Bitcoin Lightening Network- Why do we need it?

[xBDT Script 4371]

In our everyday life, we are purchasing a lot of things which cost $1 or $2 or even lower sometimes. Sometimes, when the fee is higher, we have to pay a lot of fee for faster confirmation. Imagine, you are having a coffee for $2 and paying with BTC when BTC price is high and network is very busy. In some cases, the fee will be as high as $15 or even higher for faster confirmation. Otherwise, the transaction will be stuck in the blockchain which will not be accepted the shopkeeper of course.

SO, for micro payment like this, where the amount is tiny, we need Lightening Network to pay the amount with a lower fee. Let me know if you are not understanding anything, i will share more details.

[alicenora 144]

28 minutes ago, xBDT Script said:

In our everyday life, we are purchasing a lot of things which cost $1 or $2 or even lower sometimes. Sometimes, when the fee is higher, we have to pay a lot of fee for faster confirmation. Imagine, you are having a coffee for $2 and paying with BTC when BTC price is high and network is very busy. In some cases, the fee will be as high as $15 or even higher for faster confirmation. Otherwise, the transaction will be stuck in the blockchain which will not be accepted the shopkeeper of course.

SO, for micro payment like this, where the amount is tiny, we need Lightening Network to pay the amount with a lower fee. Let me know if you are not understanding anything, i will share more details.

I have heard about Lightning Network before but could they really solve the all issues? As you know there is another project called BAKKT.Some people want Bitcoin make more transactions in one second.But is it possible ? How many transactions will we be able to do if the Lightening Network comes to our daily life ?

[xBDT Script 4371]

2 minutes ago, alther said:

1. The Problems of the Bitcoin Network Effect,

2. Remaining Online Every Time Making a Vulnerable Node, and

3. It Seems That It Doesn't Really Solve the Problem of Bitcoin Transaction Costs

You are absolutely right especially the 2nd one but so far we really do not have a 2nd choice unless someone else come and propose a better one. But right now LN is better than nothing in my opinion. 

Just now, alicenora said:

As you know there is another project called BAKKT.Some people want Bitcoin make more transactions in one second.But is it possible ?

Really man 😁

[xBDT Script 4371]

5 hours ago, Kim K said:

I am beginning to think bitcoin is no longer suitable for micro payments lighting network or not because of its price.

Why not, with lightening network, the fee will be reduced to 2/3 satoshi or lower. Don't you think it's cheapest than ever? You can read more article on Lightening Network.

5 hours ago, Kim K said:

I appreciate the reason behind lighting network but it may cause vulnerability on the bitcoin Blockchain. 

How? Can you please explain some more details? I am not really aware about that. Would really appreciate much. 

[xBDT Script 4371]

24 minutes ago, Kim K said:

Block mining, stucked transactions. Are you by chance saying miners that cannot mine low fee block will mine lower fee block on lighting network? So a miner on the normal bitcoin chain can mine and send via lightening network? If this continues, what happens if everyone migrate to lightening network? Same story. Reason i said chain may become vulnerable

Lightening Network is a channel/platform where transactions are happened with offchain, not in the mainchain. As a result you don't sending transaction rather you are sharing balance in the same place. That's why there's no fee required when you are in the channel. you have to pay a little fee to the channel creator only.

 

[Consignee 2395]

How long it will take Electrum to have the next release? I think they are working on Lightning Network integration? Have anyone here used LN before?

[xBDT Script 4371]

Just now, Consignee said:

How long it will take Electrum to have the next release? I think they are working on Lightning Network integration? Have anyone here used LN before?

I tried once although I am still very much confused how things going on. It will take time to understand the whole process though. If you are interested, you can PM me. I will share you site where you can have the test of lightening network.

There is no date announced for the next release but we can assume it will happen soon.

[Consignee 2395]

I will PM you later. I really need to know how things goes and if I could test it then. Perhaps it would be helpful I think. We both can set a channel and try with small amount.

 

Do you have time now?

[xBDT Script 4371]

Just now, Consignee said:

I will PM you later. I really need to know how things goes and if I could test it then. Perhaps it would be helpful I think. We both can set a channel and try with small amount.

 

Do you have time now?

Send me a PM. I will respond you later after the competition here. You know it's a big race with cryptokram and Dimarrik. Not have single second now 😄

Just now, CryptoBry said:

Yes, my friend, please share more on LN here. I understand that LN is made for small purchases and fro merchants so they can get the Bitcoin at a faster turnaround. Using LN, is the transaction fee really minute in here compared with the usual way of sending Bitcoin? 

LN doesn't reflect the exact way to transaction. Rather it's a way of sharing fund without any fee through a channel. The only fee we have to pay is, payment for the channel creator.

I will share a details article link here.

[xBDT Script 4371]

3 minutes ago, CryptoBry said:

Okay, am wondering how the business community reacted to Lightning Network... has it become a popular option for them or this has not yet been known by many? 

We know that there is really a big problem in the adoption of Bitcoin by the merchants, so hopefully LN can be that big reason why they should be starting to accept Bitcoin. 

