Bitcoin Lightening Network- Why do we need it?

[Thekingcallme 1975]

This is correct and Lightening Network's mission is to speed up Bitcoin transactions with very small fees so as to pay instantly without waiting

[BitcryptoHan 2557]

9 hours ago, Thekingcallme said:

This is correct and Lightening Network's mission is to speed up Bitcoin transactions with very small fees so as to pay instantly without waiting

You are not wrong but lightning network fee might later increase too, the busier the network the more will be increase in transaction fee too but it could not be so increase to become so expensive too like bitcoin fee. Also, it can lead to centralization in which big companies that that have many channels will be the one gaining for running a node. And, it is still under development. 

[Raqeebzy 6456]

Mainly that's what the lightning network is for, micropayments. There has been cases where people tried running a LN node in large transactions, some were successful and some lost their funds. It's still very much in development and very sensitive.

[Ismoney 230]

The Lightning network (LN) has actually helped the Bitcoin blockchain and other blockchains like Litecoin that has adopted it due to the speed and the reduced transaction cost.

[Yomose 3704]

12 hours ago, Ismoney said:

The Lightning network (LN) has actually helped the Bitcoin blockchain and other blockchains like Litecoin that has adopted it due to the speed and the reduced transaction cost.

@Ismoney how did lightning network helps bitcoin blockchain? 

Lightning network is not related to Blockchain, infact, it is later 2 which is offchain while blockchain is is onchain. The only connection between them is that you can close a channel and send the coin from offchain to blockchain. 

[Moaz 7239]

The speed of the Bitcoin transaction is related to the blockchain network if it is crowded or not and to the withdrawal fees, for the Bitcoin transaction will be confirmed faster if you pay a higher fee, so when the blockchain network is crowded, the Bitcoin transaction will be delayed and therefore we need another network such as Lightening Network to complete the transaction Faster and lower fees

[Whited35 15285]

On 6/9/2020 at 10:14 PM, Raqeebzy said:

Mainly that's what the lightning network is for, micropayments. There has been cases where people tried running a LN node in large transactions, some were successful and some lost their funds. It's still very much in development and very sensitive.

There are still so many developments going on in the case of Bitcoin Lightning Network. If it become more sustainable and dependable, I have no doubt it will be the best option for the merchant payments, quickest and extremely lower fee ☺

Edited September 13, 2020 by Whited35

[Raqeebzy 6456]

54 minutes ago, Whited35 said:

There are still so many developments going on in the case of Bitcoin Lightning Network. If it become more sustainable and dependable, I have no doubt it will be the best option for the merchant payments, quickest and extremely lower fee ☺

Lately, a lot prefer making payments through Lighting network because of the advantages; speed and lower fee. A lot do so without prior knowledge how it works, technology behind it and how safe it is to perform higher transactions; a lot regret it later because it so sensitive to the slightest of fault. I am aware of these, so I prefer on chain transaction for now but surely it won't be a problem when it is fully developed.

[Whited35 15285]

11 minutes ago, Raqeebzy said:

I am aware of these, so I prefer on chain transaction for now but surely it won't be a problem when it is fully developed.

@Raqeebzy Security has always been the major concern for Bitcoin Lightning network here is no doubt. Generally, Lightning Network Wallet user do not prefer it for the huge amounts of BTC transaction. Yes, on-chain is safest but nowadays I am attracted toward Lightning Network to use BTC as the payment method to purchase goods and services. 

[Raqeebzy 6456]

1 hour ago, Whited35 said:

@Raqeebzy Security has always been the major concern for Bitcoin Lightning network here is no doubt. Generally, Lightning Network Wallet user do not prefer it for the huge amounts of BTC transaction. Yes, on-chain is safest but nowadays I am attracted toward Lightning Network to use BTC as the payment method to purchase goods and services. 

Obviously. Greater reasons it should be used careful with small funds. I read an article on coindesk last two months or so (the link) where the security of it was subjected to tests by researchers and fortunately, it passed the first formal test but still, advisably not too safe yet until it passed a couple of others.

