First Lighting Network transaction - Adoption predictions?

[ShareAccepted]

I am quite interested in knowing more about the Lighting Network, as it seem to make Bitcoin fast again.

[Realist247]

I am quite interested in knowing more about the Lighting Network, as it seem to make Bitcoin fast again.

People have been talking about this forever as an excuse to keep (beg) people from dumping their BTC due to the ongoing scaling disaster.  I'll believe it when I believe it.

[illinest]

I am quite interested in knowing more about the Lighting Network, as it seem to make Bitcoin fast again.

Lightning is an exciting project. It will be network for trustless, off-chain bitcoin transactions. In a nutshell, you'll be able to lock BTC into special multi-signature addresses (hashed timelock contracts) that will open bi-directional "payment channels." The Lightning Network is a network of these payment channels. Instead of relying on block confirmations from miners, payment channel participants use hash pre-images to update the "balance sheet" of payment channels. This allows users to spend BTC without waiting for network confirmations. It should be significantly cheaper as a result.

People have been talking about this forever as an excuse to keep (beg) people from dumping their BTC due to the ongoing scaling disaster.  I'll believe it when I believe it.

Fair enough, we've only just seen the first test transactions on the mainnet. Beta wallets don't even exist yet, so it'll probably be several months at least before end users like us can start using LN. But we now have a standardized specifications, so the next step is building wallets for users. Can't build Rome in a day.

[GreatOrchid]

I will only quote this because that is the real reason of why we need the Ligthning network as soon as possible:

This allows users to spend BTC without waiting for network confirmations. It should be significantly cheaper as a result.

It is a waste of time, and money to have to wait more than 73 hours to receive a payment. I received a payment on Thursday, and it hasn't been confirmed yet, that is a waste of time, and the fees were over $18.


A lot of people have started to hype bitcoin talking about the ligthning network.. But it hasn't been released yet, it will take weeks to be done, maybe a few months.

so it'll probably be several months at least before end users like us can start using LN.

But i can not wait anymore, i am just thinking about what is gonna be of bitcoin when it GETS implemented in almost all the wallets.

The mass adoption would be possible

And everything that we thought about paying a coffe or just clothes on a shop without having to pay five or six bucks worth of fees WOULD be possible

Lightning network fees are going to be below $1 or just less than a dollar..

[illinest]

It is a waste of time, and money to have to wait more than 73 hours to receive a payment. I received a payment on Thursday, and it hasn't been confirmed yet, that is a waste of time, and the fees were over $18.

It dawned on me some time ago that Bitcoin isn't really about instant or cheap payments, but rather double spend protection and censorship resistance, and I'm also partial to the "digital gold" analogy. I'm also not convinced that a medium of exchange must be cheap. From looking at network demand, it's pretty obvious that people are using it as a medium of exchange in spite of the rising fees.

That said, it's obvious that there is an impressive spam attack going on. The attack was worse in magnitude than the November attack (during the Bcash pump), and it seems that the attackers even spammed Bitfinex with malicious micro-deposits and withdrawals to exacerbate the network spam.

[Realist247]

It is a waste of time, and money to have to wait more than 73 hours to receive a payment. I received a payment on Thursday, and it hasn't been confirmed yet, that is a waste of time, and the fees were over $18.

It dawned on me some time ago that Bitcoin isn't really about instant or cheap payments, but rather double spend protection and censorship resistance, and I'm also partial to the "digital gold" analogy. I'm also not convinced that a medium of exchange must be cheap. From looking at network demand, it's pretty obvious that people are using it as a medium of exchange in spite of the rising fees.

