I understand, it's not worth opening a Lightning channel or using the Lightning Network for one-time transactions. It's more useful for regular transactions.
I don't understand what the real benefit and incentive is if you only want to trade once . If I only meet the transaction partner now (once) and probably never trade with them again, it's pointless if they offer Lightning, and we would still be dependent on a transaction via the main network.
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You don't have to open a channel every time, you just need a channel in the network or simply use a custodial wallet like Wallet of Satoshi, which can handle both on-chain and Lightning.
Or you can use a wallet like Strike.
This converts foreign currency 1 (e.g. $) into Bitcoin Lightning, sends it to the recipient in another country at lightning speed and converts it there into local currency 2 (e.g. ¥), all within seconds.
I don't think you quite understand why Lightning is so good. Maybe you should try it first, and you'll realize it quickly. It's more like PayPal, if you want to compare it somehow.
You don't want to make a transfer every time you pay, or in this case a slow and expensive on-chain transaction.
Lightning is also extremely cost-effective, which you'll notice very quickly when the mempool is full again and you're paying 100-300Sat/Vbyte.
You can also pay extremely small amounts or even control electrical devices with it, which allows you to build your own complete payment infrastructure if you can and want to.
https://www.youtube.com/watch?v=tqmWNHqDhpQ
Thanks. That sounds interesting. The way you describe it reminds me a bit of the XRP narrative (only on Bitcoin) 😅
I've only recently started working with Lightning and understood that you always needed a separate channel, although I thought that this wouldn't be ideal for individual transactions.
I had also read that it seemed that you could use other people’s channels (nodes) and use them as a “payment method”.
So, to use Lightning, you need a custodial wallet, meaning you first transfer the BTC from your hardware wallet to a Lightning-enabled one? So you need either a custodial wallet or your own node, or both?
That's right, you either take care of opening a channel into the network yourself (another node with a good connection is enough) or you open it for someone else, or you use a wallet that does it for you as a service provider, but then you hand over the responsibility and the keys, which isn't a big deal for small amounts under 100€.
The nice thing is that you always have the option to do it yourself, which is not possible in the Fiat world as you are ALWAYS dependent on third parties there.
Lightning LN also allows you to have URL addresses or BOLT12 QR codes, which are static, like an email address/QR code for payments, that you can use permanently. This way, you don't have to constantly send a new invoice.
Lightning is also integrated into NostR—a decentralized Twitter, so to speak—where you can send zaps (small Bitcoin payments) when you like a post, similar to likes. Or you can receive donations by displaying your address in YouTube videos. The podcast app Fountain makes it possible to send satoshis directly to the podcaster if you like an episode or a certain part. The potential uses of Lightning are vast.