Bitcoin Forum

I want fast cheap transactions ;D

Help anyone can advise.

It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.

it's a sticking plaster and many people are saying that it will involve brokers that need to lend out the cash so the extra speed
will end up being a service that you end up paying for.

Time for a major re-write of the whole system and dumping the block-chain before it becomes any bigger if you ask
me because it's already at 200gb and to work out what wallet contains what balance you have to scan the whole darn
thing and everything I have seen with the software so far stinks of being bloated, over complicated and designed to
eat up CPU power.

Transactions per second
BTC=7
ETH=15
IOTA =100 (Tangle)
VISA =25,000 (Semi-Centralized

Come on when did we start pricing bandwidth and processing in bytes and end up having to pay $50 for about 250 bytes to be recorded
just so the public could see the data, not that they can really understand whats going on.

They say these coins are worth something because of the processing power that is used so who's going to get me some money
if i write a program to count all the black pixels in all the images I can get from google images if I search for the term "Dead Ducks"
NO ONE RIGHT!

It will take a few months, maybe on July or August of this year.

The lightning network team is working very hard, the real problem is when are they going to add this feature to all the wallets, and this could take a while, specially because the miners and the exchanges are not going to let it happen easily.

The damage from the fees will already had been done in a few months and lots of people will had jumped ship by then
and Bitcoin was about being decentralized and not having ten big names doing 90% of mining and transactions like we
have today.

We seem to have a cancer in the system that needs to be cut out but i guess this is all part of the learning process and then lets
see what these brokers and miners do with all that hardware they have going spare.

Internal war we can do without

I have also run some tests paying on the Lightning Network yesterday and it seems nice and easy. I know that it was only a  test environment but if it will be available for the normal system the processes will change radically. I don't mind if it takes half of a year to start it on the normal system because we also need to prepare for the new system. Today, only a few people know the details about LN, most of the people just talking about it and waiting for it. They think that it will solve all the current problems, but it's not so easy. There will be problems with the uneducated users who will ask that why do they pay the normal fee of opening and closing a channel when LN was advertised like it's running on small or no fees compared to the current chain transactions. It's always good to prepare for the change

there's no ETA. we've only just seen the first mainnet LN transactions on the network in the last few weeks because the network specs were just agreed on recently. there are significant bugs being worked out on the testnet.

LN developers were recently quoted (https://www.coindesk.com/lightning-last-test-shows-bitcoin-scaling-solution-almost-ready/?utm_content=bufferca149&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer) as saying they are "not going to rush anything" since there will be so much money on the line once LN launches. they are very concerned about funds being lost due to corner cases they haven't discovered yet.

i think we'll see public use of LN sometime in 2018....but that could be 12 months from now. :)

Cant the wallet providers simply release an update for LN?

What you mean not secure?

Why are the exchanges against it?

How did you do it? I saw that anyone can test the ligthning network at the moment, but i dont know how the hell to do it.

I really want to test it out, can you please provide me a link or something else in where i can do it?

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Regarding to the OP's question, i dont think that it will get implemented soon. Just as the other guy said, this will envolve major exchanges and wallet providers who are going to be against this procedure.

It will take months to be accepted.

Probably in 2 years if the core get their shit together

Ok so another 6-12 months to wait for LN.

Will this long time cause price of bitcoin to crash while waiting for LN as people won't wait that long for cheaper faster transactions right?

Can someone please remind me what are the specs of Lightning Network update and how does the specs compare to VISA and Mastercard specs?  

What was Visa and Mastercard specs at first release decades ago?

im waiting for lightining network since the fork, hope we can see it soon, and how this new technology works.

Yeah aren't we all waiting for Lightning Network update. It has to be released otherwise bitcoin cash will win.

Will miners be against Lightning network? Who else will be against Lightning network?

Ok coming back to this thread how do I track the progress of the lightning network? Is there a website or something similarly like there was for segwit.

Also is lightning network the best scalability model out there for bitcoin or is there a better model? If there is better then lightning network is just hype right?

I’m curious as to whether there is an official thread to follow for the production updates for the Lightning Network. There was an article about BitRefill successfully using LN to confirm a transaction which was done INSTANTLY with no fees. How were they able to do this outside of a testnet environment?

It’s been a few months since the rise of transaction fees for the bitcoin core network, and I think it’s safe to say that most people won’t mind the high fees if they knew that a solution like LN was on the way. We just need to ensure that most laymen know that it’s coming, and what to do to prepare themselves for making sure that they are knowledgeable in what to expect for the network to operate smoothly.