The most enthusiastic and passionate HODL population and otherwise global user base exists in the 3rd world in nations that won't crack down as swiftly as nations that use Dollars, Euros, and Pounds...or nations that hold large reserves of these currencies.  I believe that the ONLY chance BTC and other cryptos have in the long run depends on widespread adoption in said 3rd world nations.  In the 3rd world, ALL that matters is instant and cheap if the goal stated in the original white papers is to be realized.  HODL is meaningless to all of these dirt poor in the 3rd world even if they have been brainwashed to believe the opposite.  The reality is that BTC won't survive at current levels and all of their dreams will be shattered unless things change dramatically...and quickly.  People in the 3rd world are treated like shit in banks...especially the poor.  Most of the poorest classes have bank accounts...but they are set up by their employers that pay them via ATM accounts.  So again, they never set foot in banks unless they have no choice.  The poor hate banks and know nothing about stocks or other investments (and believe them to only be for the rich even though they can afford $100 to open a trading account online)....but they support and preach BTC like the Spanish did with the Catholic religion...and the poor listen.  If the ants are to defeat the grasshoppers, the ants need a better reason to do so than just the nonsense (lie) of HODL.

[thecodebear]

It is a waste of time, and money to have to wait more than 73 hours to receive a payment. I received a payment on Thursday, and it hasn't been confirmed yet, that is a waste of time, and the fees were over $18.

Just want to point out that your 73 hour wait is still faster than the current system of passing money through the banking system.
But yeah despite being better than the current system at its worst, that is very very slow for Bitcoin obviously.
Also $18 is extremely high and not even close to normal even recently with bitcoins full blocks.



Anyways, Bitcoin was made to have secure, trustless and decentralized, cheap, fast payments whose value won't be eroded over time by capping the supply. Secure is working. Trustless and decentralized is working. Not eroding the value over time is working. The only two problems are the cost of use and the speed of use. LN solves these. It could never be solved on-chain as on-chain is a bottleneck.

I think there are still many more months of work on LN before that actually make it active and then as we have seen with segwit adoption in wallets it will probably take a bunch of months after that until wallets implement LN payments. LN will probably go live in 2018 but won't be in widespread use until sometime in 2019.

But once LN is in use, assuming it is what it has been built up to be, Bitcoin will take over the world. All the Bitcoin naysayers arguments essentially come down to "its slow and costs a lot", which has only been a recent phenomenon this year. With LN in place only the total haters will be left to disparage Bitcoin and there will be much less fear being spread around and mass adoption will be achieved.

[Irvinn]

Lately, there have been a lot of censures from users of bitcom that it has become very slow, transactions hang for a long time, transferring small amounts is unprofitable because of large commission costs. And the project "lightning" seems to solve all these problems. This is very timely, because the original bitcoin is already inferior technologically to its numerous clones. After such an improvement, there were no obstacles for further growth of the bitcoin rate.

[ShareAccepted]

I am quite interested in knowing more about the Lighting Network, as it seem to make Bitcoin fast again.

Lightning is an exciting project. It will be network for trustless, off-chain bitcoin transactions. In a nutshell, you'll be able to lock BTC into special multi-signature addresses (hashed timelock contracts) that will open bi-directional "payment channels." The Lightning Network is a network of these payment channels. Instead of relying on block confirmations from miners, payment channel participants use hash pre-images to update the "balance sheet" of payment channels. This allows users to spend BTC without waiting for network confirmations. It should be significantly cheaper as a result.

People have been talking about this forever as an excuse to keep (beg) people from dumping their BTC due to the ongoing scaling disaster.  I'll believe it when I believe it.

Fair enough, we've only just seen the first test transactions on the mainnet. Beta wallets don't even exist yet, so it'll probably be several months at least before end users like us can start using LN. But we now have a standardized specifications, so the next step is building wallets for users. Can't build Rome in a day.

Who are the people that are behind the development of Bitcoin? I always wonder because for other coins is kind of clear, but on BTC... I am lost

[namjar]

Just want to point out that your 73 hour wait is still faster than the current system of passing money through the banking system.

You replied to another guy, but let me tell you that the fees for sending that payment for more than 73 hours are outrageous, maybe only a few guys are able to pay $18 or $25 worth of fees for every single transaction.

And what if you are looking to send $100 to a friend or to your uncle? You will need to pay more than 20% worth of fees aproximately.


I am not trying to spread fud, but this is serious.

With the issue with the banks and with the 73 hours you are right, but it only applies to international bank transfers.

