What are some misconceptions about the Lightning Network? How does the onion-routing work? How does channel funding work? Are there any security or legal risks to running a Lightning node? How far is the development so far in making this technology user-friendly?
This is not a choice between on-chain and off-chain. A large portion of transaction volume has already been conducted off-chain (i.e. within the private databases of exchanges) for years; what second-layer solutions like the Lightning Network do is to allow for similar low-cost activity without sacrificing most of the security model and trustless nature of Bitcoin. Decentralisation is not a Boolean value, it is a range.
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