Is Lightning going to ensure Bitcoin dominance?

[boyptc]

I have used lightning network and as moccacino pointed out it is for smaller transactions like payment for coffee shops.

People would still look for altcoins that has smaller fees but lightning network is truly promising.

[pushups44]

I'm a fan of the lightning network, but it's meant for smaller payments, and is less safe than an on-chain transaction... So there'll always be a place for altcoins like litecoin or dash... Altough they might lose some of their marketshare due to the LN.

Just my opinion based on running a lightning-enabled website for a "long" time (at least, a long time in the lightning network existance timeframe).

Basically, like the article said: if i was selling a second hand DVD, i'd prefer being payed with a LN invoice, if i was selling my car and i wanted fast confirmations, i'd accept LTC

I am also a fan of the Lightning Network, but there will always be room for Litecoin, especially when atomic swaps become available. On-chain transactions on the Litecoin blockchain are secure and they will be much cheaper than those on bitcoin. I see Litecoin having a complementary role, just as Charlie Lee envisaged.

[omone1]

Bitcoin has always been dominance and will stay dominance as long as cryptocurrency is concerned. Have never use LTC and DASH, I only use ETH when I needed to quickly buy a token in a strong FA, lightening network will send many coins to oblivion. Some wallet will likely implement LN in the future.

[pooya87]

I have learnt that Lightning Network is a Level 2 protocol that can work with many blockchains. It reduces fees and transaction times at the expense of some security.

it is second "layer" as in a layer that only works on top of another (main) layer which is the on chain bitcoin transactions. it is not for "many blockchains" instead it is designed and is working on top of bitcoin. but like many other things that bitcoin starts, other altcoins copy and run their own as they are doing now. that  doesn't change the fact that LN is a network built for and on top of bitcoin.

[kryptqnick]

https://cryptostar.money/blog/will-dash-and-litecoin-be-struck-by-lighting/

Suggests that if users can pay with Bitcoin using Lighting enabled wallets than Dash and Litecoin are pointless. Is this right?

Dash and litecoin are in no way a threat to Bitcoin anyway. They don't have more or even the same amount of users even if they are combined. Moreover, like was rightly noted before in the thread, the Lightning Network is not exclusively built for Bitcoin. It can work with other Blockchains, and I have recently seen an article on LN application to Monero or something like that.
LN does not necessarily mean more Bitcoin followers, and bitcoiners don't widely recognize LN. This project is pretty interesting and successful, but it's not even a long-term solution to Bitcoin's problems.

[incomefromcoins]

Lightning may ensure merchant acceptance for bitcoin and support other cryptocurrencies as well Lightening network pilot project with Amazon  will be major success

[franky1]

it is second "layer" as in a layer that only works on top of another (main) layer which is the on chain bitcoin transactions.

wrong
1. LN uses HTLC's for payment not bitcoin CLTV's
2. the denomination(unit of account) of LN is Msat which is something bitcoin does not accept
3. LN can function with just swapping(hot potato) msats using lite wallets that do not api/RPC a blockchain
4. if you were to API/RPC a blockchain your node can use the chainhash of litecoin, vertcoin or others. not just btc

it is not for "many blockchains" instead it is designed and is working on top of bitcoin.

5. refer to point 4 above
6. LN is a single network where multiple nodes can communicate where ach node can designate a different chainhash, to allow swapping on the same network

but like many other things that bitcoin starts, other altcoins copy and run their own as they are doing now. that  doesn't change the fact that LN is a network built for and on top of bitcoin.

LN was built and then bitcoin had to change and get a new tx format to be LN compatible. also litecoin added this tx format before bitcoin did, thus technically bitcoin copied litecoin

have a nice day

[pooya87]

wrong
1. LN uses HTLC's for payment not bitcoin CLTV's
2. the denomination(unit of account) of LN is Msat which is something bitcoin does not accept
3. LN can function with just swapping(hot potato) msats using lite wallets that do not api/RPC a blockchain
4. if you were to API/RPC a blockchain your node can use the chainhash of litecoin, vertcoin or others. not just btc
5. refer to point 4 above
6. LN is a single network where multiple nodes can communicate where ach node can designate a different chainhash, to allow swapping on the same network

1. it still doesn't make what i said wrong!
2. same as 1 although it is a very questionable decision to create msat in my opinion.
3-4-5-6. it sounds like you are saying if there is a multi-coin wallet like Jaxx for example then since that wallet supports more coins then there is no difference between those coins! when you have bitcoin in your LN channel you have bitcoin in your LN channel not litecoin or vertcoin or... if you want those you have to exchange them with someone else who wants bitcoin in return.