[ShareAccepted]

It is a waste of time, and money to have to wait more than 73 hours to receive a payment. I received a payment on Thursday, and it hasn't been confirmed yet, that is a waste of time, and the fees were over $18.

Just want to point out that your 73 hour wait is still faster than the current system of passing money through the banking system.
But yeah despite being better than the current system at its worst, that is very very slow for Bitcoin obviously.
Also $18 is extremely high and not even close to normal even recently with bitcoins full blocks.

If you think that BTC competitors are still the traditional banks I suggest that you review your analysis. I can get an cheap ETH transfer under a minute for less than a dollar not to mention IOTA or Ripple.

[antagonist]

I am quite interested in knowing more about the Lighting Network, as it seem to make Bitcoin fast again.

yes so am i this is fancy thing that i not so sure about some people say this thing will create better passage for bitcoin between one person and another but to me this is more transaction side and not investment side but no so sure?

[thecodebear]

It is a waste of time, and money to have to wait more than 73 hours to receive a payment. I received a payment on Thursday, and it hasn't been confirmed yet, that is a waste of time, and the fees were over $18.

Just want to point out that your 73 hour wait is still faster than the current system of passing money through the banking system.
But yeah despite being better than the current system at its worst, that is very very slow for Bitcoin obviously.
Also $18 is extremely high and not even close to normal even recently with bitcoins full blocks.

If you think that BTC competitors are still the traditional banks I suggest that you review your analysis. I can get an cheap ETH transfer under a minute for less than a dollar not to mention IOTA or Ripple.

That is BTC competition. You think smart contracts, machine to machine payments, and a centralized coin meant to be part of the banks but will most likely fail as they banks will probably just choose to make their own blockchains...you think these are Bitcoin's competition?? haha. I mean at least Ripple kind of is if it actually succeeds as its purpose is to join the banking system. But the others occupy entirely different niches. Furthermore how many people have every even heard of Ripple or IOTA or a thousand other altcoins, or even Ethereum!? Meanwhile Bitcoin is starting to gain mass adoption. Besides all blockchains have the exact same bottleneck as Bitcoin and they will all run into this bottleneck eventually (I guess IOTA isn't a blockchain but it also isn't meant to human transactions either, its meant for machine to machine transactions).

[vicvicto17]

We would see a good sign for all alts next year! right now its bitcoin year and we are glad that the mass adoptin has already taken and more new users will come to join this unbreakable experience. i hope the transaction fee will decrease coz it's getting expensive already and i don't want to spend a micropayments just to pay higher tax like that and hope the lightning network will implement so we have fast transaction in the blockchain.

[jseverson]

I am quite interested in knowing more about the Lighting Network, as it seem to make Bitcoin fast again.

People have been talking about this forever as an excuse to keep (beg) people from dumping their BTC due to the ongoing scaling disaster.  I'll believe it when I believe it.

I wouldn't go as far as to say that people are begging. Most HODL memes are directed to other HODLers and maybe beginners. Either way, I don't think the casual holders even know about it.

It has also been tested in other alts and it worked perfectly. There's no telling how well it will work on a larger scale, but I'm quite optimistic.

[icanscript]

I am optimistic about the introduction of the Lightning Network. The standard is created.
Programmers will create a working version in less than a year.
I think that with the release of this project, the cost of bitcoin will rise by 30%

[Vannie12]

The lightning network is a great project and very promising since that it is the answer for the present problem in blockchain.
This keeps a promise for Bitcoin Holders and attracts and convinces more people to adapt bitcoin.
The network said for fast transactions and lower fees are realistic. It was really well explained. And I am hoping it to be implemented to.
My concern is, the off-blockchain setup. If some transactions are not recorded to block chain, will it be safe then ? Are there any possibilities that bitcoins be lost ?
Just concerned.

[Karakyli]

The use of "lightning" in the bitcoin should, at last, solve almost all the accumulated bitcoin problems. This project allows you to conduct transactions without waiting for their confirmation, so that the transaction will be very fast. Transactions can be carried out with small amounts, and commissions for such transactions will be less than one dollar. However, it will be after a certain time, but for now people continue to complain about the slowness of bitcoin and the high cost of its transactions.