Lightning network

[ABMARK]

Scalability issue has always been a problem for Bitcoin. The transaction process tends to take place slowly due to scalability problems. I think through this lightning network, Bitcoin is going to make revolutionary changes in the market.

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[iamike]

The Lightning Network is a "second layer" payment protocol that operates on top of a blockchain (most commonly Bitcoin). It theoretically enables fast transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds. The only setback is that; The Lightning Network is made up of bidirectional payment channels between two nodes which combined create smart contracts. If at anytime either party drops the channel, the channel will close and be settled on the blockchain.

[kwusu]

Lightening is very good in bitcoin transaction. If Bitcoin can be compared to cash transactions, the Lightning Network is analogous to an online system of decentralized credit: traders exchange IOUs, keep running tabs on their expenses, and only use the blockchain when their interaction concludes. That’s a big difference from the sign-and-send procedure for an ordinary, on-chain transaction.

[Tytanowy Janusz]

115 BTC ATM. its 53 % in 3 days. I dont know if its gonna develop this fast but if so we can see up to 1000 btc in 2 weeks from now and 10 000 btc in month from now. I tell you guys. We are close to the moment when lots of people will start to talk about it and pump price. Thats what good investor do. He knows before others.

[carlisle1]

Lightning network is really the best way for bitcoin to make it more better than ever. If the lightning network will be implemented then the bitcoin transaction fees will be much smaller compared to before. Also it the network is established the confirmation of transactions will be much faster than before and there will be no back logs on the mempool.

I have been waiting for this to happen,for almost a year lightning network has putted in users mind that will help bitcoin transactions faster and the fee will be smaller meaning the totality this will bring great things to all bitcoiner.when would be this happen is the only thing that matters now for the market will grow again and will give profits to all who has holding bitcoin for long time

[jasydoggye]

LIghtning network has added a dimension to the blockchain technology and this will solve many issues that blockchain is facing now. The lightning network along with blockchain will take the transaction procedure to another level.

[jasydoggye]

Actually this is really helpful because it will reduce the cost of transactions of btc based on this it is also fast and people will like to invest more here that time and many people will be encourage to invest in btc.

[coinages]

I am glad that the authority are thinking about all of this topics, this kind of improvement are needed to fall a important impact on the market and of course if the condition of the market will improve it will definitely effect on the market price and the coins growth will also increase if you wait and watch then my point will be clear to you

[stefy77]

Lightning network is an additional layer that makes a nice leap in chances to bitcoins and all the other ccrypts that are compatible. Yeahhh!!!

[franky1]

1.lightning is not a feature of bitcoin. its a separate service that many coin can use. so MANY coins will get the same advantage thus not bring any hype to bitcoin alone

2. if the other coins that use LN have less fee and more tx/s onchain. then people will prefer to settle to those coins. especially if those coins are listen on the same exchanges and able to be used by the same merchant shopping cart tools

3. lightning is not a solve all solution for every usecase. it only works well for prepayment of known future spending. EG predepositing enough funds for the next month of spending where you will need to do more then a couple transactions per month. most real world spenders only use their debit cards 1-2 times a day and vary where they will spend each day. thus its only useful for things like
google adsense partners, exchanges reserves swaps and users who buy giftcards to cover a months spending..
where as randomly spending funds here there and everywhere is not straight forward, or plannable when it comes to the fund locks.

due to LN limitations of usecases and the fact that other coins will use LN.. devs need to stop stalling bitcoins onchain innovation to then only add features relevant for LN. and get back to innovating bitcoin onchain features for thos that cant/wont and will not need LN.

