I have studies the Lightning Network, and although I understand the concept, I have not understood the following: Let’s assume that a network channel is opened between parties and all transactions have been completed successfully (no cancellations whatsoever). For the transaction balance to ‘escape’ the network channel, would a confirmation from the network (meaning the network as it is now) still be required?
As an example: John gives Nathan 0.20 BTC (transaction occurred withing the Lightning Network) – no fees:perfect – Nathan wants to send 0.20 BTC to an exchange – a confirmation from the network will be required, right?
So basically, the biggest benefit is reduced transaction time & zero fees between trusted parties, right? Confirming a transaction will still be inevitable?
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