Lightning Network. Will it happen for real?

[tee-rex]

A few months ago, when bitcoin transaction costs had reached almost 50 dollars per TX, there was a lot of buzz about LN just around the corner. Now that the price of bitcoin as well as costs associated with the transfer of coins fell dramatically, no one seems to be talking about LN any more. I don't question its technical feasibility, it is definitely possible. I'm more interested whether anyone will be using it given today's conditions apart from a few die-hard enthusiasts. Exactly one year ago LN had been activated in litecoin, but no one is using this technology for real with this coin.

So, where are we now with LN in bitcoin? Has it been abandoned and forgotten?

[Xavofat]

A few months ago, when bitcoin transactions costs had reached 50 dollars per TX, there was a lot of buzz about LN just around the corner.

The Lightning Network is just about always "just around the corner", according to people who are desperate to preserve a herd mentality so that people will continue buying BTC.

Now that the bull market appears to be over, there is less desperation and thus less pressure.  I expect that the LN will take a very long time to get past its development stages and even longer to become used by a significant amount of people.

The same thing has happened with SegWit - several months after activation, only about a third of transactions sent are SegWit transactions.

Fortunately, since the fees are low, most people aren't too desperate for LN to have widespread use at the moment, so it seems OK for it to take ages.

[btcntlkkvn]

I just read news on news.bitcoin.com that BCH community is in hot discussion and preparation for "Zero-Confirmation" transactions, which is BCH version of lightning network, the technology standing behind both are different of course but that's another topic. I think if BTC does not deploy LN soon, the risk of being replaced by BCH will expand, considering the recent tidal acceptance of BCH all over the world, I am sure BTC community and Lightning Network organizations are now under great pressure to push forward LN deployment and application. I am huge fan of BTC but recently I have bought just the same amount of BCH as a hedge. Who knows which will win in the end after all, isn't it?

[emmmmm]

At present, although the deployment of LN has a certain progress.
But large-scale use of the LN may still take a long time, so we need to become more patient.

[Hui8]

A few months ago, when bitcoin transactions costs had reached 50 dollars per TX, there was a lot of buzz about LN just around the corner. Now that the price of bitcoin as well as costs associated with the transfer of coins fell dramatically, no one seems to be talking about LN any more. I don't question its technical feasibility, it is definitely possible. I'm more interested whether anyone will be using it given today's conditions apart from a few die-hard enthusiasts. Exactly one year ago LN had been activated in litecoin, but no one is using this technology for real with this coin.

So, where are we now with LN in bitcoin? Has it been abandoned and forgotten?

It is not abandoned and neither forgotten but its being ignored in the long run. The thing is we hear about the LN a lot when the transaction fees starts increasing and people around the crypto start arguing that the fees are huge and we need to workout the way to minis the fees. Then rest of the people say this can be done with the help of LN and the whole buzz gets started with that one. Now the values are dropped as you said and the fees too so people are not arguing about it at all.

They dont care about the fees anymore because they dont have pay anything now. They are just behind the prices now! Now what buzz you will see is why bitcoin is dumped so much and what the hell is happening with it. When will it rise again and stuff like that!!!!

So its all about the time. Now if by the December the prices grow back to the ATH then there might heavy transaction and fees will increase again to avoid the congestion over the network. This will again make people aware that fees are gone wild and the cycle repeats !

Ignorance, thats all.

[cryptojac17]

At present, although the deployment of LN has a certain progress.
But large-scale use of the LN may still take a long time, so we need to become more patient.

If we  use LN in the system that would make the system faster and more reliable and it would become and edge another capability that makes bitcoin more reliable and more attractive to the investors and if this will happen the price will surely soar high.

[Just John]

I have hope that this will happen for real and soon too. Bitcoin has shown me times without number that the possibilities are endless and I know for certain that at this point there is nothing that can't be done if a couple of people put their minds to it.

[tee-rex]

The purpose of the lightning network is to solve small payment problems, not all transactions are carried out on the main chain!

Honestly, I don't get this thing very well. Really, how could it solve the small payment problem if just to open a payment channel you have to make a separate transaction on the blockchain? It seems to be useful for payment processors and users of online wallets like Coinbase, but for a "stand-alone" user, with his desktop wallet, it doesn't look like a big improvement, if improvement at all. If fees are low, on the scale of cents, LN doesn't offer a major improvement unless you need instant transactions. But then again, you have to first open a payment channel which is the same as making a regular transaction, so it won't be of great help if fees start to skyrocket again.

