What are the advantages and disadvantages of BTC/LN and BSV?

[Artemis3]

But how can we get more and more real world merchants accept BTC with a transaction speed of 3~7 per second?

We can't.Bitcoin will remain as a "digital gold"-store of value.
No cryptocurrency will become widely adopted by the merchants anytime soon.

Actually there is only a small subset of merchants that need this "3 secs transaction". Many things can be bought with a day long transaction just fine, its just the typical coffee thing. In general, anything bought online can wait a day or so perfectly fine.

Gold is actually more cumbersome, if there was a merchant willing to take it directly, you would need to take it there which is risky, and the merchant would have check it to see if its not fake or low quality, weight etc..

In "good" days bitcoin transactions confirm in under 1 hour, which is fine for most things. In "bad" days it may take a day or so. I haven't seen the early 2018 mess repeat again.

Offchain "micro" transactions should also help reduce traffic somewhat for onchain transactions. Its not perfect, but it does fit that need. Yes i know LN transactions eventually get consolidated onchain. Perhaps there was a better way to design this.

Beyond legal/accounting reasons, i don't see why most merchants don't just adopt Bitcoin, and some other altcoins to look "trendy/fashionable".

The way i see it, once the major wallets adopt LN, it will "just happen". But we will see how this gets implemented and if it is user friendly enough. To me, LN transactions should be exceptional, not default.

[DooMAD]

The "Lighting Network" is a set of rules built on top of Bitcoin' Blockchain and was first introduced in 2015. It's designed to handle micro transactions. "Bitcoin" is considered a layer 1 protocol and "Bitcoin LN" (lighting Network) is considered a layer 2 protocol.

nope
LN is a complete separate network which any coin can use if they have the right coin locking mechanisms.

Just because it can be built on top of multiple blockchains, it doesn't suddenly mean what chaoscoinz posted is wrong.

It is a set of rules built on Bitcoin, but it's also a set of rules built on Litecoin, which is easily distinguishable from Bitcoin.  If they're not real bitcoins or litecoins as you claim, and are instead some new and separate thing, it wouldn't be so easy to tell the difference between BTC and LTC transactions in Lightning.  It's also a set of rules built on BTC testnet, but again, those millisats aren't going to be confused with mainnet ones.

So yes, the Lighting Network absolutely is a set of rules built on top of Bitcoin's blockchain AND Litecoin's blockchain AND Vertcoin's blockchain, etc.

[hatshepsut93]

3: What is the goal of BTC in the long future?

4: Is massive adoption a goal for BTC in the long future?

Bitcoin isn't a company and it doesn't have centralized leadership, so it's hard to talk about its goals. I think generally people who contribute to Bitcoin software don't worry too much about adoption, they just want to keep improving the software, and if it will be good enough, adoption will come on its own.
What we know for sure is that Bitcoin devs will never trade off security and decentralization for additional scalability and higher adoption. Bitcoin is only valuable because it gives people full control over their money.

[bounceback]

Hello, I'm new here. And I want to learn more about bitcoins, so I have some questions.

1: What are the advantages and disadvantages of BTC/LN and BSV?

2: Do you think BTC/LN and BSV can both survive in the long run, or only one can survive or none of them?

3: What is the goal of BTC in the long future?

4: Is massive adoption a goal for BTC in the long future?

Thanks

bitcoin is the first crypto launched even though bitcoin is having problems with scalability and transaction costs to swell but bitcoin is still the king of cryptocurrency, while LN solves the problem of scalability and high transaction costs operating on the bitcoin blockchain, i think bitcoin will survive in the future while my LN does not can guarantee to advance, because bitcoin is now more and more people want to adopt it.

[Red-Apple]

nope
LN is a complete separate network which any coin can use if they have the right coin locking mechanisms.

it is not separate in the way that you think it is. lightning network is completely tied with bitcoin network and relies completely on it. without bitcoin, there is no LN.

and if we start calling anything that altcoins copy a "separate thing" then almost everything that bitcoin has ever done doesn't belong to bitcoin and is separate since they have copied everything!

[franky1]

The "Lighting Network" is a set of rules built on top of Bitcoin' Blockchain and was first introduced in 2015. It's designed to handle micro transactions. "Bitcoin" is considered a layer 1 protocol and "Bitcoin LN" (lighting Network) is considered a layer 2 protocol.

nope
LN is a complete separate network which any coin can use if they have the right coin locking mechanisms.

Just because it can be built on top of multiple blockchains, it doesn't suddenly mean what chaoscoinz posted is wrong.

So yes, the Lighting Network absolutely is a set of rules built on top of Bitcoin's blockchain AND Litecoin's blockchain AND Vertcoin's blockchain, etc.

but you and your chums love to define it as a purely bitcoin feature and a layer of bitcoin. rather than a separate network used for multiple cryptos

the differnce in the wording is about how much hype and stuff..
EG people think it will add more utility to bitcoin alone which other coins wont get.. bu the truth is other coins can too.
also its not based on bitcoins rules
bitcoin is based on blockchain rules. LN has no blockchain
LN is different
by trying to make it sound like LN is "bitcoin" is like making it sound like peoples funds are by defacto just as safe as blockchain funds.. but they are not.

people need to know the realities of it. just like id never call bitfinex a 'bitcoin layer'

[franky1]

nope
LN is a complete separate network which any coin can use if they have the right coin locking mechanisms.

it is not separate in the way that you think it is. lightning network is completely tied with bitcoin network and relies completely on it. without bitcoin, there is no LN.

and if we start calling anything that altcoins copy a "separate thing" then almost everything that bitcoin has ever done doesn't belong to bitcoin and is separate since they have copied everything!

LN would exist.. even fanboy doomad proved that by saying how it works with testnets litecoin and other coins too. LN does not require bitcoin to function...

[DooMAD]

Just because it can be built on top of multiple blockchains, it doesn't suddenly mean what chaoscoinz posted is wrong.

So yes, the Lighting Network absolutely is a set of rules built on top of Bitcoin's blockchain AND Litecoin's blockchain AND Vertcoin's blockchain, etc.

but you and your chums love to define it as a purely bitcoin feature and a layer of bitcoin. rather than a separate network used for multiple cryptos

the differnce in the wording is about how much hype and stuff..

The reason people primarily talk about it as a Bitcoin feature is due to network effects.  In the past, you've made repeated comments about Lightning's success being dependent on actually being able to route a payment.  If you now want to undermine that argument by claiming that you can get exactly the same benefit using LN on Vertcoin where there's comparatively a pittance of channels to route through, then go right ahead.  But I think even a diehard detractor like you would be forced to admit it's going to be easier to route a payment on Bitcoin's LN network than it is on Vertcoin's.

LN on Bitcoin is the one most people are using.