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Author Topic: How can lightning network help Bitcoin?  (Read 199 times)
markiplier.jack
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June 04, 2018, 12:04:43 PM
 #1

What makes Lightning Network an innovation to help Bitcoin?
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June 04, 2018, 12:15:14 PM
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What makes Lightning Network an innovation to help Bitcoin?

With Lightning Network, All Bitcoin transactions will be executed quickly and efficiently. In addition, transaction fees are also significantly reduced. That's what I heard about it. However, until now, everything have not changed!

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June 04, 2018, 12:36:59 PM
 #3

The lightning network is a plan to solve bitcoins scalability problems and helps with
processing more transactions and enables micro payments to talk place instantly.

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June 04, 2018, 12:48:23 PM
 #4

What makes Lightning Network an innovation to help Bitcoin?

The lightning network can help bitcoin through to have quickly processing the transactions and it may also decrease the transactions fees.

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June 04, 2018, 12:51:21 PM
 #5

Lightning networks can improve bitcoin throughput.
The speed of bitcoin transfers will accelerate dramatically, and more and more people will use it.

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June 04, 2018, 12:55:56 PM
 #6

The lightning network is about to solve the scalability 'problem' of bitcoin.

You will be able to open a bi-directional channel with someone by funding it (through a 'standard' transaction).
Inside this channel you will be able to pay someone which is connected to your channel through other channels.
If there is a route to your destination, you will be able to pay instantly (almost zero fees, no confirmation times).

This balance basically remains in your channel until you decide to close it. At the moment of closure another on-chain-transaction is being made, crediting you the funds.

I'd suggest you read this: https://cointelegraph.com/explained/lightning-network-explained. It explains the lightning network pretty decently.

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June 04, 2018, 12:57:25 PM
 #7

What makes Lightning Network an innovation to help Bitcoin?

With Lightning Network, All Bitcoin transactions will be executed quickly and efficiently. In addition, transaction fees are also significantly reduced. That's what I heard about it. However, until now, everything have not changed!

Its changing every day. We have more and more nodes and chanels each day. You can check it here: https://lnmainnet.gaben.win/ (2000+nodes and 6000+ chanels) - its evolving each day and its not linear increase. There is also lightning test app v 0.2.0 on github.


 Lighting network will increse speed of transactions and decrise transaction fees.

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June 04, 2018, 01:32:16 PM
 #8

The lightning network will create more efficient way of sending and receiving money from place to another. It will open up a side chain through which the people can exchange BTC in a jiffy. This will provide speed in confirmations and will reduce the confirmation time. It will also create a secured connection between the people so that your coins remain safe in the network. It will also reduce the transaction fees since we can keep channel open as long as we want and make many number of transactions through it.














 

 

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June 04, 2018, 04:13:52 PM
 #9

think of Lightning Network as a layer that comes on top of already existing bitcoin network, and works there separately but still linked to bitcoin.

the way that it will help bitcoin, in my opinion, is that it can take a lot of the transaction load away from the main chain and hence increase the capacity. this "load" can be transactions that happen too often and need to be extremely fast and cheap. for example as a trader you sometimes want to be able to deposit your bitcoin and sell it immediately. right now you have to wait for confirmations but using LN that will be instant and that  can reduce the risk of leaving your BTC on exchanges, reduce the risk of losing out of best price to sell,...
another example that comes to mind is gambling. like the on-chain gambling that has been happening like binary options, or even the dice games can use LN in which case you don't even have to make a deposit and play with that money. you can have your wallet, make a bet on LN and either pay up when you lose or get paid when you win in matter of seconds all within a channel and with nearly no fee.

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June 05, 2018, 03:48:31 AM
 #10

The Lightning network is a technology upgrade that would power instant transactions as well as instant micro-transactions. Once implemented, Bitcoin’s transaction fees will be drastically reduced and we will have almost-instant transactions.
The Lightning Network won’t require miners to validate transactions, and so transactions can be carried out offline and the Bitcoin blockchain will record the transaction once completed. Removing the need for bitcoin miners will truly make Bitcoin retail ready, helping us transact better.
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June 05, 2018, 05:11:40 AM
 #11

@IndigoRed
just about everything that you said here is wrong!