[MuhammadSh 3067]

I was wondering about the technology of litecoin and its fast and cheap transactions.. after this topic i read more about the issue.. but i still have many questions, is this technology secured well in addition to its speed and cheap fees? if yes, why the developers of bitcoin don't depend on it till now? as i know the security part is under testing and there is nothing clear till now so let's wait and see what would happen when we be able to send bitcoins fastly with low fees in the future!

Edited September 13, 2020 by MuhammadSh

[Afran_025 26]

One of the reason why the lighting network is being implemented is because it wanted bitcoin to realize its main purpose which is a medium of exchange. But because of slow confirmation speed and high transaction fees it is possible somehow to mainstream bitcoin and use it in our daily lives.Thus lighting network is the answer to mainstream bitcoin into all works of life wherein we can buy coffe in the streets and many more.

[Yomose 3704]

We need bitcoin lightning network for faster transactions at a cheaper fee, but most bitcoin users are not yet support lightning network, maybe if bitcoin go mainstream, it will be more supported. 

[GanBin 705]

I have been using lightning network now, but I only used it to perform a transaction with my friend, no other people that I know are using it, but the fee is cheap and the transaction is fast. 

[Rosarvx 965]

for the Bitcoin transaction will be confirmed faster if you pay a higher fee, that has adopted it due to the speed and the reduced transaction cost

[estmerbol 257]

We are all looking forward to these projects because they will provide solutions to many details that make the use of btc impossible in common commerce. But I am more than sure that BTC will continue to look for new updates. And it will come the adoption at all levels of the btc.

[percare 3192]

The lightning network is taking years and has met many difficulties but when it is complete it will be a big game changer in transactions. It is already used a lot but needs to reduce bugs and more time. When it is over everything will be different as transactions will be very cheap and very fast.

[Sykkuno 2887]

Transactions are slow with bitcoin, they take an hour to confirm and the fees sometimes are very high. Nobody will pay five or ten dollars for fees to buy something that can save this money and buy with the debit card from bank. It is becoming difficult to purchase with Bitcoin and only with a second layer network like lightning it will be able to use for this way.

[annayks 2314]

The scaling problem can be solved probably only with this way. It was decided not to increase the block size for fears of centralization of mining and concensus agreed. BCH was the result of the miners and part of the community that disagreed and they only made a mess since then and nothing else. LN is a good solution but needs to finish and be free of vulnerabilities first.

[cryptovlek 2597]

The Lightning Network will help Bitcoin to be adopted for use of merchant adoption and microtransactions. In fact with the Lightning Network there won't be any need for many other altcoins that are trying to be used for this kind of transactions and it will even help in microtransactions with 1 or even less of satoshi that can be given as payments for clicks, tips or anything else. It will bring Bitcoin to the next level of adoption, mainstream commerce adoption.

[zhoutong 2188]

The Lightning network is needed for scaling. It was decided but the development seem to be very slow. The interest fades too sometimes and comes back only when other cryptocurrencies are rising in terms of adoption in the transactions. I think it is important for Bitcoin to put more into this and devs should be looking forward to remove all major vulnerabilities.

[yonkii 3205]

Thanks for the explanation, I didn't know a low about the lightning but I've learned something now. I really think that $1 and $2 transactions are not microtransactions, maybe you think these are called like that but microtransactions are cents.

[JanBomCrypto 494]

On 12/1/2020 at 4:53 PM, cryptovlek said:

The Lightning Network will help Bitcoin to be adopted for use of merchant adoption and microtransactions.

Well, this is what should be, but since the creation of lightning network in 2016, there has only been a little adoption. Most people like to use the blockchain rather than using the layer 2. Let us see what will happen in the future, if lightning network will be more adopted. This will really help those that are making small bitcoin transactions because the fee is very low. 

[kryptonick 2659]

We need the lightning network if the Bitcoin community still thinks that Bitcoin can be used for payments. Otherwise it will only be the blockchain with all the scaling disadvantages it carries, such as low confirmation times and high fees. I think the LN will be a good solution as Bitcoin should be used again as it was before.

[Ridam 7455]

Lighting network is most valuable second layer development for Bitcoin network. Though non-custodial lighting network setup is really hard and I haven't used that. But custodial lighting network is really easy and we just need a lighting network Wallet to get started. The transaction fee is like 1 satoshi for most of the transaction and transaction are completed within a second.