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Author Topic: Streaming Money via the Lightning Network  (Read 104 times)
Payment21
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September 30, 2019, 03:52:41 PM
 #1

Streaming money has become possible with the Bitcoin Lightning Network! One use case is the option of making multiple micro-transactions in a row, and so to speak turning payments into a continuous digital cash flow. Imagine, paying for subscriptions by the second. Once you have a payment channel established, sending satoshis over the browser is as simple as watching a video online.

But there are many challenges ahead. After all, we are dealing with the time dimension of money and its spatial coverage. Secure infrastructure, professional payments solutions, liquidity providers and inventors are required for scaling the Lightning Network. At some point, we all will experience new kinds of containers for money that will work very different compared to cards or bank transfers. It is hard to foresee how the possibility of splitting funds into tiny little digital pieces will change the utility of money on a global scale. We don`t know yet.

However, we at P21 have already successfully tested our own LN-node. Works like a charm! You receive bitcoin payments in real-time, no need to wait for blockchain confirmations. And on the top of it, our Lightning Team is capable of converting cryptocurrency into fiat within a fraction of a second! It`s exchange in the fly! We are constantly getting closer to streaming money just in time.
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marcotheminer
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September 30, 2019, 04:25:56 PM
 #2

People could be paid to walk now then haha (government social-good initiative ? ). Every step you'd see 1 satoshi credited!

Today (perhaps as always?) iniquity reigns; righteousness fades.
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October 01, 2019, 06:32:58 AM
 #3

This is why I am so interested in what Kim Dotcom is going to do with his K.im p2p service. They are also going to use the Lightning Network for the payments, but they are going to use their own token. It is a pity that projects like this are not going for the most widely used Crypto, namely Bitcoin... they all want to go in their own direction and I think that is just stupid.  Angry

Keep us up to date with the development of this system, I am curious to see what the speed is like with per second billing and micro transactions linked to the Bitcoin Lightning Network payments.  Wink

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marcotheminer
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October 02, 2019, 04:04:55 PM
 #4

This is why I am so interested in what Kim Dotcom is going to do with his K.im p2p service. They are also going to use the Lightning Network for the payments, but they are going to use their own token. It is a pity that projects like this are not going for the most widely used Crypto, namely Bitcoin... they all want to go in their own direction and I think that is just stupid.  Angry

Keep us up to date with the development of this system, I am curious to see what the speed is like with per second billing and micro transactions linked to the Bitcoin Lightning Network payments.  Wink

Yes, people understand (as it stands now) that you can instead create a token and profit more from it (even though long term it will have no importance, people will migrate to the best coin/network which is BTC right now). I hadn't heard of that from Kim, will be reading into it thanks.

As for speed of micro transactions on LN, it could easily be 100s of thousands of TXs per second (!!), the network would eventually scale to that ability that is.

Today (perhaps as always?) iniquity reigns; righteousness fades.
Trying to maintain a healthy dose of skepticism; even onto my own beliefs. Trying to better my ways.
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