Bitcoin Forum

Hi,

Bitcoin fees are becoming too high, will Lightning Network lower the cost of the transactions?

How will it be implemented?

I honestly think its just part of Bitcoin rising, the higher it rises the higher the fees to get it fast and safely. I have opted to go through services with low fees but it takes to long everytime and I profit a good amount from trading so I do not mind the fees! I obviously want the fees to be low as possible though, anyone would.

Lightning will fix everything if you never want your bitcoins back/received. If your/businesses are fine loaning coins forever to the channel than it will solve everything.

Hubs will have no problem doing this for a fee. This will be centralized. So if litghning does work. Decentralizing gone and or your fine having your coins on loan forever.

To know more about it read this https://en.wikipedia.org/wiki/Lightning_Network

It's also on my mind that together with the increase of bitcoin's price, the fees are also included to it so that makes the fees expensive in our estimation.

They aren't too high in terms of % because in that case they are reasonable however they could always be lower and better. That is better for the end-user but not so good for the miners. Therefore we need to find a solution that keeps all parties happy and not only the one side.

I think this is normal, the higher the fee due to the Bitcoin price is too high and high transaction rates I think,
if the price continues to rise Bitcoin then the fee will certainly also rise..

No one knows how it will be implemented because the major exchanges and mining pools are obviously going to be against the lightning network.

It can take months, even years to be implemented on the whole blockchain.

The fees are something very preocupant right now, no one is able to process a single transaction because of the outrageous fees that we have to pay at the moment, not even me.

Listen my friend am completely with you,they should make it not so high.I mean some of the new bitcoin users will agree with me i think.But that`s not on us,its up to bitcoin to do it.So good luck wit this idea.

Honestly, I haven't heard of lightning network before but any solution that provides more rational way for trade via bitcoin, it would be a good start for all of us. With these high fees, it's getting harder to make an investment also. If we want it to be use for trade, it would be better of having reasonable fees.

The future is beyond the network of lightning. Shakhtors will not be able to withstand the community of bitcoins. If the bitcoin course falls, the miners will not be profitable to extract bitcoin.

So if fees will remain high, the question is, are they currently too high for Bitcoin to maintain its utility, and as the price goes up and they rise further, at what point does Bitcoin become unusable?

the problem people are complaining about = low-value and consumer payments. in that case, do you really need your bitcoins back? cold storage for long term holding, lightning for short term spending. what's the problem?

and your coins aren't "on loan" when they are locked in a payment channel. they are time-locked. similarly, you can time-lock your BTC right now, making them unspendable on the network until a specific block number has passed.

i'm not convinced the topography is hub-and-spoke. but even if it is, that's more of privacy issue (all transactions processed by centralized entities) than a trust issue. it's still trustless.

The fees are not going to be high if the lightning network gets implemented soon, who told you that?

But it is hard to know when it is really going to get implemented, with the actual manipulation and all the mess tha we are seeing on the market is very difficult to know when.

But i am sure that by next year it will be implemented, maybe on the first quarter or so.

We all are expecting it to get implemented as soon as possible.

I really dislike LN, we need bigger size limit and lower fees, price is higher than ever yet miners are getting more than ever in fees aswell it's just unfair and is costing bitcoin a lot of long time users.

How long that coffee shop that you go to gonna wait for thei actual btc and not iou’s?

How long your employee gonna wait for their paycheck of actual btc and not the iou’s?

How long are you gonna let the person from Craigslist take your item your selling with his iou?

Lightning is junk for peer-2-peer.

For peer-2hub-2 peer probably work pretty good. If that hub gets shut down by a government, there goes your btc you had in the channel. If that hub charges high fees? There’s goes low fees.

If it's part of Bitcoin's price rising, then I believe that it's obviously not a good place to invest your money in. Who would want to eventually pay 100s of dollars in transaction fees?

Bitcoin Lightning is like an evil cryptocurrency with the name "bitcoin" on it. It may be faster, ok, but it lacks all the advantages of bitcoin: decentralization, fairness and privacy. Bitcoin Lightning Hubs are a big problem and steal rights from users, so I don't even think about using it.

Thanks for the advice. It doesn't feel right for an unregulated coin to be able to tap in to personal information anyway.

Bitcoin fees are already too high for a very long time and the implementation of lightening network is taking a long time now,i am hearing about this changes for a long time and yet these things are not yet implemented yet,i know it is not an easy process but you cannot stop the market because of their technical problems and you have to pay the price as a user.

You are in luck you found the right man who can point you in the right direction
https://www.youtube.com/watch?v=UYHFrf5ci_g

Don't forget to have your coins on the block so you can profit from the Segwit2x fork on the 28th
and pay no attention to miners posting here that know that the jig is just about up.

Viva le Market

they aren't IOUs if they are fungible with bitcoins. anyone who is willing to pay the on-chain transaction cost to close a channel can remove BTC from the time-lock. if anything, it's easier to spend bitcoins you receive in LN. why wouldn't anyone accept them? if they are interested in paying lower fees, they'll use LN.


that's not true. if they get shut down by the government and can't voluntarily close channels, channels have their own timelocks and all BTC is eventually spendable.


anyone can run an LN node. there is a fee incentive to do so. why would one entity be able to charge high fees when there is competition?

Yes, i already have my coins on the block lol. Thank you for that video!

You are right about the hub/Gov. You can close channel and goes back to the blockchain to record latest iou records.

That’s still centralized though. No longer peer-2-peer.

And biggest question. The person receiving btc in the channel. Say 1 way channel, how long average sandwich shop owned by mom and pop gonna extend you credit? (Meaning you took meat and bread from them, they were paid in an iou they can do absolutely nothing with until channel closed.

If it were my biz. I’d raise my fees for btc by $20 a sandwich, open channel, customer would think channel open forever (or until btc balance gone) but soon as they leave. I’m closing the channel. So as the sandwich shop, cost me $10 close channel. For customer, they need wait 3 hours for channel open, pay $10 for the blockchain “open channel” then when I close it, they need to repeat.

Looking to hear more opinions!  :)

I think this is a normal situation. But if there was a set of statutory stabilization. I think it would have been better. However, we want Bitcoin to progress further in the future. Let's come

Yes, fees will go down since you can sum multiple transactions into a single one. For instance you could buy 30 times from a seller that you trust in BTC, and only then broadcast the transactions on the blockchain.

For more info:

https://en.bitcoin.it/wiki/Lightning_Network (https://en.bitcoin.it/wiki/Lightning_Network)

 i got scammed i learn about btc and this forum so i'm still surviving.

Because Bitcoin's prices are rising steadily, the increase in fees will allow transactions to be more stable and safer. So if you do not want high fees, your transactions will become slow or may get stuck, I really do not want this.

If the flash network can solve the problem of block congestion, I personally feel that it will rise to $50,000.

actually i think it is impossible to predict.

because Lightning Network will also need to be used in order to be effective. something like SegWit. and if it is not used then it can't do anything!

additionally the on chain transactions won't just go away, there will still be a lot of transactions in the 1 MB blocks and also with the ever increasing demand they will also increase in number. which means higher fees.

We still dont know if thats going to happen but what i think will happen if lightning network gets implemented is transacting bitcoin will be more faster and there is a big chance that unconfirmed transactions will be reduced or even gets confirmed immediately and if that happens transactions fees will be lowered. but the real question here is. exchanges and wallets will they support it right away after lightning network gets implemented? i dont think so.