► This clip is from my monthly Live Q&A. Ask your own questions: https://cracktheorange.com
I explain the vulnerability of the Lightning network, who is affected, and how you can still use Lightning in a secure way.

While the Lightning network is constantly in development and still can experience bugs, the risks are often overstated. Specifically, the current vulnerabilities discussed in the Bitcoin community only affect Lightning nodes that route payments. Thus, most users like those with a Phoenix wallet are not impacted and funds are not as risk. Furthermore, developers have already implemented updates to mitigate the vulnerability. There is no need to worry!

However, to ensure safety, I always recommend not storing large amounts of money in Lightning wallets, but instead using on-chain, self-custody addresses.

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TRANSCRIPT
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The Lightning Network is in development as Bitcoin. I mean the developers are constantly working on it and therefore bugs can happen. They shouldn't, of course and that's also why in Bitcoin the development of new features and new options on the protocol is very slow. That's a deliberate (how you say) decision so because otherwise the all the money that is on the Bitcoin blockchain could be lost with just a a small bug and that's why in Bitcoin it's not "build fast and break things" - it's the other way around. But of course bugs can happen and the the Lightning network to develop it is a very complex task and a lot of people are working on it and of course you will have bugs there as well. But to be honest I was talking to a few developers, wallet builders and people who really know their stuff about Lightning, they are going much more into details than I do and they all told me: Yes there are bugs, but yes we also work on solutions for them and, no your funds are not at risk. So, I think there's really not the reason as many people or some people did in recent weeks on Twitter to say: I'm done with Lightning, this is doomed and I wouldn't use it. So, there was this replacement cycle vulnerability recently. There was also a lot of rumor and talk about it. A potential attack opportunity on Lightning nodes. And it's not the end for Bitcoin. As I said I talked to engineers, they said the dimensions of this vulnerability are totally overblown and the vulnerability is only affecting routes that are (sorry) Lightning nodes that are also routing payments. So if you are user like with a Phoenix Wallet and you only use your channel to initiate and receive payments, then you are not affected. And since the disclosure also already implementations have happened and have been done and the Lightning network vulnerability is a little bit is mitigated, you know. So people, developers are always working on the protocol and also on the Lightning network but I think there's really no reason to be scared to lose funds or something like that. But nonetheless, Lightning is much more experimental still than the Bitcoin network so as I said before if you have $1,000 on Lightning I would swap them to an on-chain address and only keep maybe $100 or $50 or $20 or 10 in my Lightning so then you're safe.

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No financial advice. Do your own research.
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#Bitcoin #lightningnetwork #learnbitcoin