Once implemented, Bitcoin’s transaction fees will be drastically reduced and we will have almost-instant transactions.
- LN is already implemented
- LN may indirectly help keep transaction fees low like how low they currently are but it won't be decreasing it "drastically".
- we will have almost instant transactions on LN not on main chain.

Quote
The Lightning Network won’t require miners to validate transactions,
true only about transactions that happen on LN but LN still needs on-chain transactions to open and close channels so it does require miners.
not to mention that miners don't validate transactions, they just find blocks. nodes do the validation and in case of LN, the LN nodes will do the validation.

Quote
and so transactions can be carried out offline
completely wrong. everything is still online but on a different "layer".

Quote
Removing the need for bitcoin miners...
again LN does NOT remove need for miners.

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June 05, 2018, 05:33:53 AM
 #12

Every financial network in the world have to scale to keep up with the growing user base. <Increased user base = more transactions> The Lightning Network is the scaling solution for Bitcoin, because it takes a large quantity of the micro transactions to a second layer solution. <off-chain>

Last year, we saw what the impact of a congested Blockchain was, namely slow confirmation and high fee transactions. The Lightning Network will reduce fees a lot and it will be much faster than on-chain transactions. 

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June 05, 2018, 05:40:10 AM
 #13

What makes Lightning Network an innovation to help Bitcoin?
Lightning Network with bitcoin will increase the number of transactions in a block, reducing transaction costs, but should be supported and used by large organizations! Because the Bitcoin network needs peer to peer agreement!
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June 08, 2018, 01:37:05 PM
Last edit: June 08, 2018, 06:14:06 PM by bob123
 #14

Lightning Network with bitcoin will increase the number of transactions in a block, reducing transaction costs

This is not correct.

The lightning network is a second layer scaling solution.

The amount of transactions which fit into a block will not be increased. Neither will the TX fees directly be reduced.
The LN will give you the ability to (1) fund a channel with a standard on-chain transaction, (2) make multiple off-chain transactions with insignificant fees, (3) close a channel with a standard on-chain transaction.

This gives you the opportunity to make trustless instant transactions on the LN without paying the on-chain fees.
It is not directly changing bitcoin. On-chain transactions work the same as before. It is an additional layer on top.

A pretty decent description of the lightning network can be found here.

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June 10, 2018, 05:14:48 AM
 #15

Lightning network speed up the transaction process of bitcoin.
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July 11, 2018, 03:38:44 AM
 #16

Network lightning is a plan to address scalable bitcoin issues and make all bitcoin transactions to be done quickly and efficiently.
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July 11, 2018, 04:02:28 AM
 #17

I think that the lightning network is not needed anymore, the price is more than good at the moment and you can send transactions with a fee of less than five cents each, so, it is not needed

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July 11, 2018, 05:26:30 AM
 #18

I think that the lightning network is not needed anymore, the price is more than good at the moment and you can send transactions with a fee of less than five cents each, so, it is not needed

do you think bitcoin adoption has come to a stop and no more person is going to start using bitcoin anymore?!!! why is that?

the adoption is just getting started. we aren't even at 1% yet, let alone be at the end of the road. Lightning Network is something that will help when this adoption grows more. when there is more usage and thousands of transactions per second instead of per block (~10min).

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July 11, 2018, 06:09:09 AM
 #19

With lighting network you can make a transaction instantly, and once you opened a channel, basically your transactions fees would be zero. If this works, will be impressive and it really can scale to all world of payment without problems. Hopefully it will works perfectly soon! Wink

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July 11, 2018, 06:16:13 AM
 #20

Lightening network was made to help bitcoin fix its scability issues. We have seen how high transaction fees for bitcoin can go and how long transactions can take to confirm. But with lightening network, the block size of bitcoin will increase and it can process more transactions per second ensuring that transactions confirm faster. Also, fees for sending bitcoin will reduce drastically.

This is how lightening network will help bitcoin.

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