Lightning Network vs Bitcoin cash

[nc50lc]

can we earn for operating payment channels? If they run from inside your wallet as I'm assuming from the word network in the name

Yes, you can.
Like the Bitcoin network, the lightning network will also operate on a model of market-driven transaction fees. However, these are not the same fees paid to miners on the Bitcoin blockchain.
Nodes will charge you to use their channel, and if you run a node, you will receive payments from users using your payment channel.
The fees, however, will not be as much as an on-chain transaction, but much much less.
You can read this article for more info: https://bitcoinmagazine.com/articles/bitcoin-lightning-network-creators-fees-will-be-effectively-zero-1459955513/

So, how will it be faster than the chain if the miners would stay in the main channel because the payment they will receive might be lower?
I'm looking forward to the Lightning Network and I don't want to use Bitcoin Cash just for a faster transactions.

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[achow101]

So, how will it be faster than the chain if the miners would stay in the main channel because the payment they will receive might be lower?
I'm looking forward to the Lightning Network and I don't want to use Bitcoin Cash just for a faster transactions.

THere is no "main channel". Miners are not involved in lightning except for confirming the on-chain opening and closing transactions. The transactions are faster through lightning because they can be done nearly instantaneously (well as fast as you can send data over a wire) with basically guaranteed security.

[pratapadityasi]

Lightning nodes are a healthy way to solve centralization issues, lets see how the development and implementation goes

[Anphonsus]

What everyone agrees on is that Lightning Network can't come soon enough. The fees for BTC transactions are becoming ridiculous recently.

Once the Lightning Network is there, BitcoinCash, Litecoin would be swept aside.

[Kakmakr]

What everyone agrees on is that Lightning Network can't come soon enough. The fees for BTC transactions are becoming ridiculous recently.

Once the Lightning Network is there, BitcoinCash, Litecoin would be swept aside.

Nope, they will increase their Block sizes to try and compete with Bitcoin and the Lightning Network and then realize that it will never be able to compete. By doing this, they will open new attack vectors and their strategy will explode in their face.

LiteCoin will do much better, because it already implemented SegWit and the Lightning Network runs on top of that. BCash does not run SegWit, so they will not be able to implement the LN. ^smile^

[Alexbit2017]

Lightning Network is best idea to solve all bitcoin problems.

advertising?

[bob123]

Bitcoin is currently able to handle about 3 Transactions per second.
Now bitcoin cash doubled the block size.. so about 6 tx / s are possibe..
Thats a pretty weak 'technological' growth. Increasing block size is just delaying the problem. Its not solving it at all.
The lightning network (together with segwit) on the other hand could have the capacity to handle up to 50.000 Tx/s.
This brings bitcoin to the same level of scalability as ripple, which is quite impressive.
IMO BCH is just a fraud. It may take some time.. but people will realize that BCH is just a smart way of stealing peoples money.
In the end BTC will outpace BCH in terms of everything.

[irukandji]

What everyone agrees on is that Lightning Network can't come soon enough. The fees for BTC transactions are becoming ridiculous recently.

Once the Lightning Network is there, BitcoinCash, Litecoin would be swept aside.

Nope, they will increase their Block sizes to try and compete with Bitcoin and the Lightning Network and then realize that it will never be able to compete. By doing this, they will open new attack vectors and their strategy will explode in their face.

LiteCoin will do much better, because it already implemented SegWit and the Lightning Network runs on top of that. BCash does not run SegWit, so they will not be able to implement the LN. ^smile^

Could Bitcoincash just introduce Segwit any time they liked?

[irukandji]

With the lightning network, if I want to send say 1 bitcoin to someone I have never met and don't know, how will that work in practice?

Will we have to first set up a channel between us and deposit bitcoin in it? 

[bob123]

With the lightning network, if I want to send say 1 bitcoin to someone I have never met and don't know, how will that work in practice?

Will we have to first set up a channel between us and deposit bitcoin in it? 

The lightning network is an implementation of Hashed Timelock Contracts (https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts).
You can think of it as a network with bidirectional payment channels which allows the payments to broadcasted/routed between several channels safely.
Therefore you and your business parther would not have to join the same channel since you are connected through a 'network of paymentchannels'.

[justone123]

With the lightning network, if I want to send say 1 bitcoin to someone I have never met and don't know, how will that work in practice?

Will we have to first set up a channel between us and deposit bitcoin in it? 

Well if you want to send the money to someone on lightning network, you need funds commited to it. So yes you will have to pay the on-chain fee to enter the LN.

LN is useless for sending one payment. But it's good for making many. You deposit your monthly expenses and then send 100s of payments off-chain through LN.

