Will the Lightning Network save bitcoin?

[finaleshot2016]

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue, majorly because of greed. Lightening network will definitely enhance the process of bitcoin scalability.

Yes, why would they store their money on a different coin and platform if it doesn't have the same market situation? Those altcoins today was kinda worthless, some of it doesn't have unique purpose for existence. Most of the altcoins today aren't interesting and it's not very promising like the ETH and the other top altcoins.

Regarding about LN, as of now it's the layer 2 solution for bitcoin scalability problem and should have more features for the development of transactions on the network.

[1715617546]

1715617546

[1715617546]

1715617546

[1715617546]

1715617546

[1715617546]

1715617546

[1Referee]

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue

People who understand and value the properties of Bitcoin don't end up with a transaction that needs 10 hours in order to get its first confirmation. They pay up for it to have a fast confirmation. Only if the transaction they're sending has a very low priority and thus doesn't need a fast confirmation, they'll choose to go with a low fee.

In the end, I don't think there is a scalability problem. People just need to understand that scaling the main network in today's state is quite a serious task due to Bitcoin's decentralized nature. This isn't BCash or Ethereum you can upgrade at your will as main developer or head of the project.

Upgrades will come, it just requires some patience. Schnorr is what I look forward to the most.

[pooya87]

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue

People who understand and value the properties of Bitcoin don't end up with a transaction that needs 10 hours in order to get its first confirmation. They pay up for it to have a fast confirmation. Only if the transaction they're sending has a very low priority and thus doesn't need a fast confirmation, they'll choose to go with a low fee.

actually the good news is that nowadays you don't have to really understand anything to get a high priority transaction and get it to confirm faster. all you have to do is to choose a good wallet software that does it properly for you by analyzing the mempool and either suggesting or choosing the appropriate fee in the background. so the end user has little to worry about.

[kaya11]

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue, majorly because of greed. Lightening network will definitely enhance the process of bitcoin scalability.

I thin kit i the same as " Hey guys, put your money over here, its safe =, fast and new" Isn't it? New coins, new developers all the same and only want to get a certain goal "Profits". It's just that Bitcoin is the first and had many investors already, it would be hard to get those investors coming into new things if they don't assurances of their money gaining profits on a new one right?

[Kakmakr]

There is actually nothing to be saved, because Bitcoin <with SegWit> functions fairly well at the moments.    The Lightning Network was built to reduce the load on the Blockchain, by offering a off-chain solution that can handle the micro transactions that are clogging up the Bitcoin network in times of high volume traffic.

The supposed scaling problems was made worst by anonymous people deliberately spamming the network in high volume periods, to create the perception that Bitcoin is not scalable, but with SeGwit these attacks decreased... because it is now very expensive to launch these attacks.