It's not yet implemented in popular wallets, you can have separate option to use it. However, Electrum has planned to implement it sooner, with their next update. I hope that will be a good one for LN. Since LN is still in early stage, most wallet doesn't have this feature.

The main objective of LN is to solve the problem with micro payments, I hope it will increase the adoption.

[Sabrin 17]

Thank you for sharing this awesome information with us. It said we have to send bitcoin with channel. Who own the channel, are they the miners? Thanks @xBDT Script

[aqua 773]

23 hours ago, xBDT Script said:

In our everyday life, we are purchasing a lot of things which cost $1 or $2 or even lower sometimes. Sometimes, when the fee is higher, we have to pay a lot of fee for faster confirmation. Imagine, you are having a coffee for $2 and paying with BTC when BTC price is high and network is very busy. In some cases, the fee will be as high as $15 or even higher for faster confirmation. Otherwise, the transaction will be stuck in the blockchain which will not be accepted the shopkeeper of course.

SO, for micro payment like this, where the amount is tiny, we need Lightening Network to pay the amount with a lower fee. Let me know if you are not understanding anything, i will share more details.

I think that is why we need to have another coin payment besides of using bitcoin for the payment transaction. We can use altcoin to pay or buying something, and I am sure that we can find altcoin, which has a stable fee, and that coin will be a low coin price. 
But if Lightning Network can solve this and many store or merchant already used it, and they said that Lightning Network could serve well than bitcoin, then I think we can use Lightning Network for the transaction. We don't have to stick to use bitcoin for making a transaction because we have a thousand coins that can be used for the payment.

[xBDT Script 4371]

Just now, Sabrin said:

It said we have to send bitcoin with channel. Who own the channel, are they the miners? Thanks @xBDT Script

Think it this way, you and bob has a channel a common bank account. Not a bank account but more like a transaction record book in  accounting. I do not have accounting knowledge so I am really having hard time to get the term.

Okay so the transaction record book will keep the record of the transactions. The channel is more like this. You and bob will send some amount there. You will access your coins and bob will access his coins. Now when you want to send some money to bob you just update the record book.

So there are no miners.

[Sabrin 17]

1 minute ago, xBDT Script said:

Think it this way, you and bob has a channel a common bank account. Not a bank account but more like a transaction record book in  accounting. I do not have accounting knowledge so I am really having hard time to get the term.

Okay so the transaction record book will keep the record of the transactions. The channel is more like this. You and bob will send some amount there. You will access your coins and bob will access his coins. Now when you want to send some money to bob you just update the record book.

So there are no miners.

Thank you a lot. Now I have understand it. Light network will help bitcoin a lot.

[xBDT Script 4371]

Just now, aqua said:

We don't have to stick to use bitcoin for making a transaction because we have a thousand coins that can be used for the payment.

I really had hard time to understand your post and no sure if I understood much from the above. But this quoted part means you are saying bitcoin not to use for daily life tx. That's what you said?

The way we are going right now with bitcoin with the high fees and tx confirmation time it is not much easier to use it in regular trading like shop for groceries and this is why we are talking about this side chain. We really do not need alts if we can improve the bitcoin network LOL

Just now, Sabrin said:

Thank you a lot. Now I have understand it. Light network will help bitcoin a lot.

You are welcome. Feel free to quote me or mention me if you need any help in bitcoin related things.

[aqua 773]

6 minutes ago, xBDT Script said:

I really had hard time to understand your post and no sure if I understood much from the above. But this quoted part means you are saying bitcoin not to use for daily life tx. That's what you said?

The way we are going right now with bitcoin with the high fees and tx confirmation time it is not much easier to use it in regular trading like shop for groceries and this is why we are talking about this side chain. We really do not need alts if we can improve the bitcoin network LOL

You are welcome. Feel free to quote me or mention me if you need any help in bitcoin related things.

Bitcoin can be used for a daily transaction IF you don't mind to pay a higher fee, but if the merchant has an option to pay with altcoin, you can use altcoin to pay, so you don't have to pay a high fee.

In this case, I don't use bitcoin to pay or buy something. I always convert my bitcoin into fiat because I don't see a local store in here that accept crypto. 

Another case, just imagines, if you have a gold medal and silver medal. You want to buy, let say apple, the price is one silver medal, but if you pay using the gold medal, you need to pay for half gold medal plus you need to pay the fee for a quarter of gold medal. Which one do you want to use to pay the apple? I guess you want to use a silver medal than to use a gold medal because the gold medal will be precious for you.

That is just an illustration for bitcoin and altcoin. Maybe I am not good to explain something.

But to improve the bitcoin network, I will let the dev and the team to work because I don't know a programming language🤣🤣🤣

I hope you can get the point😁

 

[xBDT Script 4371]

Just now, aqua said:

Bitcoin can be used for a daily transaction IF you don't mind to pay a higher fee, but if the merchant has an option to pay with altcoin, you can use altcoin to pay, so you don't have to pay a high fee.

Yeah get that.

Just now, aqua said:

That is just an illustration for bitcoin and altcoin. Maybe I am not good to explain something.