[Darooghe]

When will lighting network launch?
I'm waiting 5 days for some confirmations and i really panic and tired now.

[bambazamba]

hello I want to know your thoughts on Lightning network vs Bitcoin cash

Lightning network off chain is not as secure as bitcoin cash, or are they the same?

not sure because i go on reddit /r/BTC and they say very bad things about lightning!

Bitcoin cash is so temporary . Who can say that bitcoin cash is safer than the lightening network after the suspections and the frozen deals with the bitcoin cash ?
Lightening deal is the best way out to the problem . Some day bitcoin cash is also going to need such technology when it is over flooded in the coinbase , Actually i hope bitcoincash remains underflooded .      

[ahmad21]

hello I want to know your thoughts on Lightning network vs Bitcoin cash

Lightning network off chain is not as secure as bitcoin cash, or are they the same?

not sure because i go on reddit /r/BTC and they say very bad things about lightning!

They are not at all same. Bitcoin cash has nothing to do with swiftness and affordability of transactions. Fact that it itself will become slow once overcrowded is undoubtedly true. While lightning network provides a much better solution by compressing the fees and times by a great scale and making BTC ready for mass adoption. But what until it doesn't hits the market? BTC dominance is already under 45% they need to launch it very soon to avoid further questions on the supreme command of bitcoin.

hello I want to know your thoughts on Lightning network vs Bitcoin cash

Lightning network off chain is not as secure as bitcoin cash, or are they the same?

not sure because i go on reddit /r/BTC and they say very bad things about lightning!

Bitcoin cash is so temporary . Who can say that bitcoin cash is safer than the lightening network after the suspections and the frozen deals with the bitcoin cash ?
Lightening deal is the best way out to the problem . Some day bitcoin cash is also going to need such technology when it is over flooded in the coinbase , Actually i hope bitcoincash remains underflooded .       

I won't even say lightening network is the best way out if we see of long term. Miners are thinking of making BTC ready for a very long term which means it may be used as a mainstream method of settlement. In such a case its impossible for even lightning network to cater such traffic we need some ultra lightning network for it.

[Factor0008]

When will lighting network launch?
I'm waiting 5 days for some confirmations and i really panic and tired now.

https://www.coindesk.com/lightning-last-test-shows-bitcoin-scaling-solution-almost-ready/

soon

[lionelho]

LN is the future. Many small transactions don't need to be on the chain. No matter how big the block is, increasing block size is not scalable.

[hv_]

Lightning Network is best idea to solve all bitcoin problems.

Perhaps the best, but unfortunately not resolved in time.
Now this is becoming a serious problem with the BCH

The 'biggest' problem here only is, that BCH is open to all scaling options. That's real decentralization.

[sAt0sHiFanClub]

I'm a small blocker, but mining is the aspect of bitcoin that was designed to decentralize.  It requires work to do so people can't just mine for free.  It requires investment for your vote to count.  This is why we mine.

So if miners control the network, then bitcoin is working as designed.

Absolute bullshit. Miners will never be given full power let alone be having an option to choose block sizes. Bitmain has already been caught doing some shady shits in the past before the bcash split ... Go figure the terms: ASICBOOST and ANTBLEED scandals.

Sorry to burst your bubble but that's not gonna happen in Bitcoin. Miners will never be given any extra privilege. Move your miners to Btrash if you have to and we won't miss you.

Antbleed? Seriously?

The n00b seems to have acquired a more balanced understanding of how things work than the blinkered, force-fed propoganda that you are spewing.

People have a choice, they will pick what suits them. If you are so sure that you made the right choice, then you would not care. But it clearly bothers you when any users choose an alternative implementation: and thats on you, not them.

[sAt0sHiFanClub]

Lightning Network is best idea to solve all bitcoin problems.

Perhaps the best, but unfortunately not resolved in time.
Now this is becoming a serious problem with the BCH

The 'biggest' problem here only is, that BCH is open to all scaling options. That's real decentralization.

Solid point. One that is at the root of all the anti-BCH hatred.

[sAt0sHiFanClub]

 While lightning network provides a much better solution by compressing the fees and times by a great scale and making BTC ready for mass adoption. But what until it doesn't hits the market? BTC dominance is already under 45% they need to launch it very soon to avoid further questions on the supreme command of bitcoin.

You missed the point that LN, now using a version of Tor based routing, will be UTTERLY inefficient. You are trying to shoehorn fast payment methods into a subsystem whose primary objective was to obfuscate the very connections that need to be optimised to keep fees and time reasonable.

Have a look at bolts 4-7 specs to see how hideously complex and unfit for purpose these layers have become.

When they finally realise that this is not going to work on any scale ( like Poons original, now binned proposal) it too will need to be binned. Welcome to your next 18 month delay.