What is a lightning network?

[palalu 512]

13 hours ago, Crypto123 said:

Yes, this is really what will happen, with the spread of the Bitcoin lighting network, the two biggest problems in the Bitcoin network will be solved, which are slow execution of transactions and large fee. Bitcoin Lightning Network is based on solving these problems and thus this will help spread Bitcoin much more than before.

Is there no update when about lightning network will be implemented? Because I think many people are waiting for that.

[Crypto123 0]

Just now, palalu said:

Is there no update when about lightning network will be implemented? Because I think many people are waiting for that.

Yes, we are all waiting for that, as far as I know, it is currently under development and experimentation, but nevertheless you can use it from now, even though it has not been widely spread yet, and there are not many wallets and exchanges that support this network until now.

[palalu 512]

7 minutes ago, Crypto123 said:

Yes, we are all waiting for that, as far as I know, it is currently under development and experimentation, but nevertheless you can use it from now, even though it has not been widely spread yet, and there are not many wallets and exchanges that support this network until now.

I think if the development is finished, all exchanges will use it, maybe if the exchange does not want to use it, it might be a lot of users leave.

[Crypto123 0]

14 hours ago, Malihaopsora said:

The Lightning Network is a "Layer 2" payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin). It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem. ... Lightning Network implementation also simplifies atomic swaps.

 You have good technical information about the Bitcoin lighting network, and it is good that you indicated it as Layer2 because some people think it is another network different from the basic Bitcoin network and this is wrong. In fact, it is the same network, but it is a second layer.

[Crypto123 0]

3 minutes ago, Ymaryan said:

Arrange is utilized by bitcoin and it makes exchange quick however not easy to use for the time being. A few wallets are utilizing it now, for example, dropbit portable wallet.

Thank you for adding a dropbit portable wallet, in fact I did not know about it before but I searched for it and found it in Google Play Store it supports Bitcoin Lightning Network and has a great Ranking by users. I admired it because it doesn't support the United States of America.

Edited January 22, 2020 by Crypto123
correction

[scorpiali 5626]

On 1/20/2020 at 2:35 PM, palalu said:

I think if the lighting network has been implemented there might be a lot of sectors that will use bitcoin as a payment and might also increase the popularity of bitcoin

Yes it's a good devolopment fir bitcoin and make it easier for all over the world to use it as payment in internet, we hope this new feature can make bitcoin very fast in transactions because now it's become little bit slower

[palalu 512]

20 hours ago, scorpiali said:

Yes it's a good devolopment fir bitcoin and make it easier for all over the world to use it as payment in internet, we hope this new feature can make bitcoin very fast in transactions because now it's become little bit slower

yep, especially if the whole world has used bitcoin and the lightning network has not been implemented yet it might be slower than transactions during the 2017 bubble

[scorpiali 5626]

3 hours ago, palalu said:

yep, especially if the whole world has used bitcoin and the lightning network has not been implemented yet it might be slower than transactions during the 2017 bubble

With the blockchain now if the world use bitcoin now we will have a lot of problems and i remember when the bull of Bitcoin in 2017 we have this problem

[Crypto123 0]

7 hours ago, Razu said:

With the scalability of the Bitcoin network, the Lightning Network promises to make Bitcoin flexible and many times faster, which any cryptocurrency wants. As far as i know lighting network gives us fast transition and low fee only

Yes, true speed and low fees is what any network needs and it is the guarantor of the success of any network, because everyone is always looking for speed and low fees when transition and this is what the Bitcoin Lightning Network provides. So I expect her a very big success.

[Crypto123 0]

2 minutes ago, Farhana8553 said:

Bitcoin will probably replace, but the technology will be bigger without interruption. This is what we are looking for, another knowledge that could possibly replace today's technology. Even though I still try to understand, I am really happy about it, so far we are all okay

Yes, this is a new technology and it solves a lot of Bitcoin network problems and it is possible that new problems will arise in the future as well as new technologies will emerge that solve these problems and a new invention that completely replaces Bitcoin may also appear.

[palalu 512]

15 hours ago, scorpiali said:

With the blockchain now if the world use bitcoin now we will have a lot of problems and i remember when the bull of Bitcoin in 2017 we have this problem

yeah, for now, I think bitcoin is not ready to become a currency that is used all over the world until lightning network done.

[Crypto22 40]

Great article and thanks for sharing this, my knowledge about this got more clear and I learned something new every day from tthe members of this platform.I can say very helpful community. 

[scorpiali 5626]

13 hours ago, palalu said:

yeah, for now, I think bitcoin is not ready to become a currency that is used all over the world until lightning network done.

