Bitcoin Lightning Network

[BitHodler]

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

Even if BCH will have LN before Bitcoin, it doesn't matter. People want to use the first and only coin that actually provides people the best and safest network. BCH is nothing more than an utter shitcoin.

They proudly talk like their fees are far lower than Bitcoin's fees, but on purposely don't directly say that these lower fees are the result of a severe lack of actual network usage.

Every altcoin basically offers cheaper and faster confirmations than Bitcoin, so BCH is nothing special in that aspect. I don't even see the purpose of BCHs existence with so many shitcoins in this market already.

[batang_bitcoin]

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

People want to use the first and only coin that actually provides people the best and safest network.

THIS! We want to stay to the "core" bitcoin that was mentioned by Roger Ver and he stands that BCH is the main coin but hell no.

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.

This is everyone's hope to make the fees cheaper so that we are good again to use bitcoin as it is being used before.

[Agamemnus]

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

They've been saying 18 months for 2 years now. I hope it comes soon. We need lower fees and faster transactions.

[splat44]

I think that will be happen on Q1 people demands it because the transaction is very slow. I think bitcoin core has a proposal that they will try a testnet that will increase the transaction they call it lightning network.

[Man21]

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.

I agree that the company dont implement this lightning metwork to help their user just throw it to garbage bag.
This LN is very helpfull to make the crypto as currency survive. As we know, cypto is just as investment not currency

[Ingramtg]

personally i want the bitcoin lightning network will succeed because

we really need some more faster and lower trade fee

[EcoChavCrypto]

Of course that it will be a huge thing, and a lot of people are going to be scared of that because they are not going to understand how does it works.

But for me, it is a huge step to make it grow much more than what it is right now.

Let's see how it goes, maybe in a few months, it will get implemented on the mainnet.

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.

[btcgreen63]

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

Maybe. We don't know how individual users will behave. It's possible that popular "hubs" will evolve that people open channels with specifically because they are large.

[Hell-raiser]

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

Even if BCH will have LN before Bitcoin, it doesn't matter. People want to use the first and only coin that actually provides people the best and safest network. BCH is nothing more than an utter shitcoin.

They proudly talk like their fees are far lower than Bitcoin's fees, but on purposely don't directly say that these lower fees are the result of a severe lack of actual network usage.

Every altcoin basically offers cheaper and faster confirmations than Bitcoin, so BCH is nothing special in that aspect. I don't even see the purpose of BCHs existence with so many shitcoins in this market already.

I would be utterly surprised if the BCash folks, that is Jihan and his team of minions, actually went for LN. Really, one of the reasons for the creation of BCash was disagreement over SegWit activation with the Jihan party strongly opposing it. Well, at least that's what we are made to believe. But LN requires SegWit to function properly if I'm not mistaken, and implementing LN now will only prove that they are just a bunch of filthy and greedy hypocrites.

But we kinda already know that.

[MiningSensei]

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.

yes, we all are waiting for it only for that reason, if it gets implemented, a lot of people will love to join this game and start using bitcoin for normal purchases (with a low fee of course)

it is just matter of time until it gets released, maybe a few months from now, but it will get implemented before the end of the year.

[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 ...

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.

i don't understand LN completely, i am not denying that.
but also i did not say you open/close channels "constantly"! but at some point you need to go in and out like moving funds from your wallet into your LN wallet for the first time. or getting them out to cold storage for the good security after you were done. or charging your LN wallet when you ran out of funds like spending it on buying coffee every day.
and we are not just talking about 1 person, it is about (hopefully) millions of people using bitcoin and wanting to make transactions on-chain and also to go in and out of LN.

[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 ...

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.

i don't understand LN completely, i am not denying that.
but also i did not say you open/close channels "constantly"! but at some point you need to go in and out like moving funds from your wallet into your LN wallet for the first time. or getting them out to cold storage for the good security after you were done. or charging your LN wallet when you ran out of funds like spending it on buying coffee every day.
and we are not just talking about 1 person, it is about (hopefully) millions of people using bitcoin and wanting to make transactions on-chain and also to go in and out of LN.

It seems that I can tell you what detail you are missing exactly in the whole picture. It looks like you think that the vast majority of transactions are issued by individual Bitcoin holders, but that's most probably not true. The bulk of transactions are pretty sure made by a small number of entities like online wallets and exchanges between themselves, while the millions of people you are talking about don't have millions of personal wallets as you seem to imply. In fact, they are using third-party services to transact with. And these services don't need to open and close channels for each transaction. They can push millions of transactions through just a few channels. This is the whole thing behind LN, its most important point.

[mindrust]

I would be utterly surprised if the BCash folks, that is Jihan and his team of minions, actually went for LN. Really, one of the reasons for the creation of BCash was disagreement over SegWit activation with the Jihan party strongly opposing it. Well, at least that's what we are made to believe. But LN requires SegWit to function properly if I'm not mistaken, and implementing LN now will only prove that they are just a bunch of filthy and greedy hypocrites.

But we kinda already know that.

Bcash devs are not even capable of fixing their own shit.
https://twitter.com/verretor/status/952901265402589184

Expecting them to implement LN without segwit is not realistic. Even the Master Shill Roger can't decide if its a good thing or not. One day he says its a centralized hub network, the other day he says they don't need segwit to implement LN.

They are clueless noobs who can say anything to pump their altcoin.

There are facts;

1-They don't have the manpower to implement LN without segwit. Imagine the possible fuckups if they intended to do so.
2-They won't implement segwit because segwit breaks Bitmain's patented software ASICBOOST. So they won't be able to copy LN to bcash.
3-They are just talk. No action. They won't bother with coding their own shit. If they are able to steal it, they will. In this case, they won't be able to.

