Bitcoin Lightening Network- Why do we need it?

[xBDT Script 4371]

5 hours ago, hexwin said:

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.

At the beginning, people may not go with LN because of its complexity but you know, for the benefits people will choose it. Since Electrum is implementing it, I don't think non-techy people need to understand the process. Electrum will make it convenient for users.

[hexwin 4931]

5 hours ago, xBDT Script said:

At the beginning, people may not go with LN because of its complexity but you know, for the benefits people will choose it. Since Electrum is implementing it, I don't think non-techy people need to understand the process. Electrum will make it convenient for users.

That is my concern... I can predict starting to use Electrum and not closing channels...
They will not blame LN for their loss, but they will say that Bitcoin is not good.
I expect themto add some tutorials and instrusctions in Electrum to prevent this

[xBDT Script 4371]

Just now, hexwin said:

That is my concern... I can predict starting to use Electrum and not closing channels...
They will not blame LN for their loss, but they will say that Bitcoin is not good.
I expect themto add some tutorials and instrusctions in Electrum to prevent this

True, it may create so issue and negative impact as well. But you can't deny the fact that it will be beneficial at the end. I believe Electrum will certainly use some caution and may be some tutorial for the sake of welfare of its users. A lot of people never heard of LN even though they are here for long times.

[xBDT Script 4371]

Just now, bichou1584 said:

This is a real problem with Bitcoin payments, high fees and length of verification. But I didn't understand Lightening Network. Please explain more about it and how it works

You must read the whole topic and its replies. LN is a off chain transaction system where you don't need fee, confirmation, verification as long as you are in a LN channel. In a channel, a lot of transaction goes on off chain and when you leave the channel, only then the transaction will be included in a block.

So, imagine, you have entered in a LN channel with 1 BTC, you have transacted couple of times, have sent or received or whatever. You may transact a lot of times. This will not be recorded in the blockchain because these are off chain transaction. When you decide to leave the channel, say you have 0.50 BTC. Now, a transaction will be created with this information.

Hope you understand.

[hexwin 4931]

1 minute ago, bitcoworld said:

When will this be realeased ?

This is what official tweet from electrum is showing.

It should be soon, as I don't remmeber last time Electrum had update. It was long time ago.

Exact date is unkown so far

[xBDT Script 4371]

Just now, bitcoworld said:

And than we will be able to use LN on Electrum? Man, thats insane i think this LN Sidechain have real potencail. 

So will there be 2 seperate wallets in electrum? 

There will be a only one wallet, you can enter in a channel from the wallet. No extra wallet will be needed. I have tried the lightening network one time though. Couldn't learn much from it. Waiting for Electrum release, I will be using as soon as possible.

[hexwin 4931]

10 minutes ago, bitcoworld said:

And than we will be able to use LN on Electrum? Man, thats insane i think this LN Sidechain have real potencail. 

So will there be 2 seperate wallets in electrum? 

I think xBDE is expert for Electrum wallets and especially for multisig ....
 

6 minutes ago, xBDT Script said:

There will be a only one wallet, you can enter in a channel from the wallet. No extra wallet will be needed. I have tried the lightening network one time though. Couldn't learn much from it. Waiting for Electrum release, I will be using as soon as possible.

Someone posted one website with preview how Electrum will look and work with LN  but I guess it is lost in sea of crypotalk posts like many others 🤔

[xBDT Script 4371]

 

Just now, hexwin said:

I think xBDE is expert for Electrum wallets and especially for multisig ....
 

Someone posted one website with preview how Electrum will look and work with LN  but I guess it is lost in sea of crypotalk posts like many others 🤔

As like I said, no more wallet is needed probably because you are going to enter into a channel to complete your transaction. i have found a preview of testnet of electrum with the channel menu attached below. Sounds cool and hopefully I can taste it soon in electrum.

[hexwin 4931]

2 minutes ago, xBDT Script said:

 

As like I said, no more wallet is needed probably because you are going to enter into a channel to complete your transaction. i have found a preview of testnet of electrum with the channel menu attached below. Sounds cool and hopefully I can taste it soon in electrum.

Sure... I will always be on the other side and expecting transaction from you.
I wonder is there going to be minimum Bitcoin amount that can be sent in this way?

Edited October 30, 2019 by hexwin

[xBDT Script 4371]

Just now, hexwin said:

Sure... I will always be on the other side and expecting transaction from you.
I wonder is there going to be minimum Bitcoin amount that can be sent in this way?

No minimum amount (if I am correct) because you will transact in off chain. You have to enter in a channel with a certain amount and transact whatever amount you want, you can do it multiple times. When you leave the channel, a transaction in the main chain you will be added with whole amount you spend or receive.

[hexwin 4931]

5 minutes ago, xBDT Script said:

No minimum amount (if I am correct) because you will transact in off chain. You have to enter in a channel with a certain amount and transact whatever amount you want, you can do it multiple times. When you leave the channel, a transaction in the main chain you will be added with whole amount you spend or receive.

So address will be the same for sending and receiving like with normal transaction in Bitcoin Electrum wallet,  or there will be something different for that?