Does anyone care to start a self-moderated megathread with updates about the Lightning Network that will only carry relevant discussion and news regarding LN?

Yeah i agree should be a lightning network status countdown sticky.

SegWit was released months ago, but few are those using it right now. People need tome to accept new changes.
The Lightning Network will solve all users problems , its implementation will be faster.
The problem is that the majority of users are just byuing Bitcoin and holding and not using in a daily basis, that's why they don't care much about fees and slow transactions.

That's good to hear. While I want LN to be deployed yesterday, a rushed release is the last thing we need, even if it means that BTC loses some of its market cap along the way.

Everyone who fears alts overtaking BTC due to a belated LN release is missing the big picture. Everyone who expects alts overtaking BTC due to LN failing, does so regardless of a release date.



LN is worked on by 3 different dev teams, none of which is core (albeit individual devs intersect, obviously)

first successful transaction done and money developers work to make it real. it is possible to see Lightning Network during 2018 and max 2019
By 2020 you will find many wallets that have started to support this technology and before the end of the year 2021 you will find many people who either know how to use these wallets or have already used them.
i supported to do very important transaction only this days
time chaning fast

The lightning network will not quit too quickly. Although everyone is in urgent need of the lightning network. This requires a lot of testing, and has played a game with the miners. Let's look forward to a team that doesn't use the news for us in 2018.

I saw a tweet about someone doing beta testing on the mainnet, the service was provided by bitrefill.
https://twitter.com/alexbosworth/status/946175898029395968

Agree, many people whining about the transaction fees and the transaction time while they didn't utilize the features that bitcoin have which is Segwit. All people expecting Lightning Network to solve the scalability of Bitcoin.

It's true of your opinion because everybody often trades when the purchase price and exchange increase from there come a variety of transactions that are too slow because many people are doing activities together to expect a profit.Although in waiting for the price rise takes a relatively long time.

Bitcoin right now is very much affected by the scalability problem which became the basis for the ridiculously high transaction fees which many are really complaining about since this is what Bitcoin should be; we did not signed up for this, so to speak. Appropriate and acceptable solution has to be found and implemented before the whole world will go sour on Bitcoin and jump to other more viable cryptocurrency. Within the cryptocurrency market, the competition is quite fierce on who has the right to kick out Bitcoin from its throne that is why Bitcoin devs should work hard and make it fast without sacrificing security but not also using it as an excuse to delay things from happening. I am expecting the Lightning Network once fully implemented can be the answer to the problems of Bitcoin right now. Of course, it may not be perfect but that is much better than the status quo. We should hope that once it can be available, exchanges will implement the said upgrade without hesitation and another round of politicking.

To be expected I suppose. The tech is pretty cool tho. Can't wait to see it live

As you said the competition in bitcoin becomes very tough so bitcoin need to be developed soon to stay in the game otherwise some coin will replace bitcoin if the high transaction fee and slower transaction keep persisting long.But lightning network was already tested in testnet and it will be implemented on mainnet with 2018.

Just wondering what could be the motivation for exchanges to implement LN if they still didn't support  Segwit? I hope I'm wrong but exchanges are struggling with this amount of newcomers and transaction count, what if the segwit and LN go live and they have to deal with much higher traffic. I don't know if they will be able to upgrade their service by the time LN comes, they still have time but there's a really need for upgrade from their side. Just have a look at Kraken, when the price of bitcoin moves a lot they're struggling with the load on their website...

It would be an interesting dynamic if merchants (ie. BitPay) where to implement LN before most major exchanges. Meaning, people would have a higher incentive to use BTC as a means of payment instead of trying to dump it on the next exchange whenever the chance arises.

Also, whatever exchange is first to offer LN will likely have an edge in terms of liquidity, as people would be more likely to deposit with them.

Either way, very valid concerns. I hope LN is easier to integrate than SegWit, albeit I fear that this won't be the case.

Lightening network is currently under testing phase and I heard that the first transaction was instant with zero fees. It has not yet been implemented officially. However, I think Segwit can save us in the meantime. Few exchanges and wallet service providers have already implemented segwit for faster and cheaper transactions. Do a little google search and you will get the information on how to create and use segwit enabled wallet. ELectrum is already providing segwit address and transaction support. So f you want faster and cheaper transactions, start using segwit enabled wallets.