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Author Topic: Coud lightning network bring more users ?  (Read 399 times)
OmegaStarScream
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January 16, 2017, 09:47:42 AM
 #1

I mean aside from the fact that the transactions would be much faster etc... Just like Bitcoin , Lightning network will be a node to run , these nodes will be like an intermediator , those who run nodes will be able to earn some fees .

Do you think that should bring more users to bitcoin ? I mean a way to earn money could bring more users , even If not from fiat users , It will from other crypto currencies.

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January 16, 2017, 01:33:34 PM
 #2

If bitcoin transactions will become much more faster then of course more users will enter into bitcoin industry. Soon with high speed transactions local shops can adopt and accept bitcoin as a mode of payment. The only reason aside from not knowing bitcoins is the very slow speed of confirmations that made bitcoin unable to be used offline such as payment in a coffee shop. And as of this moment starbucks is accepting bitcoin, faster transactions means more customers can be accommodated without any delay.  In short, speedy confirmations means more users.

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January 16, 2017, 05:19:40 PM
 #3

Of course it will be bring more users if the transaction become faster, I think same like @xester said, more local merchant will accept bitcoin if the transaction more faster, who the hell wants to wait over 1 hour just for pay coffee when use fiat is just stay thrusting alone.

And for who run those nodes, that's a reward is appropriate they get.
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January 16, 2017, 05:34:53 PM
 #4

I think the hype alone if it happens will bring in a lot of new people, from there it should increase if we get more retailers accepting it.

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January 16, 2017, 06:06:00 PM
 #5

It would help bringing more users by bringing down fees and making transactions quick but only if it's done right and doesn't bring a dozen other issues with it.

Currently it just seems like SegWit is running into problems too and unless those are solved I'm afraid lightning network might be just a dream too.
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January 16, 2017, 06:09:05 PM
 #6

What you can be sure is that if it does bring an incentive to run a node, you will have hundreds of people willing to do it, even if it is just 0,01BTC a month (that will probably be a lot lower though). So your answer is yes I think.

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January 16, 2017, 06:31:38 PM
 #7

What you can be sure is that if it does bring an incentive to run a node, you will have hundreds of people willing to do it, even if it is just 0,01BTC a month (that will probably be a lot lower though). So your answer is yes I think.

I doubt anyone will get that amount. I mean we already have thousands of nodes (5400) and that costs money and much resources , I'm pretty sure we will have that x10 If not more when It comes to Lightning network nodes If it ever pays and that should decrease the fees for other people , Still... I guess someone could use these fees as fees in his own transactions at least.

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January 16, 2017, 06:41:45 PM
 #8

Not really, if people wanted only fast transactions paypal is providing that though fees are high, but it will help to sustain a healthy relationship with users and those who come will stay if satisfied by the speed of the network.

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January 16, 2017, 07:03:22 PM
 #9

What you can be sure is that if it does bring an incentive to run a node, you will have hundreds of people willing to do it, even if it is just 0,01BTC a month (that will probably be a lot lower though). So your answer is yes I think.

I think there will be an incentive for run full nodes, that is why the miners are preventing the activation of SegWit because they node it is going to break their monopoly if not reduce it. I hope the SegWit will be activated soon


     
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January 16, 2017, 08:16:03 PM
 #10

I mean aside from the fact that the transactions would be much faster etc... Just like Bitcoin , Lightning network will be a node to run , these nodes will be like an intermediator , those who run nodes will be able to earn some fees .

Do you think that should bring more users to bitcoin ? I mean a way to earn money could bring more users , even If not from fiat users , It will from other crypto currencies.

I am fairly confident, that not only more users will come to bitcoin world but many people who currently use their bitcoins only as commodities and speak only about pump and dump, they will start to use it as payment system. Imho anyone believes in bitcoin and wants a mass adoption of bitcoin globally, he understands the need of increased micropayment transactions with a small fee and very quick network confirmations. Is there any other way people to learn it so as to use it in their daily needs?
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January 16, 2017, 08:24:17 PM
 #11

If bitcoin transactions become that much faster then it will bring new people and business to the bitcoin economy since right now bitcoin is not very suitable to perform transactions where time is very tight.

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January 16, 2017, 08:33:45 PM
 #12

I mean aside from the fact that the transactions would be much faster etc... Just like Bitcoin , Lightning network will be a node to run , these nodes will be like an intermediator , those who run nodes will be able to earn some fees .

Do you think that should bring more users to bitcoin? I mean a way to earn money could bring more users , even If not from fiat users , It will from other crypto currencies.

It will hardly make any noticeable difference

People who are using alternative cryptocurrencies are obviously already involved with Bitcoin in some way. So LN can scarcely attract more people from this substrata of cryptocurrency users. Besides, it is not so much about the times between transaction confirmations on average but about making these confirmations more consistent. I suspect many people would be just happy if their transactions were confirmed within half an hour in most if not all cases. Some people may need faster confirmations, though I don't really think they are making the bulk of Bitcoin users

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