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j"17UnFFbY93UwPLG9UjeL1CvNy9uE71QJkS%How do Bitcoin payment channels work?M£
I would like to know how payment channel mechanic works in practice. What do the involved parties need to do, which information they exchange and how is the security ensured. Bonus question: What different types of payment channels exist? *Only answers that actually explain channels will qualify for the bounty. While linking to 3rd party sources is encouraged and desired, answers that solely do that won't count.*bitcoinNULL