Bitcoin Forum

Enjoy...

https://images2.imgbox.com/f4/0d/nocZ3B8h_o.jpg (https://www.youtube.com/watch?time_continue=2&v=a73Gz3Tvx3k)

The transaction is really instantaneous despite low fee?

what you see in the video is ACTUALLY happening! it is not simulation or anything like that.

here is another one: https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/

This is the first time I'm seeing the famous lightning network in action. I can't wait for it to be deployed soon, it's going to address a lot of the problems that we have right now with bitcoin. With its implementation, we may finally see scenarios like McDonalds accepting bitcoin becoming a reality and not a fantasy.

To buy the things we need to buy, we have to accept the fee that we pay for a cup of coffee, if a cup of coffee is 0.001 BTC you buy? I think if you have decided to buy it and accept its price, then surely you will enjoy the great taste that the cup brings.

Lightning Network requires you to pay regular on-chain fees when opening or closing a payment channel. Every transaction in between -- could be tens, could be thousands -- is handled instantly, without an additional on-chain fee overhead.

Given full blocks, the transaction fees will be more or less the same, but you can handle many more transactions at the price of just two. Think of it as a flat rate.

Assuming that LN will take most of transactions off-chain, blocks will likely be rarely full -- at least for the next few years -- and thus transaction fees as a whole are likely to be reduced as well.

I don't drink coffee and If I did I'm buying it with cash or change

This is a very important step in the history of BTC..if we finally come to the scenario where we can use Bitcoin for our daily buys...then BTC can really be mass adopted and in that case i think that like John MacAfee stated several times Bitcoin can hit the $100K value easily..  ;)

So this is subscription based. One must pay a fee first in order to take advantage of the service?

I really do not see the interest for once, a contactless credit card or a coin is much faster

this is very cool news. finally they started to move forward, this is super technology, and a super breakthrough

While its true that the first Lightning network implementation is working as intended, i think it still quite a long way until LN is ready for real world use.
There hasn't been tests with higher amounts of transactions/participants/channels. I agree with the idea of LN as a second layer to handle the mid- to longterm scaling issue.
But until it will work flawless and instant for a high amount of users at the same time, i think we shouldn't interpret too much out of this one test run.

This is good! Bitcoin with purchasing power other than trading.  If they can keep the fast transaction and low fee, hopefully more companies will accept bitcoin as mode of payment.

It's cool, it shows that the bitcoin is growing but honestly, the time to make the payment the coffee would be cold

We're just waiting for the lightning network! :D  8) 8) 8)
Bitcoin will be big when it is fully working for everyday transactions.

Yes for those that do not know I saw on reddit that this coffee thing is being tested on testnet which means that in future we will have fast transactions will fees close to zero. Can't wait when devs of this bitcoin put green light for this to go to main network.

the way i see it, is that LN has the potential to decrease the "load" on the main chain by a lot. for example one of the biggest usages of bitcoin is for speculation (trading so to speak). with LN you could deposit and withdraw your bitcoin to and from exchange for little to no fee and instantly. this can reduce the risk of exchanges scamming to by a lot. it opens up easy and fast arbitrage trading also.
not to mention how it can make decentralized exchanges so much easier. the cross chain exchanges or Atomic Swaps become easier.
and this is a lot of transactions in bitcoin right now and most traders want their money to be active not sitting in a wallet

there are others things like gambling sites, mixers, and a whole lot of services that people use regularly like this.

but at the same time it will never be "all" and as you said we still need to make on-chain transactions. which is why i believe we still need a small block size increase.

yes, but how much for the fees????

this is good, and is an advancement in the crypto world. I just first saw this, and I want more like this, not just in 1 country, but the world.

Low fee and instantaneous transaction???
It never happens with the block chain, hope this is true.
Even after paying high fee the transaction keeps hanging on the rope..
In cases it may take days... Like you going for a coffee today and getting that coffee tomorrow,
How do you guys plan to make it instantaneous?
That too with loo fee!
It seems surreal

buying coffee with low transaction fee it's fantastic. i hope more BTC transactions to shops will be started soon in 2018.

Who pays for the payment channel opening/closing.  This is something that is not made clear to me yet.  Would this be the vendor carrying out a daily operation?  Does this work in practice for individuals making private transactions, or will we still have to pay the fees for the open/close operation and rely on the hope the fees will reduce?

At your activity level you should be aware of this, even me who started to investigate in this field for some time now understand this. It is true just look around the Internet for bitcoin testnet I believe they call this lighting network and you can try it out I have tried it and it seems working. Although I hope this new improvement works and it's not that some people are just playing with us here.

Not only mcdonald but there many other merchant want to accept bitcoin but because this problem they dont accept it.
With this, we will be very easy to buy someting with low fee. The fee is the most problem which is preventing bitcoin being accepted in any shop.