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Author Topic: Do you think bitcoin layer2 will come ?  (Read 198 times)
DeathAngel
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June 20, 2024, 05:57:39 PM
 #21

Lightning Network is already here for years now, it is increasing in adoption all the time but still relatively low use case, especially with comparison to Layer 1. Hopefully as time passes Lightning can be integrated into Layer 1 so it gains widespread use. Layer 2 is able to be used for small transactions, the fees are tiny, I really hope it develops more.

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MeGold666
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June 20, 2024, 06:17:50 PM
 #22

I really hope it develops more.

LN has hit dead end, as of now it's a waste of time developing it further.

Hopefully some other project will gain traction and takeover what LN has promised for so many years.

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June 20, 2024, 07:12:02 PM
 #23

Do you think bitcoin layer2 will come ?  Smiley
Please can someone educate me what bitcoin layer2 is all about??
I suggest you to read the replies of members above your post, L2 means layer 2 networks that are built on the first layer or main layer of the coin we are talking about as in terms of BTC the main layer is BTC network but if we talk about l2 network they are built on the layer of BTC network and require us to pay the lesser fee and some are more secure, more compatible, faster, there are different versions of L2 like a taproot, Lighting network, Liquid network, and now we are seeing many apps being built of BTC network.

These apps are leveraging the L2 networks built for BTC on its main layer. To understand it in short, its like a shortcut way to perform the task using the main way. Or in another way, BTC is the main road, while the L2 are the fast lane where the tx are cost effective and fast.
Agree about lesser fees and faster transacting time but to say that they are more secure? I doubt that, especially if we are talking about Bitcoin. Bitcoin must be the most secure network among all.

Indeed there are plenty of new stuffs now that we think are not possible with Bitcoin anymore but it's just that humans are too smart and not contented. L2's can give great benefits but what is nice to know is that they don't heavily charge us, though if only the main chains do the same thing, then we may not also see them. The short cut you said can be true because it may take them a long time to improve the main chains and it can also cost them more money.

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June 20, 2024, 08:30:00 PM
 #24

Do you think bitcoin layer2 will come ?  Smiley

Before any other layers came, we already have Bitcoin Lightening network, it's a base layer for Bitcoin and has existed for long time but the adoption is low and not use compare to the onchain transactions because using any layer other than Bitcoin original layer breaks Bitcoin privacy and your privacy and everything you do isn't too private like the typical Bitcoin network but the network is fast compared to the main Bitcoin network.

There is also one called Rootstock side chain to Bitcoin, this one has some special of Ethereum EVM, like you can run transactions on it layer and do all the transactions you like and be able to use smart contracts in transactions and you can convert your original Bitcoin from their own native network Bitcoin but all this still doesn't give you the privacy Bitcoin will gives you and this why Bitcoin network remain the best but transaction fee is discouraging a times.

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thecodebear
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June 20, 2024, 08:44:03 PM
 #25

Do you think bitcoin layer2 will come ?  Smiley


L2 has been around for a while. In terms of open source protocols you've got LN, so that's the main one that provides instant super cheap payments. And then there are various other networks / sidechains and whatnot already existing or being developed by companies that can do a variety of things.

L2 just isn't used much yet because it isn't needed. Payments are barely needed because there is barely any merchant adoption. It will take time for the relevant use cases to actually start being in demand to cause a need to L2 usage to actually grow. But L2 is definitely here and been here for a while.
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June 20, 2024, 09:00:32 PM
 #26

Do you think bitcoin layer2 will come ?  Smiley
Lighting Network is a failure, even developers said themselves. I don't know the technical difficulties that have place when developers work on building layer 2 but I know that for it to succeed, it needs to be easy to use. Setting up a lighting network is difficult if you are not a reasonable technical person. It might be easy for many of Bitcointalk members but it's way too complicated for many people too, we shouldn't forget it. If developers start building a new layer 2 solution and that solution will be as complicated as LN, then there will be no success for such a layer 2 solution, so it will be meaningless if it comes.

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June 21, 2024, 12:15:33 AM
 #27

Do you think bitcoin layer2 will come ?  Smiley
Lighting Network is a failure, even developers said themselves. I don't know the technical difficulties that have place when developers work on building layer 2 but I know that for it to succeed, it needs to be easy to use. Setting up a lighting network is difficult if you are not a reasonable technical person. It might be easy for many of Bitcointalk members but it's way too complicated for many people too, we shouldn't forget it. If developers start building a new layer 2 solution and that solution will be as complicated as LN, then there will be no success for such a layer 2 solution, so it will be meaningless if it comes.


lol lots of people use LN. It is definitely not a failure. Some people don't like LN, that doesn't make it a failure. It is very useful for payments. Maybe one day someone comes up with a better a payments solution for Bitcoin, maybe not, but in the meantime LN is very useful for that use case.
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June 21, 2024, 02:23:25 AM
 #28

If somebody built a digital currency system that could, say, scale to handle every daily transaction on Earth, then that would be the ultimate "layer 2" not just for Bitcoin, but for every manner of investment instrument.

Of course no viable layer 2 solution will use the blockchain architecture, since it's far too slow and expensive--and pretty much useless for a layer 2 in any case...

Read about our revolutionary new digital currency paradigm:Block. Split. Combine.
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June 21, 2024, 06:58:18 AM
Last edit: June 21, 2024, 07:53:06 AM by franky1
 #29

lol lots of people use LN. It is definitely not a failure. Some people don't like LN, that doesn't make it a failure. It is very useful for payments. Maybe one day someone comes up with a better a payments solution for Bitcoin, maybe not, but in the meantime LN is very useful for that use case.

seems you joined into the 'committee uniting lightning trolls' (cult)
fun facts:
payment event success rate of LN is worse than the amount of payments bitcoin drops unconfirmed
the more popular LN gets the less functional it becomes(bottlenecks of liquidity issues for routes)
LN cant function for all bitcoin users, just a niche subclass of users
LN does actually have bugs and flaws which LN devs themselves admit to
"lots" of people is not even 0.5% of bitcoiners
LN has lost node count, lost channel count in 2024. even when ''cult' were promoting that CEX exchanges were adopting it*

*Cex exchanges have tens to hundreds of millions of users, yet LN doesnt even have 100k nodes nor 100k channels
the amount of nodes and channels decreased in 2024. meaning that CEX are not causing LN adoption. just centralisation of partial swapping of  reserves between CEX's(a VERY small amount of reserves(again not even 0.5%)

LN is not the "solution for bitcoin" because even without the bugs, its design model is not fit for purpose for all bitcoin users needs for bitcoiners to abandon bitcoin in preference of LN. LN just cant do what it promised. which is why so many people are 7 years later waiting for actual real/proper code upgrades to scale bitcoin or waiting for multiple subnetworks of different designs to flourish to fit the different needs of bitcoiners niche utility

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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