LN was built and then bitcoin had to change and get a new tx format to be LN compatible. also litecoin added this tx format before bitcoin did, thus technically bitcoin copied litecoin

the  code was written for bitcoin then LTC and a dozen other small altcoins pulled the code in their client from bitcoin and activated it because they were small and had no drama like bitcoin had.

[Kelvinikke]

Actually lightning technology has improved the transaction speed of bitcoin and hope to see far more developments to see a much more higher speed than present. Bitcoin will surely dominate but that is far fetch from now. We can only hope that in future if bitcoin is accepted by many countries lightning technology would have advanced to speed bitcoin transactions.

[BitcoinPanther]

I do not think so, I guess it solves the scalability of Bitcoin off chain but it can also be implemented to other Altcoin which can also do the same effect.  Aside from that LN as stated is still in development stage so a lot of experimentation and testing is require.  I won't rely on it for the dominance, probably a more in built blockchain accelerators will be created or proposed even before LN is fully tested.

Using Bitcoin , I can wait 3 confirmations and consider a transaction complete after ~30 minutes.
Using Litecoin, I can wait 6 confirmations and consider a transaction complete after ~15 minutes.

Using LN offchain network that timelocks bitcoin or litecoin,
I have to wait whatever the time lock is set too (usually ~2 weeks or longer) for the final transaction to be completed /redeemed onchain.

While LN offchain IOUs are fast, they are still IOUs and not bitcoin, as LN can also work with litecoin and others.

Once LN reaches global acceptance , people will buy the LN IOUs for fiat , and cash out the LN IOU to fiat,
ignoring the underlying blockchain completely.

Where as some people buy btc or ltc and just hold it ,
with LN their is no point to doing this as it main purpose is a payment service where middle men make money off of fees.
Which is why LN users will eventually ignore the underlying blockchain completely, just as people that use checks never bother verifying the financial stability of their banks.   

Sounds discouraging to the point that it implores a total ignore on the blockchain technology.

[dentolas]

The world is full of predictions! Especially in crypto there is a need to refrain the excitement because usually noyhing is rarely what it seems to be...
All crypto is on an experimental phase, and there is so much speculation and exageration that we are constantly building scenarios in our heads, some of them turn to be right, others don't. For me the LN is something more of a mith until is useable and working...
Then we'll be able to discuss... (besides, other projects are also developing, so who knows how crypto will look when LN is ready?)

[talkbitcoin]

bitcoin's dominance has always came from the utilities that it offers people all around the world without needing any kind of third party or middlemen. and also the fact that bitcoin has always been one of a kind. and this will continue to be the case. things like lightning network that are added to bitcoin are always going to help improve it even further. so yes but it is more like saying in a race that the first person is far far ahead that others don't see him anymore, what can ensure his win!

[franky1]

bitcoin's dominance has always came from the utilities that it offers people all around the world without needing any kind of third party or middlemen.

using LN you are in a contract with another entity. meaning they need to be online and in agreement just to authorise your IOU
using LN to pay random outsiders you rely on other entities that need to be online, in agreement, and funded

LN is not a push to destination. LN is a get parties to hot-potato their balances on your behalf

and also the fact that bitcoin has always been one of a kind. and this will continue to be the case. things like lightning network that are added to bitcoin are always going to help improve it even further. so yes but it is more like saying in a race that the first person is far far ahead that others don't see him anymore, what can ensure his win!

bitcoin is/was a digital cash source to destination one transfer.
LN  is like banking. where funds flow through the reserves of a local 'bank' then regional 'bank' the head office 'bank' then the destinations head bank, regional then local.. its why banks are identified by their 'routing/sort codes' so they can identify th path the funds need to route/sort through

LN is not new business idea/tech. its actually a very old business model. lock in gold make it sound like gold is expensive/slow to handle, offer some paper fast mthod of transfer but still try to persuade users not to settle back to real assets. if anything offer them other cheaper assets to exit via, such as nickel, copper coins