Lightning Network -- Is it GOOD?

[ndalliard]

Lightning is awesome

I concur 

"I concur" seems to be a valid response, but my "me too" was just deleted by a moderator, why?

the question of the op was in other words: is lightning good and what are your thougs and my answer is like AGD said: lightning is awesome

[AGD]

Lightning is awesome

I concur 

"I concur" seems to be a valid response, but my "me too" was just deleted by a moderator, why?

the question of the op was in other words: is lightning good and what are your thougs and my answer is like AGD said: lightning is awesome

Some mods take censorship more serious than others. Some think that short postings don't add anything to the topic. So instead of just agreeing with one or two words you have to agree using a bunch of words, like "I concur from the bottom of my lonely heart and I wish that everybody else would learn about lightning, because it is so wonderful and awesome."

[ndalliard]

Lightning is awesome

I concur  

"I concur" seems to be a valid response, but my "me too" was just deleted by a moderator, why?

the question of the op was in other words: is lightning good and what are your thougs and my answer is like AGD said: lightning is awesome

Some mods take censorship more serious than others. Some think that short postings don't add anything to the topic. So instead of just agreeing with one or two words you have to agree using a bunch of words, like "I concur from the bottom of my lonely heart and I wish that everybody else would learn about lightning, because it is so wonderful and awesome."

at least here are people with some kind of humor i can relate - maybe it's also my status as a newbie...

i personally do think, that agreement does add to the topic and i don't have any merits to give, a simple thumbs up (as a sign of agreement) would help a lot, but what do i know...

edit: oh i had a merit to give - the keeper of the private key got it

[Vishnu.Reang]

As such I don't have anything against the Lightning Network. But even with 4.5 years of experience in the field of cryptocurrency, I found it really hard to operate. That said, I would agree that the Lightning Network is an awesome innovation, as it enables users to send their coins with minimal fees, and get instant confirmations. But user friendliness also matters. No matter how much advanced an innovation is, as long as ordinary people can't use it, for me it is worthless. Setting up payment channels and all can be quite hard.

[ndalliard]

As such I don't have anything against the Lightning Network. But even with 4.5 years of experience in the field of cryptocurrency, I found it really hard to operate. That said, I would agree that the Lightning Network is an awesome innovation, as it enables users to send their coins with minimal fees, and get instant confirmations. But user friendliness also matters. No matter how much advanced an innovation is, as long as ordinary people can't use it, for me it is worthless. Setting up payment channels and all can be quite hard.

what was hard? and would you say it got easier over time?

[LoyceV]

I found it really hard to operate.

Which wallet did you use? I find it very easy to install a LN wallet and make transactions.

as long as ordinary people can't use it, for me it is worthless.

"Ordinary people" can't setup a server either, but they can use the internet. LN is the same: setting up your own node is not for everyone, but anyone who can use a smartphone can install Phoenix Wallet, BlueWallet or Wallet of Satoshi.

would you say it got easier over time?

The wallets I mentioned above are definitely easier than setting up your own channels. Just make sure you're aware of the trade-offs (mainly the custodial part). For small amounts, I'm okay with that.

[Rath_]

No matter how much advanced an innovation is, as long as ordinary people can't use it, for me it is worthless. Setting up payment channels and all can be quite hard.

You should take a closer look at BlueWallet and Strike.

BlueWallet is a custodial wallet, but it handles the channel management for their users. The payment success rate is quite high.

Strike has taken a different approach. Their users don't have to own any coins or know the difference between Bitcoin and Lightning Network invoices. All they need to do is to scan the invoice. Strike will automatically pay it and charge user's credit card.

[bittraffic]

It's what adoption has to risk because if it's not for the channels created for the group of addresses, each of the transactions will cost very high. It's true that it's centralized, this is why it's suggested to only store a few BTC to a wallet using LN. Miners are not going to earn from the transactions inside this channel so there's this one negative side if you will look at it negatively. I still look at the positive side of LN to be greater especially because we as a user still have the private key.

[Auroraner]

The lightning is all around, very good. It applies to micropayments and micropayments. It may also be able to handle very large ones.
There is another second-tier solution called Liquid, which is obviously used for "medium" payments.
Then you can still settle Bitcoin on the Bitcoin blockchain as usual.

[ndalliard]

Miners are not going to earn from the transactions inside this channel so there's this one negative side if you will look at it negatively.

nah, i would also say, that this is not negative. probably the same people say that holding bitcoin and not spending it is bad