[Canis Majoris]

The purpose of the lightning network is to solve small payment problems, not all transactions are carried out on the main chain!

Honestly, I don't get this thing very well. Really, how could it solve the small payment problem if just to open a payment channel you have to make a separate transaction on the blockchain? It seems to be useful for payment processors and users of online wallets like Coinbase, but for a "stand-alone" user, with his desktop wallet, it doesn't look like a big improvement, if improvement at all. If fees are low, on the scale of cents, LN doesn't offer a major improvement unless you need instant transactions. But then again, you have to first open a payment channel which is the same as making a regular transaction, so it won't be of great help if fees start to skyrocket again.

I second this view. Payment channels may be useful for major players like exchanges, wallets, and their likes - theoretically, but for a small guy there are hardly any benefits. But even with the big guns it is not all that simple and straightforward. For instance, if you use an online wallet and your merchant uses it too, then Lightning Network will offer no particular advantage to either of you. Exchanges don't need this technology either simply because it is their clients who pay the fees and minimizing it via Lightning Network doesn't look like a trivial thing even if an exchange wants to implement it.

[player514]

A few months ago, when bitcoin transactions costs had reached 50 dollars per TX, there was a lot of buzz about LN just around the corner. Now that the price of bitcoin as well as costs associated with the transfer of coins fell dramatically, no one seems to be talking about LN any more. I don't question its technical feasibility, it is definitely possible. I'm more interested whether anyone will be using it given today's conditions apart from a few die-hard enthusiasts. Exactly one year ago LN had been activated in litecoin, but no one is using this technology for real with this coin.

So, where are we now with LN in bitcoin? Has it been abandoned and forgotten?

Here is a list of all of the known nodes as of now, and how they're being used. https://explorer.acinq.co/#/

The list has gone up more recently, which makes me believe that the lightning network will actually be used soon into the future. I guess the one issue will be the learning curve; people are always anxious when something new like this comes into play because it's hard to adapt to that change. All in all, if you're looking for the lightning network as a way to raise the bitcoin price super quickly, I don't think that's going to be the case.

[tee-rex]

A few months ago, when bitcoin transactions costs had reached 50 dollars per TX, there was a lot of buzz about LN just around the corner. Now that the price of bitcoin as well as costs associated with the transfer of coins fell dramatically, no one seems to be talking about LN any more. I don't question its technical feasibility, it is definitely possible. I'm more interested whether anyone will be using it given today's conditions apart from a few die-hard enthusiasts. Exactly one year ago LN had been activated in litecoin, but no one is using this technology for real with this coin.

So, where are we now with LN in bitcoin? Has it been abandoned and forgotten?

Here is a list of all of the known nodes as of now, and how they're being used. https://explorer.acinq.co/#/

The list has gone up more recently, which makes me believe that the lightning network will actually be used soon into the future. I guess the one issue will be the learning curve; people are always anxious when something new like this comes into play because it's hard to adapt to that change. All in all, if you're looking for the lightning network as a way to raise the bitcoin price super quickly, I don't think that's going to be the case.

I know about that list, but I'm more interested about how LN is going to be used in real life and by whom. Does it give any real advantage to small users who run something like an Electrum wallet? As I understand the technology, to make an LN transaction you need to open a payment channel, and this basically already means making a transaction. So why all the fuss if you can get around by simply sending the coins with this very transaction? I see how LN can benefit big users in a major way but I don't get what it could do for the small fish like myself.

[Reid]

A few months ago, when bitcoin transactions costs had reached 50 dollars per TX, there was a lot of buzz about LN just around the corner. Now that the price of bitcoin as well as costs associated with the transfer of coins fell dramatically, no one seems to be talking about LN any more. I don't question its technical feasibility, it is definitely possible. I'm more interested whether anyone will be using it given today's conditions apart from a few die-hard enthusiasts. Exactly one year ago LN had been activated in litecoin, but no one is using this technology for real with this coin.

So, where are we now with LN in bitcoin? Has it been abandoned and forgotten?

I am guessing it will be too much for the users.
Look, some of us will know how to work it out but some cannot. So they need make it as basic as possible. I have read it one time and didn't understand it at just one read. Tried to read back and forth and it came to me that it is going to be hard for others.