when you se dvs use "reserve currency" instead of cash..
when you see devs use weight instead of tx/s
when you see devs mntion locking funds

the subliminal message is bitcoin is gold and payments are expensively heavy, so needs to be locked into fortknox and then play around with unaudited unconfirmed receipts.. much like victorian banks which then screwed people over by not letting them have their gold back later on. think about how this so called bitcoin revolution has been lost. and has now become just another repeat of the old re-banking structure...
just try to send a payment without another parrty co-authorising your request and see how far you get on LN.. you will soon see how the revolution has been lost

i know i know.. im prepared for the onslaught of fiat lovrs that just want hype to get btc to a exit fee they like so they can run baack to fiat.. but that was not why bitcoin was inventd. and if bitcooin uses all its ethos and advantages over othr payment systems/networks/ciurrncies. the bitcoins exit price wont be as dramatic. so it actually is worth it to fiat lovers to try lobbying devs to go back to the drawing board and start re-innovating bitcoins onchain feature with things only bitcoin can do that othr coins cant. and do them cheaper onchain. to keep bitcoin in first place

[DooMAD]

1.lightning is not a feature of bitcoin. its a separate service that many coin can use. so MANY coins will get the same advantage thus not bring any hype to bitcoin alone

True, but network effects mean that the more coins which are LN-enabled, the more useful the network becomes.  Plus, with atomic swaps via LN, we don't need to rely as heavily on centralised exchanges.  This can only ever be a positive for crypto as a whole.
  

2. if the other coins that use LN have less fee and more tx/s onchain. then people will prefer to settle to those coins.

You say that like having the choice is somehow a bad thing.  How is this a problem?  

3. lightning is not a solve all solution for every usecase. it only works well for prepayment of known future spending. EG predepositing enough funds for the next month of spending where you will need to do more then a couple transactions per month. most real world spenders only use their debit cards 1-2 times a day and vary where they will spend each day.

True again.  But some people are creatures of habit and make the same routine purchases.  I know that, unless I've booked time off work, I'll spend between £3 and £4 in the staff canteen each day that I'm in for a full shift.  It's easy to plan ahead for that sort of thing.  It's literally no different to making sure there are enough physical notes and coins in your wallet before you leave the house each day if you're a fan of paying in cash.  It doesn't require a goddamn PhD or bachelor's degree to figure out.  Just because it isn't a one-size-fits all deal, that doesn't mean we shouldn't pursue it.

due to LN limitations of usecases and the fact that other coins will use LN.. devs need to stop stalling bitcoins onchain innovation to then only add features relevant for LN. and get back to innovating bitcoin onchain features for thos that cant/wont and will not need LN.

Many would argue that no one is "stalling" anything and that you're expressing an opinion rather than a fact.  Also, on-chain features doesn't necessarily mean changing the size of blocks.  Things to improve on-chain scaling are already in development.  Schnorr Sigs and MAST could both result in smaller transactions, meaning we can squeeze more transactions into a block.  PSBT could give us the option to make payments completely offline without an internet connection and then settle them on-chain at a later time, so you may be able to time it strategically to record it on the blockchain when network traffic is calmer and fees are lower.  Making more efficient use of existing resources should be considered before simply burning through more resources.  Bitcoin is still on the bleeding edge of innovation.  Most of the altcoins that claim the latest and greatest features are just throwing buzzwords around and aren't actually delivering any real innovation.

[coinages]

The lighting network is very nice for the crypto market. This makes the crypto currency safer and secure. They are very progressive and committed to providing good services to the crypto people.

[CanyonsBull]

From my point of view bitcoin will much more better if the lighting network will use . The bitcoin transaction fees will be lower if the lighting fee are implemented. The transaction is also much faster than now.

[gidaahmad]

At least Lightning Network is a great solution for Bitcoin transactions. And I am happy with the presence of this Lightning Network.

