This is super cool non-kyc exchange from bitcoin lightning to some altcoins. Just paste destination address, pay the lightning invoice done in 20 seconds without any hassle. https://fixedfloat.com/exchange/btcln-to-eth So e.g. perfect for litecoin payments if you only have bitcoin lightning. I'm testing lightning wallets Phoenix https://phoenix.acinq.co/ and breez https://breez.technology/ IMO these two have the good ratio between usability and self sovereignty. Now the bitcoin fees are low so I recommend to prepare channel in one of them with $100 - $1000 worth of bitcoin will be useful in the future when bitcoin fees are high.
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The scenario is you have two parties entering contract arrangement and they both agree on independent arbitrator to be a third party in the arrangement.
Bitcoin gets locked in 2-of-3 multisig. As long as both parties agree and both sign the transaction it works fine without any delays or privacy leaks.
In case of conflict the arbitrator decides and signs with one of the parties to the contract.
Who or what is the arbitrator is interesting:
- Bitcoin spending script (SmartContract) e.g. uncooperative Lightning channel closure
- Human arbitrator or judge with a signing key. Then the contract can be just a hash of an PDF file included in the bitcoin address of the contract. The judge reads the PDF contract, cryptographically verifies that the document is linked to the bitcoin address and decides which party is right and signs a bitcoin transaction transferring the funds.
This is a general blueprint for Anarcho-Capitalistic free market contract arbitration. It is highly scalable, privacy preserving system
I don't know who needs to hear this, but Coinbase is not worth ~2,000,000 BTC. https://twitter.com/BTCization/status/1380549572351692806