I think I get you now and you are making some sense 😁

Quote

But to improve the bitcoin network, I will let the dev and the team to work because I don't know a programming language🤣🤣🤣

This is why so far now we have LN to test and use. If we see large adoption for LN then we will see more people in the space going for bitcoin.

Just now, bitcoworld said:

Bakkt is about to launch an App for Merchants like Starbucks which are Bakkt Partners. This App will allow huge companies to accept bitcoin more than easy and everything is backed and safed by bakkt itself 😄

Finally Bukkt is bringing something good LOL This will be indeed huge. By the way, I already have a dinner paying bitcoin but the fees was expensive LOL

 

[xBDT Script 4371]

Just now, bitcoworld said:

Than go back to that store and convince him to use Trust Wallet for Bitcoin Payments. I think its based on LN and the Fees should be zero kinda ^^

So far this is what we have now of course or there will be no way to pay for a $2 coffee where the fees will be $0.25 LOL

I am excited to see this and also by learning that Electrum is going to add the LN in their next version. More power to bitcoin mate. Good days are ahead.

[xBDT Script 4371]

Just now, bitcoworld said:

The Fees are 0.25$ ???? The fees will be Zero on Bakkts App. Starbucks will accept BTC in 2020 like it seems when the Bakkt app is ready Starbucks will be the first user of it.

I didn't mean it for Lightening Network. It's the general fee we are paying most of the times. With LN, the fee will be huge less than this amount. Zero on Bakkt apps through what? LN? I am not really aware of what you are talking about.

[seriousguywithfunnypants 266]

On 10/28/2019 at 9:38 AM, xBDT Script said:

In our everyday life, we are purchasing a lot of things which cost $1 or $2 or even lower sometimes. Sometimes, when the fee is higher, we have to pay a lot of fee for faster confirmation. Imagine, you are having a coffee for $2 and paying with BTC when BTC price is high and network is very busy. In some cases, the fee will be as high as $15 or even higher for faster confirmation. Otherwise, the transaction will be stuck in the blockchain which will not be accepted the shopkeeper of course.

SO, for micro payment like this, where the amount is tiny, we need Lightening Network to pay the amount with a lower fee. Let me know if you are not understanding anything, i will share more details.

Exactly! It is good for the scalability of the system as Bitcoins transaction per second is only 7. With only that Bitcoin won’t be a global currency. It could be only a digital gold with its store value.

[hexwin 4931]

3 hours ago, bitcoworld said:

Well, if you are not aware what iam talking about then check again what i wrote when i mentioned you the first time and maybe also look the video i posted so you will be aware for sure 😄

Nobody will use the Mainchain so you dont have to worry about fees.

LN is not on what Bakkt will be based. They will make an APP where their Customers like Starbucks can accept Bitcoin for COffee. Bakkt is doing this to hide high transaction fees since everything will be in their own wallet...

2$ Coffee? Dunno where you life but Coffee here in Germany starts at 3€ if you want a good Coffee and STarbucks some 6-8€ depends on what a version of their crap coffee you want to drink 😄

Did you ever try to use Lightning Network in real life so far bro?
I have real doubts about using it myself. Recently I heard about new bug and one guy lost a bunch of Bitcoins like this... I will try to find exact news

[hexwin 4931]

1 minute ago, bitcoworld said:

I sended some small transactions and  tested it out but a real usage we are some years away i think. There still bugs yes but it gets better day by day. There was a bug in 2010 i think so someone created 184 Million Bitcoins 😄 but they saw it pretty fast and fixed it. Also some bug in 2009 where you could spend other peoples coins. I think there more time pass it will get better and stronger as very intelligent people are working on it. It would not be smart to bet against it since big people also promoting it not for no reasson IMO. There will come a time when the LN is resistant like the Blockchain and this will be the time when this LN will send shitcoins like Ethereum and Ripple to zero value....

Here it is. I found that news about guy called ZipoTm from Reddit  who lost 4 Bitcoin using LN.
I think we should be very careful when using LN
https://dashnews.org/lightning-network-user-reportedly-loses-4-bitcoin-what-happened/

[hexwin 4931]

2 minutes ago, bitcoworld said:

As I said often enough, its nothing for noobs. Check why he lost the funds:

People are using Bitcoin even now and without LN... I can only imagine disasters when many people start to use LN in everyday... I am not optimistic about it at all if it stays like this

[hexwin 4931]

2 minutes ago, bitcoworld said:

As i said, you would probably be one of those guys calling bitcoin will fail in 2010 since there was huge issues back then. Everything starts small. Give it some time brother and dont use it for now if you dont feel comfortbale.

I will not use it for sure. You will see when they add LN to Electrum and more people start to use it.
I expect so many people will complain and blame Bitcoin for this and not LN.
That can be real issue.

Edited October 29, 2019 by hexwin

[hexwin 4931]

8 minutes ago, bitcoworld said:

Not really IMO you are worrying for no reasson. I think the LN will be unstoppable within some years when everything gets a lot safer and easier to use than it is now.

OK... my predictions are not that bad so far.... but I can be wrong.
Lets see what will happen when this new Electrum wallet version comes out.