Edited October 30, 2019 by hexwin

[xBDT Script 4371]

Just now, hexwin said:

So address will be the same for sending and receiving like with normal transaction in Bitcoin Electrum wallet,  or there will be something different for that?

You can use any address you want, you have so many address and you can enter with any one.

Just now, bitcoworld said:

Cool mate thanks for this valuble information. Cant wait that they add it iam a real LN fan 😄

Same here mate. i am very much exited since when I have heard about the elctrum implementation of LN. This is going to be interesting.

Just now, bitcoworld said:

I see ❤️ you guys are amazing we need more people here like you Xbdt and BitcoinCase...

Thank you for the kind words. This forum is beautiful people like you are there 😁

[xBDT Script 4371]

Just now, bitcoworld said:

Really yes man. LN can be huge and if electrum and more wallets adopit it step by step it will be a game changer and the dead for a lot alts....

Well, I wish so but there's some downside though. I have read some articles where they said it will encourage centralization at the end, I don't know how exactly it will happen. If it happens, this will unlikely to help us, rather a community will veto on that, I will too. I have to study a little more to understand the whole thing.

[xBDT Script 4371]

Just now, Drboss said:

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. 

You know what, a currency can be created by anyone but it has no value as long as people accept it as a currency. There are a lot of altcoin but people don't accept them as currency, of course, there are reason for that. Bitcoin has a lot of nodes which ensures more decentralization, does the other altcoin have it?

[xBDT Script 4371]

Just now, bitcoworld said:

Well simply it is much more centrailised as of the LN has no Nakamoto Consensus it works diffrent and that why it will be so much centralized at the end! BUT, this fact is bs speaded by Idiots which dont want the LN to succeed! The LN stays a Scalable Payment Method in my eyes! Bitcoin is still producced on the mainchain!

May be, everything works on the mainchain, offchain do some settlement only what to do. I got your point. It's very likely that Roger will be spreading the propaganda and bullshit in his BCH website 😄 He is king at this kind of activities. 

[xBDT Script 4371]

Just now, bitcoworld said:

He will end up in Jail when Bitcoin is regulted in the US. Guarantee you that!

He deserve that, I was talking about the same exact thing on my other thread. he is deceiving people directly and he must be sentenced jail. here is the topic where I have talked about this earlier- 

Edit- looks like you already have got me there.

Edited October 30, 2019 by xBDT Script

[Syedbesharat 5423]

23 hours ago, Yawar said:

Well Bitcoin lightning network will make bitcoin usable for every day transactions" narrative. You still have to make a transaction on the main chain to start and end the lightning channel..

It is providibg good facilitation but i have heard that when people close their channels they will be subject to $100+ fees.Is it not pretty high fees fkr users.

[xBDT Script 4371]

36 minutes ago, Syedbesharat said:

It is providibg good facilitation but i have heard that when people close their channels they will be subject to $100+ fees.Is it not pretty high fees fkr users.

It is wrong, who said you that probably have no idea about this. Channel receives micro fee only, not that much, it depends on your transaction though. In a channel you may have a lot of transaction, numerous numbers. 

[Sahbana 212]

So what's the solution when the network has a lot of transactions that accumulate and become stuck? Can you give a way to overcome this right? Apakah Jaringan Bitcoin Lightening sudah tersedia untuk mengatasi masalah ini?

[faceless 296]

Lightning Network! what exactly is this lighting network, you mentioned few things there that made sense to me about lighting network like micropayment, but what exactly is this?

[Jokeer 648]

Lightning network is a revolution of fast transition where the fees are cheaper this should be add on Bitcoin which through the demand of bitcoin will increase and also new users will attract bitcoin.

[Sourovdeb890 416]

helping system causes the exchange to be quicker and furthermore it needs an exceptionally ease which encourages us to set aside some cash in each exchange. thus bitcoin need this helping system. In the event that bitcoin can include this helping system soon, at that point bitcoin will make more requests to the individuals.

[Brushless4500KV 4214]

Is lightening network as safe as blockchain network?

As far as I know, lightening network was designed for faster and cheaper transactions because transactions don't need to be recorded on blockchain blocks and it only uses some payment channels in which data about each wallet address balance will be updated after transaction. This will result in instant payments and more privacy but what about security?

In blockchain network, miners validate each transaction through confirmations and all data is recorded on the network but lightening network has no validation process like blockchain. Does it mean that blockchain network is more secure and harder to manipulate? If this is the case, I prefer to pay more fees and wait longer to have a safer transaction.

[nasipadang 399]

On 10/28/2019 at 8:38 PM, 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.

what about cryptocurrency other than bitcoin? I don't know if the bitcoin block can be updated for cheaper and faster transactions with lightening-network. I don't know what is lightening-network. my point here is maybe the concept of stable coin like usdt with a block that can send more and cheaper transactions, or LTC.
 

[sportlopez9000 232]

You don't really need lightning network but it will speed up transactions and help deal with congestion in the blockchain. The biggest improvement with lightning is how it can be used for not just bitcoin but other cryptos to speed things up. I'm skeptical whether or not it will need maintenance after being implemented, but everything so far looks like an upside as far as paying less fees, so most should be happy about this, and it will positively impact BTC's price.