[circlesseeker]

Lightning network will make Bitcoin fastest and one of the cheapest crypto. It will make manny crypto which only advantage over bitcoin is transaction fees and speed useless. It will suck money from them and pump bitcoin. Week ago i found tool to track lightning network developement progress and I would like to share it with you guys. I think its worth to check regularly.

https://p2sh.info/dashboard/db/lightning-network?orgId=1&from=now-6M&to=now

Today sum of opened chanels has value of 95 bitcoins. Its not that much but as you can see it was 75 BTC week ago and  chart looks like it could be 200 in next week. I think that ligdtning network developement is speeding up and soonly we will have great news about it and price can jump to unknown levels. And none TA will show that.

Totally agreed. Thanks for sharing! Lightning network will allow Bitcoin to use for daily shopping etc in the real life especially.

[SafeCamel95]

In my opinion it’s a great decision. It will help bitcoin fro transaction. The lighting network is used to reduce the transaction fees. The transaction system is more quicker than now. If bitcoin use it it will be more better.

[Wind_FURY]

1.lightning is not a feature of bitcoin. its a separate service that many coin can use. so MANY coins will get the same advantage thus not bring any hype to bitcoin alone

It is not "hype" for Bitcoin that Lightning developers are after, it is to scale the network while keeping the ability of the network to scale up at the same time.

2. if the other coins that use LN have less fee and more tx/s onchain. then people will prefer to settle to those coins. especially if those coins are listen on the same exchanges and able to be used by the same merchant shopping cart tools

That does not make sense. If Dogecoin increases block size to 32mb then people will also prefer to settle to Dogecoin instead of Bitcoin Cash?

3. lightning is not a solve all solution for every usecase. it only works well for prepayment of known future spending. EG predepositing enough funds for the next month of spending where you will need to do more then a couple transactions per month. most real world spenders only use their debit cards 1-2 times a day and vary where they will spend each day. thus its only useful for things like
google adsense partners, exchanges reserves swaps and users who buy giftcards to cover a months spending..
where as randomly spending funds here there and everywhere is not straight forward, or plannable when it comes to the fund locks.

due to LN limitations of usecases and the fact that other coins will use LN.. devs need to stop stalling bitcoins onchain innovation to then only add features relevant for LN. and get back to innovating bitcoin onchain features for thos that cant/wont and will not need LN.

It is not perfect. But relax and let it develop. "We" already have "our" "onchain innovations" in Bitcoin Cash. Let "us" enjoy that.

But what are those "onchain innovations". Talk about that instead.

when you se dvs use "reserve currency" instead of cash..
when you see devs use weight instead of tx/s
when you see devs mntion locking funds

the subliminal message is bitcoin is gold and payments are expensively heavy, so needs to be locked into fortknox and then play around with unaudited unconfirmed receipts..

You say that as if the users do not have full control over their Bitcoins and channels. They still do have 100% of their coins.

[Zin-Zang]

Lightning network is a 3rd party offchain payment system

Would you care to name this supposed third party?  

LOL, LN Hub operators.
 
Serious how did you not know that?

Guess it won't be apparent to you even when the LN Hub is Named Bank of America.

[Pursuer]

2. if the other coins that use LN have less fee and more tx/s onchain. then people will prefer to settle to those coins. especially if those coins are listen on the same exchanges and able to be used by the same merchant shopping cart tools

this is only true if  bitcoin fees go up and stay up. for example if fees become at least $10 and stay like that forever then it is the end of bitcoin in my opinion. but the thing is fees have always gone up because of spam attacks not because of lack of capacity and that means they won't stay up forever so there is no point for anyone to go use an altcoin that is not even accepted anywhere to make payments they wanted to make with bitcoin.

[Wind_FURY]

Lightning network is a 3rd party offchain payment system

Would you care to name this supposed third party?  

LOL, LN Hub operators.
 
Serious how did you not know that?

Guess it won't be apparent to you even when the LN Hub is Named Bank of America.

What can a "Bank of America" hub exactly do to Bitcoin if they become a Lightning Hub? Nothing. They can also do nothing on the Lightning Network itself because Bitcoins are locked in a multisig address when opening a channel. What it can do is build on top of Lightning and do anything they like but only from within their service.