Mempool congestion and the lighting network

[Grace333]

Hello guys

Compliment of the season
I want to use this opportunity to thank you guys ones more for the materials you provided for my study, in regards to Bitcoin network, I really appreciate.

However if you observe closely, I've not been around for a while now, I guess I have doing my assignments in study. While making my study, a question flashed through my mind in the topic of lightning network, I know about the lighting network and how it makes faster transaction with reduced transaction fees.

But even with the current mempool congestion, are lightning networks also affected?

I have not been able to get clear understanding to the solution of this question so guys please help me out.

[Charles-Tim]

Lightning network fee is zero dollar or very cheap and transactions are processed as fast as possible. It is still a good alternative. But if you run your own lightning node and have your own channel, you will first have to fund your channel which requires onchain fee. But if you use wallets like Muun and some others that have their own lightning node and channel, you do not need to open a channel. Lightning network can still be good fire small amount of coins.

[promise444c5]

But even with the current mempool congestion, are lightning networks also affected?

I have not been able to get clear understanding to the solution of this question so guys please help me out.

Lightning networks  are off-chain remember  ,  multiples of transactions could me made before it get added to a blockchain  not as a multiple transaction but as a single transaction. So there's only a way mempool  congestion  could affect  a lightning  network  and that should be In term if transaction  fee ( recall that fee is always low or considered as zero ). However, we need to store the accumulated Ledger transaction on a blockchain
using a fee and that will bring us back to  that  fee(lightning) which is been paid to the nodes which speeds up d transaction, there could be little rise in the lightning (fee) but Can still be negligible probably zero compared to fee to minne a block of transaction on a blockchain. This will then be determined the lightning wallet you use either  custodial or non custodial.  

Lastly, there shouldn't be a great  difference in the fee if we are to compare the ratios , therefore  the fee will still remain minimal

[Mia Chloe]

Lightning network isn't actually carried out on the Bitcoin blockchain but rather it is carried out off the blockchain.
Here is how it works; Multiple transactions combating for block space on the mempool waiting to be confirmed is what brings about conjestions as people transacting now have to somewhat pay higher fees just to bid for block space making fees sky rocket.

However the lightning network is a layer 2 scaling solution, where the transactions are carried out through a secure network off the blockchain. The transactions make use of multi signature wallets to create a cheaper and faster transaction, before the final data is recorded on the block chain.

This would prevent transactions stacking up in the mempool waiting to be confirmed and causing more conjestions.

[Mate2237]

Lightning network fee is zero dollar or very cheap and transactions are processed as fast as possible. It is still a good alternative. But if you run your own lightning node and have your own channel, you will first have to fund your channel which requires onchain fee. But if you use wallets like Muun and some others that have their own lightning node and channel, you do not need to open a channel. Lightning network can still be good fire small amount of coins.

Charles-Tim how does one go about this lightening Network, you have not really explain this to someone satisfaction. Give us the simple steps to follow up. I really wanted to use dis network but I don't know how to go about it. And na true true because so last time when I tried to find out how to do dem say I go pay money so dat one too come dey discourage me.

But be like she na only lightening Network to lightning network nai go fit send to one another?

[Coyster]

LN dey off-chain, but the thing be say you go make on-chain transactions as you dey open your channel and when you dey close am too, and for these transactions, you go pay transaction fees for them. E no dey so straightforward to use lightning network as some people they think, and make una know say this off-chain method also get him own disadvantages oh, wetin lightning network dey very good for na small transactions, if you wan send larger funds, you go use the Bitcoin main chain oh, at least until when lightning network develop and is adopted pass the way e be for now.

[Charles-Tim]

Charles-Tim how does one go about this lightening Network, you have not really explain this to someone satisfaction. Give us the simple steps to follow up. I really wanted to use dis network but I don't know how to go about it. And na true true because so last time when I tried to find out how to do dem say I go pay money so dat one too come dey discourage me.

But be like she na only lightening Network to lightning network nai go fit send to one another?

For example, you want to use wallet like Electrum, you will need to open a channel. Let us say Mr B is your friend and you are Mr A. Mr B and you will open a channel. Too open a channel, let us say you have 0.0025 BTC and Mr B has 0.0025 BTC. It has a way on Electrum that Mr B and you will open a channel together. All payments through you both directly has no fee unless you are sending to another person that you did not open a channel with. When you want to open a channel, you will pay onchain fee which is also the bitcoin transaction fee that we say it is costly right now as the mempool is congested.

But if you use some wallet like Muun, wallet of Satoshi and many others which are the most common lightning network wallets, such wallets have their own channels. Only what you will do is to download the wallet and you will backup. Then you can send and receive bitcoin. There are many wallets that are like this and people prefer it because it is simple to use. But it is not your lightning node and not your channel. You will have to pay fee for any transaction but the fee is very cheap, and the transaction are fast just like you have your own channel.

[Doan9269]

But even with the current mempool congestion, are lightning networks also affected?

It shouldn't be affected since it's an offchain transactions and that of what we are experiencing now only concerned the normaal bitcoin transaction challenges and not the layer 2 protocols transactions, but we cannot predict about the future if the use of bitcoin lightning network also increases and the layer 2 is also much congested as we have onchain transactions now, so for now, they aren't affected.

[Mate2237]

~

Ok thanks but I have to create channel with another to make the transaction fee more cheaper. I have been trying to do things since but no way. And if the lightening Network is much more cheaper then it is better to pay the onchain fee and be using it. But why is it that people are not using the lightening Network when they know that the free is cheaper? Because if I create channel with B and it will not be only B I will making transaction always and if if make transaction with B always, forum Members go say na my second account and those causes e full forum.

And to avoid all those dramas, it is better to make the transaction to exchange to make di coins.

[Charles-Tim]

Ok thanks but I have to create channel with another to make the transaction fee more cheaper. I have been trying to do things since but no way. And if the lightening Network is much more cheaper then it is better to pay the onchain fee and be using it. But why is it that people are not using the lightening Network when they know that the free is cheaper? Because if I create channel with B and it will not be only B I will making transaction always and if if make transaction with B always, forum Members go say na my second account and those causes e full forum.

The reason most people are not using lightning network that I guess is because it is too complicated to use. Also that it is recommended for low amount of coins, unlike the onchain that can be used for any amount. Some people can also be discouraged that lightning network requires onchain fee to open a channel. While some people may think about vulnerabilities. But still the lightning network adoption continue to increase.