Bitcoin Lightning Network

[Hooli1]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

[Nanolite]

few months i think they should do almost no fees/ and fast.

[mindrust]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

1. It'll be available. That's 100%.
2. There isn't an official launch date since there are various dev groups working on different implementations of LN. I can tell they are about to release it.
3. Adoption depends on you and me. If you start using segwit and prefer segwit ready companies with your transactions, the other companies which don't use segwit/LN will have to implement those protocols or else they'll go out of business.

Since LN creates an almost zero fee network, it just makes more sense to use it over the onchain transactions. Especially if you are transferring small amounts, buying coffee etc.

Companies can't ignore these developments. If they do, send them to the trash basket. We made them big its not the other way around.

[Ebenezar64]

The lightning network is going to be a very big thing. I think I have seen some demo of it and it seems to be working really good. As long as there is no conflict between sender and receiver the transaction is almost instant.

[The Scorpion]

They are the only thing that bitcoin needs at the moment to prepare to go to the moon before the end of the year. If it gets implemented, the price can easily go to $20,000 in a few days.
But obviously that because of the major exchanges and the manipulation, it is not going to get implemented.

[master2080]

There is a testnet running Lightning right now, search around and you'll find about it.

[odolvlobo]

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

1. Since it is not up and running, nobody really knows what will happen.
2. A few years ago they said 6 months. It's a lot closer now but I wouldn't hold my breath.
3. It is a protocol, like Bitcoin, so anybody can make software and apps for it.

If it works and it is adopted, it could save Bitcoin. If it doesn't or isn't, well then ...

[savioroshan]

At present its only in paper but surely they will implement it. But it will take some time to implement it and the launching date is not yet announced . If that comes into reality then no will be able to predict the price of bitcoin because implementation of lightening network is going to solve all its drawback. When its launched definitely third party wallets will launch an updated version which is compatible with lightening network for sure.

[bloodyvio]

hey isn't lightning network will make bitcoin centralized?
Is that true? does anyone can clarify it?

[Herbert2020]

I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

no it won't kill the high fees. LN is an addition that will work on top of the bitcoin blockchain and if people use it more, it can help decrease the number of on chain transaction and the backlog a little bit and decrease the fees because of that. but eventually you need to make transactions on chain to get in and out of LN and that requires fees and they may even go higher if LN helps with more bitcoin adoption and more users which means more transactions ...

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

LN is a protocol just like bitcoin. i think we can call it a set of consensus like rules. there are currently a lot of projects being built around these just like how there are  a lot of bitcoin wallets built around bitcoin rules.

in other words the same way there are bitcoin core, bitcoin armory, electrum, multibit, blockchain.info, greedaddress, and 100 other wallets there are also many LN wallets.
LN is already launched and working. these wallets are in beta and being tested as we speak.
then we need adoption by everyone to start using it.

[seizetehday5]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

Yes 100% LN goes down, no chance it does not. It will happen sometime this year but nobody knows when, I believe they are testing it though at the moment. Should function on most but like anything I think you must agree to it prior to it functioning, how Segwit functions.

[OmegaStarScream]

You can see here how the development is doing and It's already being tested on the mainnet. In fact, TorGuard VPN is already accepting payments from LN and you can buy games and recharge your phone using Bitrefill (in testnet for now). As for the release date, I couldn't say it better then Jameson Lopp‏.

[VitKoyn]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

It is 100% sure that lightning network will be implemented, because it is already under development and they already tested it on Bitcoin mainnet and the first lightning network transaction is successful, that's is a good news but there are still bugs and improvements that should be done before they will be able to release the mainnet of lightning network. There is no official date on when it will be implemented, hopefully this year. It will work on all kinds of Bitcoin wallet and exchanges, if the they will support it they will need to upgrade and it will take some time.

[Hell-raiser]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

1. No one can tell that for certain. But without it Bitcoin is going to stagnate bitterly and lose all relevance fairly quickly, maybe within a year or two. Competition is too strong.
2. If everything goes smooth, it should be fully deployed in a few months. In fact you can already use it.
3. No third parties will be required. But just like with SegWit, not all wallets will support it at the first notice.

[CryptoBry]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

I am not really an expert on Lightning Network and I don't have any data when it can be deployed and implemented by all so that we can get away finally from the high fees imposed by miners and wallet service providers but this is one project that the whole Bitcoin community has been expected to come soon. Hopefully LN can reinvigorate Bitcoin and make it robust once again as we know that there are already those who are giving up on Bitcoin as a currency and just treat it as a store of value -- something that Bitcoin should both fulfill if it should be adopted by the mainstream population. I am personally wishing that they can speed up the whole thing.

[mindrust]

I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

no it won't kill the high fees. LN is an addition that will work on top of the bitcoin blockchain and if people use it more, it can help decrease the number of on chain transaction and the backlog a little bit and decrease the fees because of that. but eventually you need to make transactions on chain to get in and out of LN and that requires fees and they may even go higher if LN helps with more bitcoin adoption and more users which means more transactions ...

I don't think you understand LN.

Why would you open/close channels constantly? That's the whole concept. You need to open a channel and stay open so others can use your route too.

You don't need to open/close unless you want to lose money.

[paulmusa25]

This would be very exciting and after bitcoin lightning network release. Possibly the demand of bitcoin will be more higher and expect the value will up.

[Hell-raiser]

I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

no it won't kill the high fees. LN is an addition that will work on top of the bitcoin blockchain and if people use it more, it can help decrease the number of on chain transaction and the backlog a little bit and decrease the fees because of that. but eventually you need to make transactions on chain to get in and out of LN and that requires fees and they may even go higher if LN helps with more bitcoin adoption and more users which means more transactions ...

Methinks, this is exactly what's gonna happen if LN takes off for real. To understand this, we should first understand why the fees are so high today. They are high because there is a tough competition between senders for the inclusion of their transactions in the next block. Whether this competition is artificial or natural is another question, though. So if the number of on-chain transactions goes down thanks to Lightning, the competition should subside as well. But this will lead to faster confirmations and thus lower fees unless miners will start to ignore pending transactions and mine empty blocks, of course.

[vsyc]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

1. It'll be available. That's 100%.
2. There isn't an official launch date since there are various dev groups working on different implementations of LN. I can tell they are about to release it.
3. Adoption depends on you and me. If you start using segwit and prefer segwit ready companies with your transactions, the other companies which don't use segwit/LN will have to implement those protocols or else they'll go out of business.

Since LN creates an almost zero fee network, it just makes more sense to use it over the onchain transactions. Especially if you are transferring small amounts, buying coffee etc.

Companies can't ignore these developments. If they do, send them to the trash basket. We made them big its not the other way around.

Bitcoin cash will do it before Bitcoin, because latter will require another 10 years to make it.

Good centralised solution anyway.

[vsyc]

I read about Bitcoin Lightning Network  and i need some clarifications..
I understand that it will kill the high fees we see today and make it cheap and fast like altcoins.

1. Is it going to be 100% sure or just speculations ?
2. Launching date ? weeks/ months/ years ?
3. is it work on a third party service or it will work on and from every wallet (blockchain.innfo , exodus, electrum etc ? )

1. Its in alpha, so another 2-5 years and hell knowa what will come along it just so speculative right now
2. Years, for BTC decades
3. There is believes it brimgs centralization to BTC, google