What do we call it, then? Because the terms you've been using aren't correct. It isn't like ETH where I swap it via an exchange for Bitcoin. It isn't like a stable-coin like Tether, or even side-chains like Liquid.
When I have 100 Satoshis in my Lightning wallet, it is because there is a channel based on a wallet with those 100 Satoshis in it.
In some sense, I suppose the IOU language kind of applies, compared to self-custody Bitcoin in my own wallet. But, then again, if it is under my control, not really either. Those 100 Sats in my Lightning wallet can be swapped, by me, at any-time into my on-chain wallet.
It is more like if I'm taking a loan from myself (if self-custody). Yes, if you are using a custodial Lightning wallet, those Satoshis are under control by someone else (but same technology either way... they are just as real, just not controlled by you, ultimately).
SteveW928
npub1j5…32kek
2025-07-09 19:20:04 UTC
in reply to nevent1q…f20v
Author Public Key
npub1j5er26s255jh3e6z2a9twg5sz7dez83xuyq26pp6k8v7qq7sxlhql32kekPublished at
2025-07-09 19:20:04 UTCEvent JSON
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"content": "What do we call it, then? Because the terms you've been using aren't correct. It isn't like ETH where I swap it via an exchange for Bitcoin. It isn't like a stable-coin like Tether, or even side-chains like Liquid.\n\nWhen I have 100 Satoshis in my Lightning wallet, it is because there is a channel based on a wallet with those 100 Satoshis in it.\n\nIn some sense, I suppose the IOU language kind of applies, compared to self-custody Bitcoin in my own wallet. But, then again, if it is under my control, not really either. Those 100 Sats in my Lightning wallet can be swapped, by me, at any-time into my on-chain wallet.\n\nIt is more like if I'm taking a loan from myself (if self-custody). Yes, if you are using a custodial Lightning wallet, those Satoshis are under control by someone else (but same technology either way... they are just as real, just not controlled by you, ultimately).",
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