sister_sam's avatar
sister_sam sister_sam@primal.net 6 months ago
Question from relative newbie. I was setting up Alby Hub and went to open my first channel which it said needed payment of $19 and a bit of change. So I deposited on chain sats worth $24. Then I went to open channel and received following message You currently have 24,000 sats. We recommend depositing 230,000 sats to open this channel. WTH? I can't open a channel for less than $100? Next question. Do I need to open a chanel to receive sats here from zaps?

Replies (16)

onthephone's avatar
onthephone 6 months ago
Now you know why people like Bitcoin Cash. No Lightning channels, no high fees, no monkey business. Just Bitcoin being used as Satoshi designed it. #Bitcoin Cash is lightning fast!
1 replies ↓
onthephone's avatar
onthephone 6 months ago
This right here is why #BTC pales in comparison with #BCH
sister_sam's avatar sister_sam
Question from relative newbie. I was setting up Alby Hub and went to open my first channel which it said needed payment of $19 and a bit of change. So I deposited on chain sats worth $24. Then I went to open channel and received following message You currently have 24,000 sats. We recommend depositing 230,000 sats to open this channel. WTH? I can't open a channel for less than $100? Next question. Do I need to open a chanel to receive sats here from zaps?
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bumi's avatar
bumi michael@getalby.com 6 months ago
you should not deposit onchain. the first one was about buying a channel with incoming liquidity from a lighting service provider. it gives you best connectivity and the ability to instantly receive. when you use onchain funds you can open an outgoing channel. channels should be big to be able to send/receive some amounts. you used a different interface there. if you’re interested learn a bit about channels, there are links to guides
2 replies ↓
bumi's avatar
bumi michael@getalby.com 6 months ago
oh and when using onchain that money is still yours, you just put it in a channel to be used by you in the lightning network. so the recommendation is to use a higher amount (because with $100 in a channel you can’t send $101 for example)
onthephone's avatar
onthephone 6 months ago
Only needing to use a cryptocurrency on layer one is hardly more confusing. BTC = slow, expensive, multiple services (lighning, cashu, etc) needed for ordinary use. BCH = works right out of the box, just like you expect bitcoin to work.
onthephone's avatar
onthephone 6 months ago
#NotYourKeysNotYourCoins There is effectively no difference between using the LN and the existing banking system.
1 replies ↓
Hazey's avatar
Hazey hazey@iris.to 6 months ago
Perhaps you meant ecash and not lightning network, but even then, there is a world of difference when compared to the legacy banking system.
1 replies ↓
Hazey's avatar
Hazey hazey@iris.to 6 months ago
The explanation seems like a lot to digest for a noob. Could maybe the channel opening be combined with the Alby payment? With an explainer that the payment will be subtracted from the funds?
1 replies ↓
bumi's avatar
bumi michael@getalby.com 6 months ago
I think that’s actually what the default onboarding flow is currently. if you go out of the default then it’s a lot, yes.
onthephone's avatar
onthephone 6 months ago
Look into the past and find the future. If you are using ANY custodial funds, you don't control their future. This is why they love calling it digital gold.
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