Check the developer activity on both projects:
https://github.com/Bitcoin-ABC/bitcoin-abc
https://github.com/bitcoin/bitcoin

[Hell-raiser]

I would be utterly surprised if the BCash folks, that is Jihan and his team of minions, actually went for LN. Really, one of the reasons for the creation of BCash was disagreement over SegWit activation with the Jihan party strongly opposing it. Well, at least that's what we are made to believe. But LN requires SegWit to function properly if I'm not mistaken, and implementing LN now will only prove that they are just a bunch of filthy and greedy hypocrites.

But we kinda already know that.

Bcash devs are not even capable of fixing their own shit.
https://twitter.com/verretor/status/952901265402589184

Expecting them to implement LN without segwit is not realistic. Even the Master Shill Roger can't decide if its a good thing or not. One day he says its a centralized hub network, the other day he says they don't need segwit to implement LN.

They are clueless noobs who can say anything to pump their altcoin.

There are facts;

1-They don't have the manpower to implement LN without segwit. Imagine the possible fuckups if they intended to do so.
2-They won't implement segwit because segwit breaks Bitmain's patented software ASICBOOST. So they won't be able to copy LN to bcash.
3-They are just talk. No action. They won't bother with coding their own shit. If they are able to steal it, they will. In this case, they won't be able to.

Check the developer activity on both projects:
https://github.com/Bitcoin-ABC/bitcoin-abc
https://github.com/bitcoin/bitcoin

Yes, I heavily suspected something like that, especially the theft part. Bitcoin Cash is basically the same Bitcoin with only a few variables/constants changed which allowed to increase the block size, maybe a few other small things, and that's pretty much all. If LN get activated at the end of the day, the BCash devs or whoever pretends to be them will probably try to bluntly replicate it in BCash without SegWit because otherwise they will finally lose competition to the original Bitcoin.

Another option is that they can massively sabotage LN activation under whatever excuse they find or invent.

[drwhobox]

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. Yes it's real most of us here are just waiting for the implementation of the lighting network due to high fees.
2. We don't have any idea(s) when or what day will the LN  be here.
3. It depends with you if you want to use the Lightning Network same as the segwit transactions work.

[RawDog]

Since LN creates an almost zero fee network,

It is only a zero fee network in the beginning.  Since it is owned, operated and controlled by a private company they can put the fees to whatever they want once everyone adopts and starts using it.  They took over Bitcoin.  They own Bitcoin now.  Trust me, it is not 'free'.  You will only see this after about 2 years when everyone is fully integrated and it is too late to turn back.  Suckers.

[bug.lady]

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.

OK that all sound well and convincing. But I have one doubt that I was trying to discuss in other threads and I really got no opinion on it. I have read somewhere that when you open a Lightning channel and when you close it, you have to pay regular fees, so LN really would NOT make the fees go away, at least when you engage with a given service provider only once or twice.

Can you please tell me your opinion on that?

Also, regarding LN availability, the same news (i.e. it is ALMOST released) has been there for at least 2 months. So what is your expectation in terms of a set date?

[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.

OK that all sound well and convincing. But I have one doubt that I was trying to discuss in other threads and I really got no opinion on it. I have read somewhere that when you open a Lightning channel and when you close it, you have to pay regular fees, so LN really would NOT make the fees go away, at least when you engage with a given service provider only once or twice.

Can you please tell me your opinion on that?

Also, regarding LN availability, the same news (i.e. it is ALMOST released) has been there for at least 2 months. So what is your expectation in terms of a set date?

You won't be closing your channel. Once you are on the network that's it.

Do you send bitcoins back and forth every day? You know how ridiculous it is and you'll lose money when you do that right? Opening & Closing channels is the same thing.

There are already LN channels available on the mainnet. 14 or 20 of them at the moment. Don't try anything yet.

[Hell-raiser]

Since LN creates an almost zero fee network,

It is only a zero fee network in the beginning.  Since it is owned, operated and controlled by a private company they can put the fees to whatever they want once everyone adopts and starts using it.  They took over Bitcoin.  They own Bitcoin now.  Trust me, it is not 'free'.  You will only see this after about 2 years when everyone is fully integrated and it is too late to turn back.  Suckers.

Why should we trust you, what are your credentials, really? Kidding aside, everyone who won't be quite satisfied with LN can still use the good old onchain transactions with no LN involved. So your point is effectively meaningless, null and void. These options (I refer to onchain and offchain transactions here) will necessarily make the fees lower. Any way you look at it, ordinary people will have to pay less even if LN hubs will start to charge a fee in the future. In other words, don't make it look like LN is evil because it is not.

[bug.lady]

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.

OK that all sound well and convincing. But I have one doubt that I was trying to discuss in other threads and I really got no opinion on it. I have read somewhere that when you open a Lightning channel and when you close it, you have to pay regular fees, so LN really would NOT make the fees go away, at least when you engage with a given service provider only once or twice.

Can you please tell me your opinion on that?

Also, regarding LN availability, the same news (i.e. it is ALMOST released) has been there for at least 2 months. So what is your expectation in terms of a set date?

You won't be closing your channel. Once you are on the network that's it.

Do you send bitcoins back and forth every day? You know how ridiculous it is and you'll lose money when you do that right? Opening & Closing channels is the same thing.

There are already LN channels available on the mainnet. 14 or 20 of them at the moment. Don't try anything yet.

Thank you. The news piece that I was referring claimed, that you need to open a new channel per sender and recipient, so when you engage with a new recipient you need a new channel, thus you pay a new regular fee. So you are saying it is not the case. It is good to know and I hope you are right.