Yes now it's not ready, And in my personal opinion I don't want bitcoin to be ready and used by all over the world because that means the bitcoin is legalized and mean he will become like fiat currency and in final controlled like other currency

 

[palalu 512]

14 hours ago, scorpiali said:

Yes now it's not ready, And in my personal opinion I don't want bitcoin to be ready and used by all over the world because that means the bitcoin is legalized and mean he will become like fiat currency and in final controlled like other currency

 

I think bitcoin cannot be controlled by the government because the government does not have full power because the one who has a lot of bitcoin is the community. And maybe the government doesn't dare to have a lot of bitcoin because bitcoin doesn't have real backups.

[Mizan 96]

What is this. Is it a wallet.

I am new in this word.

I need to know what is this

[scorpiali 5626]

11 hours ago, palalu said:

I think bitcoin cannot be controlled by the government because the government does not have full power because the one who has a lot of bitcoin is the community. And maybe the government doesn't dare to have a lot of bitcoin because bitcoin doesn't have real backups.

Yes may be they can't control but it's all about money who have to most bitcoin can control the price and we turn in the same cercle, he can take the place of the government it's the same thing

[bitcoinb 1359]

This is an excellent topic. Thank you to the author for this description and its important precisions. I will read this post several times. Certain details had escaped me.

[Crypto123 0]

15 hours ago, Kschitez Raj said:

The Lightning Network is a “layer two” protocol for Bitcoin, specifically designed for cheap, fast and private payments. As an overlay network consisting of payment channels, Lightning payments are not recorded on Bitcoin’s blockchain — only channel-funding transactions and channel-closing transactions.

Thank you, my friend, for this good explanation about the Bitcoin  Lightning Network, I love members who provide good and helpful responses to my topics, some members are only thankful and sometimes they make meaningless responses. So I will give you like.

[Nakamoto 279]

3 hours ago, hmind said:

I really like the existence of the Lightning Network, especially when used for transactions that are fast buth with relatively cheaper fees. I hope that Yobit in the future will facilitate the existence of Lightning Network for transactions on several coins.

Several coins? Let's implement lightning for bitcoin first. But I think Yobit will wait until this network is truly safe. New tech is not perfect and we must wait for the improvement and latest release.

[Crypto123 0]

2 minutes ago, Nakamoto said:

Several coins? Let's implement lightning for bitcoin first. But I think Yobit will wait until this network is truly safe. New tech is not perfect and we must wait for the improvement and latest release.

Yes, I hope that the support of this network will be added to the Yobit exchange, as well as other exchanges, because this will be a great advantage, as you can transfer any balance from any exchange to another exchange or to your portfolio quickly and for a small fee.

[Interface User 1070]

Is there any update now for Lightning Network? I don't how to implement this network in the next transaction. Is this automatically inserted or applied to the crypto network if transaction exists? Because as of now I have a basic knowledge in this concepts.

[Crypto123 0]

7 hours ago, Bebo_cupid said:

At some point in history, sending a telegram was the quickest and most efficient way of long-distance communication. To do so, you had to go to your local post office, fill in a form and pay for your message based on how many letters it contained. Then, the message would get telegraphed to the nearest telegraph office for transmission to the distant end. A postman would then deliver the telegram to its destination.

Basically, there were a lot of people involved in sending a simple short message and you had to pay quite a bit of money for it. That’s pretty much the current state of the Bitcoin network. In this analogy, the Lightning Network is essentially like having a person you want to talk to on speed-dial: you just need to press ‘1’ and your friend’s phone is already ringing.

Good friend, well done analogy, yes the current bitcoin network is similar to the old regular mail network that required a long time and high fees, and the bitcoin lighting network is similar to the fast modern communication system that arrives within seconds and a few fees.

[Crypto123 0]

4 hours ago, SCB1234 said:

They are brilliant for their contribution to the growth of the world of crypto. Lightning isn't just for Bitcoin either. It is looked into by NEO and several other top rank coins.

In fact, I have not heard of a Lightning network for a NEO currency or other currencies, but it is wonderful to have Lightning networks for currencies other than bitcoin. This will make transfers faster and less fees and help spread these currencies.

[iloveyobit 6599]

7 hours ago, Iqra ali said:

Mainly as a crypto trader I knew about lightning network but it was not clear to me. now it is very clear and this is excellent to me. 

 

Also, things were not clear to me at first because I am not a blockchain expert, I hope I helped you understand things and make them clearer.

[Crypto123 0]

5 hours ago, Its Nakamuta pap said:

Lighting network is used by bitcoin and it makes transaction fast but not user friendly for now. Some wallets are using it now such as dropbit mobile wallet.

That is, yes, the primary goal of the Lightning Network is to accelerate transactions and reduce fees and it is currently still under development, therefore it has no widespread reach and there are only a few exchanges and wallets that support it.