That is why it is taking more time than it should be. They know it and will be working it out some more to make it as easy as it should be for most of the users.

[DooMAD]

I'm more interested whether anyone will be using it given today's conditions apart from a few die-hard enthusiasts.

Today's conditions probably aren't the best criteria.  At the moment, it's only really recommended for the technical users.  None of the stuff that will make it user-friendly or simple to understand is finished yet.  Plus with the general current lack of network effects (which I'll get onto shortly), the benefits of using it are still quite small.  People ask questions like this under the assumption that Bitcoin (and Lightning in particular in this case) is a finished product.  It's far from that.  Most people wouldn't have been in a position to use the early internet years ago, simply because it wasn't the ubiquitous, massively accessible and easy to use gateway it is today.  The same applies to Lightning.

I'm more interested about how LN is going to be used in real life and by whom. Does it give any real advantage to small users who run something like an Electrum wallet?

That all depends on how you generally transact and also how many people you interact with are using Lightning.  Right now?  Today?  I'll be perfectly honest, there's probably not much advantage to be had for the average person.  Before large scale adoption occurs (which may not be for a while), if you only need to send the occasional Bitcoin payment and they tend to go to a different recipient each time and none of these people use Lightning, the benefits won't be that noticeable at first.  

But, if you pay someone at regular intervals, like a recurring bill, subscription fee, a local convenience store or newsagents that you make frequent small payments to, or even if you have a habit of either ordering takeaway from, or going out for a meal to your favourite place on a regular basis, the potential savings for having a channel open will become pretty obvious.  Those are just some examples.  But again, much of this will only be relevant once more companies begin to accept Bitcoin (and consequently Lightning) payments.

Then, as time goes by, adoption increases, we start to see network effects and more people decide to start using Lightning to save on fees, you'll find that because you already have a channel open with one person or business, your wallet software will likely be smart enough to inform you that you don't need to pay a fee to open a new channel in order to pay someone else, as there's already a route to the new person you want to pay through an existing channel.  The whole thing will gradually get more interconnected as more people use it.  

All of these transactions occurring off-chain means there will be more space available in blocks in the event that you do need to send a standard on-chain transaction.  Plus, as a bonus, it will also give you the option to migrate to other blockchains without using centralised exchanges.  It's all going to take time, though.  There's quite a bit of "looking at the big picture" involved if you want to understand Lightning right now.  Otherwise it definitely won't make any sense.

[378budiman]

You think if Bitcoin did not immediately deploy LN, the risk of being replaced by BCH would be widespread, given the recent ups and downs of BCH worldwide, you believe the Bitcoin community and the Network of Lightning Network are currently under great pressure to drive LN deployment and application.

[apelmerah]

I think LN is being forgotten because the bitcoin prices are down and cheap so that the cost goes down, and probably will come back again after the bitcoin price starts up again in the market.

[Rexler]

Lightening network would happen but it might not have that much buzz anymore. It was only talked about at those times when the mempool was flooded with tx and tx costs skyrocketed. Lightening bitcoin futures are already trading so I'm sure It'll soon be implemented on bitcoin. Can't wait to feel the speed.

[Kumic]

We need to see that scaling tweaked up. With the consensus, everything could be changed and Bitcoin needs a rehaul to step up the game...like every other coin.

[badakjawa]

on 15 March yesterday, lightning labs, startup lightning network bitcoin announced beta software LND (lightning network daemon). and serves to move the network lightning network. with this beta, then the LND is ready to run on the mainnet.

I think LND is activated, because a few days ago, I made a transaction with a cheap fee, and also fast. besides that also because of the correction conditions that make bit people doing transactions.

[xieqieshangu9]

The lightning network goes against decentralization.

Since they're all in the lightning network. What about distributed bookkeeping? The equivalent of an external transfer, an internal transfer, everyone in the so-called channel.

I find it hard to achieve!

[squatz1]

It'll come, due to the fact that other cryptos have done it before us so it's going to be possible on the bitcoin network. The big thing that is going to be the problem is the fact that miners aren't going to want it, and there's no reason for them to want the LN at all.

Who knows when it will happen, but I know it will happen and it will be the bitcoin that we REALLY NEED. This is what's going to bring bitcoin to the next level.