bitcoin lightning network

[Championt]

I was recently watching videos on bitcoin lightning network.

My question is this is this concept live or still in process?

This is the only way to deal with bitcoin scalability problem.

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[mk4]

It's already 'live', but at the same time, it's still being improved upon; because it's not ready for mass usage just yet(in my opinion, at least). In fact, Bitfinex already accepts bitcoin deposits and withdrawals through Lightning. There are a good number of lightning wallets out there already, like Zap[1] and Breez[2], that you can try out right now.

[1] https://zap.jackmallers.com/
[2] https://breez.technology/

[Championt]

It's already 'live', but at the same time, it's still being improved upon; because it's not ready for mass usage just yet(in my opinion, at least). In fact, Bitfinex already accepts bitcoin deposits and withdrawals through Lightning. There are a good number of lightning wallets out there already, like Zap[1] and Breez[2], that you can try out right now.

[1] https://zap.jackmallers.com/
[2] https://breez.technology/

Thanks a bunch for the information.

Bitcoin traditional system is still popular as people dont have much confidence on this one ?

[bitmover]

Bitcoin traditional system is still popular as people dont have much confidence on this one ?

Bitcoin on  Chain transactions are not very cheap, but they are still relatively cheap if you can wait long confirmation times.

I don't think the problem with lightning is confidence.  We lack good software (wallets mostly) that supports it.

I think in a few years bitcoin on chain transactions will be more rare as we have a good adoption of those scaling off chain solutions
,  like lightning

[mikeywith]

Bitcoin traditional system is still popular as people dont have much confidence on this one ?

A small part of it might be lack of confidence, however, in my opinion it's the incentives that matter the most, I only have to pay a few cents for an on-chain transaction and I don't mind waiting for a few minutes for this to happen, why would I bother with using lightning network or any off-chain technology? if mass adoption becomes a thing, and the network gets congested, and as a result I have to pay say 5$ to send 50$ then I will have to use lightning network or any other reliable second layer solution, and the same thing applies for when bitcoin becomes a poplular means of payment for everyday's items such as grocery.

LN is built for the future IMO, it keeps bitcoin a couple steps ahead of time, and if we get more people to start using bitcoin, we will have something that has been tested and worked perfectly for a couple of years.

If you are interested in trying LN, bluewallet is a nice mobile wallet for both Android and IOS, you can also use it along with sat2.io to send bitcoin by phone number.(credit goes to omega for pointing this out in our local board).

[mk4]

Bitcoin traditional system is still popular as people dont have much confidence on this one ?

You can absolutely say that, as the support for lightning network from wallets and platforms are still quite low like others said. Bitcoin on-chain or "traditional" transactions are obviously still a lot more popular simply due to the fact that it's easier to do on-chain transactions. But of course, lightning is still in it's early stages and developers are still working on it, so expect it to become better as time goes.

[hd49728]

Lightning network has still been in its developing (technically) and expanding (acceptance) phase, so you will have to wait for a while (might be long) to see more wallets support Lightning network as well as more applications allow it.

I know this loan service on Lightning network: Liberated: LoyceV's Legendary Little Lightning Loans. It is some sort of efforts to experience that network and help its being more known and accepted.

That guide might help you to understand the Lightning network a little bit. [Tutorial] How to create Lightning Network Channel (Testnet BTC). Remember to give it a try on Testnet (where you will not lose any real bitcoin).

[archie35]

The concept of it is for better and fast transaction in the network, during the end of 2017 and 2018 the network fee's are expensive for transfering and the network sometimes take times i experience it first hand
almost takes me a day for a transfer, and at the same time the fee's are so high, here is a link to better explain what really lightning network and some explanations
https://news.bitcoin.com/heres-what-happens-when-you-use-lightning-network-for-the-first-time/
for better understanding

[RapTarX]

I think in a few years bitcoin on chain transactions will be more rare as we have a good adoption of those scaling off chain solutions
,  like lightning

I doubt that although I had confusion earlier on the other thread of BitCryptex. When we open or close channel, we do need of On Chain transaction which is increase in a significant numbers once LN gets a good adoption. You will certainly not be holding your big sum on LN for a long time.
There's exchange option for LN BTC to On Chain BTC which will increase as well. People will mostly utilize this to increase inbound capacity.
If we see huge adoption of LN, BTC adoption will be at its highest which will cause a lot of transaction daily I guess. LN is designed to operate micro-payments at the first. For bigger amounts, no one will worry about paying the highest fees for confirmation within the next block.

https://news.bitcoin.com/heres-what-happens-when-you-use-lightning-network-for-the-first-time/

You have shared a link who never will accept the positive sides of LN & Segwit (probably). They claim to solve the scalability through ShitcoinCash which can not even be called decentralized.

The beginning impression of the article-

First though, a preface: news.Bitcoin.com is known for its support of Bitcoin Cash and its onchain approach to scaling.

Ending impression-

I check my Nayuta wallet one last time. The transaction from my onchain wallet to my LN wallet was initiated 16 hours ago. Current status: unconfirmed.

[Championt]

Bitcoin traditional system is still popular as people dont have much confidence on this one ?

A small part of it might be lack of confidence, however, in my opinion it's the incentives that matter the most, I only have to pay a few cents for an on-chain transaction and I don't mind waiting for a few minutes for this to happen, why would I bother with using lightning network or any off-chain technology? if mass adoption becomes a thing, and the network gets congested, and as a result I have to pay say 5$ to send 50$ then I will have to use lightning network or any other reliable second layer solution, and the same thing applies for when bitcoin becomes a poplular means of payment for everyday's items such as grocery.

LN is built for the future IMO, it keeps bitcoin a couple steps ahead of time, and if we get more people to start using bitcoin, we will have something that has been tested and worked perfectly for a couple of years.

If you are interested in trying LN, bluewallet is a nice mobile wallet for both Android and IOS, you can also use it along with sat2.io to send bitcoin by phone number.(credit goes to omega for pointing this out in our local board).

I am OK with bitcoin for receiving payments. I can wait for whole night as long as transaction fee is few cents and there is guarantee that I will get coins. But thats not acceptable for merchant that is selling coffee or any other thing.

For LN fee is also as low as On-Chain transactions?

[figmentofmyass]

Bitcoin on  Chain transactions are not very cheap, but they are still relatively cheap if you can wait long confirmation times.

1 satoshi/byte transactions are getting confirmed all day. i've literally paid fees lower than $0.01 recently (1 input/1 output bech32) and gotten confirmation within minutes. that's pretty damn cheap (and fast) if you ask me!

fees will rise again though, which is why this is good advice: Fees are low, use this opportunity to Consolidate your small inputs!

For LN fee is also as low as On-Chain transactions?

fees on LN are much lower: 1 satoshi base fees and 0.000001 satoshi median fee rates. https://1ml.com/statistics

for comparison, the 1 input/1 output bech32 transaction mentioned above cost me 111 satoshis. granted, maintaining lightning channels requires some on-chain transactions.

[bitmover]

I doubt that although I had confusion earlier on the other thread of BitCryptex. When we open or close channel, we do need of On Chain transaction which is increase in a significant numbers once LN gets a good adoption. You will certainly not be holding your big sum on LN for a long time.
There's exchange option for LN BTC to On Chain BTC which will increase as well. People will mostly utilize this to increase inbound

I believe the idea is to keep your savings in cold storage, and to keep your monthly expenses in a LN channel. Avoid closing that channel, only when necessary to avoid paying fees again.

And you just round your channel every month or so to pay the next month expenses.