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We describe the lightning network in non-technical terms. We omit some details, but try to convey the general idea of how it works.


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We describe the lightning network in non-technical terms.

Putting on my non-technical user hat, the mention of these might make eyes get glossy:

  • "broadcast this transaction to the blockchain"
  • "Why a shared address is needed"
  • "a 2-of-2 multi-signature address in Bitcoin speak"

:)

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Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. Conventionally, the capitalized word "Bitcoin" refers to the technology and network, whereas lowercase "bitcoins" refers to the currency itself.

Bitcoins are created by a process called mining, in which participants verify and record payments in exchange for transaction fees and newly minted bitcoins. Users send and receive bitcoins using wallet software on a personal computer, mobile device, or a web application. Bitcoins can be obtained by mining or in exchange for products, services, or other currencies. 

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