Summary of Building on Lightning with Ben Arc

Read Time:5 Minute

00:00:00 – 01:00:00
In the video, Ben Arc discusses how to build on Lightning with extensions that will swap between Lightning and an unchained network. He also discusses how different users of the Lightning Network can use different payment journeys to manage their bitcoins. Finally, he covers the importance of having a lightning node in order to use the network and the various ways to open a channel.

00:00:00 In this video, Ben Arc discusses how his experience as an ex-smoker has led him to become interested in bitcoin and the cryptocurrency scene. He also discusses how he plans to support the bitcoin community in the UK.
00:05:00 Ben Arc is a developer and organizer of bitcoin meetups. He discusses his work on custodianship, lightning nodes, and ATM projects. Arc wants to make it easy for people to develop and use extensions for their nodes, and expects this to attract more developers and entrepreneurs.
00:10:00 This hackathon contestant created a jukebox that uses Spotify’s API to play songs from a playlist. You can pay for the songs with Lightning Payments. The project requires you to download and run the software, and it is currently only available in the UK.
00:15:00 In this video, Ben Arc discusses how he uses two different wallets- Blue Wallet and Moon- to store his bitcoin. Arc also explains how he uses an “insta wallet” extension on his website to pay for items without having to enter his bitcoin address. He also describes how the football club he works for uses bitcoin as a way to bring in new customers and collect money from the gate.
00:20:00 The video demonstrates how to use a Bitcoin atm made by Ben Arc, which uses his simple bitcoin wallet software. The atm is low-powered and can be plugged into a 12-volt battery, allowing it to be used anywhere. Arc also demonstrates how to use his wallet to sell bitcoins, and provides a “starter point” for those looking to start using Bitcoin.
00:25:00 Ben Arc explains how his open source software, “Alanbits,” helps small businesses accept bitcoin as a form of payment. He also discusses how the software can be used to manage split payments between team members. Finally, he notes that the software is in early development and that there is no guarantee of a return on investment.
00:30:00 Ben Arc discusses how his company, Onchain, is building an extension to the Bitcoin software that will allow for easier and cheaper access to Bitcoin wallets. He also discusses the dangers of supply chain attacks on Bitcoin businesses.
00:35:00 The author of the video discusses how to build on Lightning with extensions that will swap between Lightning and an unchained network. He also mentions Moon Wallet, which allows users to make transactions on both networks. Finally, he points out that there are a variety of ways to use Bitcoin, and that it is never too late to learn about it.
00:40:00 The video discusses how different users of the Lightning Network can use different payment journeys to manage their bitcoins. Ben Arc discusses how OpenNote has helped his football club manage its sales of merchandise.
00:45:00 Building on Lightning with Ben Arc covers the importance of having a lightning node in order to use the network, the various ways to open a channel, and how to use a hosted channel to mitigate risks of on-chain theft. Ben Arc emphasizes that lightning is still in its early stages and there is much to be explored in the technology.
00:50:00 In the video, Ben Arc discusses the possibility of bitcoin reaching a “zero rate of inflation,” which would be in the best interest of most users. He also discusses the economic consequences of this idea.
00:55:00 Ben Arc discusses the different ways in which bitcoin can be used and the benefits of having a variety of voices in the community discussing ideas. He argues that questioning oneself and one’s ideas is the best way to build the best value proposition for bitcoin.
01:00:00 – 01:20:00
Ben Arc discusses the various ways in which Bitcoin and blockchain technology can be used, with market-based solutions being the most immediate, followed by more complicated algorithmic solutions. He goes on to say that one of the main concerns he has with the Lightning project is that it is in good hands, but that there are great people working on it and that it is possible for them to make something reality.

01:00:00 Ben Arc discusses the importance of open dialogue and constructive criticism in the Bitcoin community, highlighting the dangers of toxicity and censorship. He believes that the community could benefit from more active contributors, and concludes by calling for a return to constructive debate.
01:05:00 Ben Arc discusses the possibility of inflation in the Bitcoin network, and how it could benefit the currency. He also touches upon the idea of a stable medium of exchange, and how it could benefit various countries around the world.
01:10:00 Ben Arc discusses some of the work being done to improve the stability of cryptocurrencies, including stable mediums of exchange like bitcoin. He also discusses the project Standard Stats, which is being developed by some of the same people behind the popular simple bitcoin wallet.
01:15:00 The video discusses the various ways in which Bitcoin and blockchain technology can be used, with market-based solutions being the most immediate, followed by more complicated algorithmic solutions. Ben Arc, a Bitcoin supporter and developer, goes on to say that one of the main concerns he has with thecash project is that it is in good hands, but that there are great people working on it and that it is possible for them to make something reality.
01:20:00 Ben Arc is a software developer who is excited about the Lightning project. He first wants to get Legend out of beta and fully functional and then do some things with it, like extrapolate extensions out. He also mentioned that he is working on a Cyberpunk project.

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