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Author Topic: What are the primary purpose of lightening network in Bitcoin?  (Read 130 times)
B-BossMan (OP)
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January 05, 2025, 08:48:30 PM
 #1

After going through some relevant researches I decided to mainly study some technical aspects, however network was my main aim of understanding which I was able to achieve some basic understanding.
Therefore, a network is said to be a connection of two or more devices linked together with the aim of sending or receiving information, transactions, resources, file exchanges, datas and electronic communications.
Network also has many types depending on the aspect of work.
So I will like to get more understanding of the Lightning Network.? And
What are the main primary purposes of the Lightning Network in Bitcoin transactions?

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January 05, 2025, 08:57:27 PM
 #2

Basically if you use the forum search engine very well you will find a lot of threads dedicated to clarifying what the lightening network does and it's primary purposes.

But However it's main purpose is to enable fast transacts and reduce the cost of transactions to the extent of allowing small transactions to happen off-chain.

You can find this simple answers on every FAQ of every bitcoin website. You can also visit Learnmeabitcoin(dot)com to learn more about bitcoin network generally, I believe it's the most recommended website and even Bitcoin Wiki can give you all this answers too.

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January 05, 2025, 09:08:33 PM
 #3

What are the main primary purposes of the Lightning Network in Bitcoin transactions?
For fast and cheap bitcoin transaction.

If most bitcoin users are using it, reliance on blockchain for making transaction will reduce which will make the memepool to be less congested as it should be if there is no lightning network. But I do not know how true this is in reality as far many bitcoin users do not use lightning network.

So I will like to get more understanding of the Lightning Network.?
The Lightning Network FAQ
Basics of the Lightning Network
Lists of open-source bitcoin lightning wallets

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January 05, 2025, 09:24:32 PM
 #4

I think you'll understand it right away about what's the use of bitcoin lightning network. As the name suggests that it let people do fast transaction. With lightning network, you can also send smaller amount of bitcoin where in mainnet isn't possible to do so. You can research it yourself for more information. As others have suggested, doing your own research would be best for you and create a thread here if you have some questions about bitcoin lightning network. I suggest you check the link given above first.

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January 05, 2025, 10:08:58 PM
 #5

That’s the solution for wider adoption. With the original system, transaction fees aren’t fixed and can sometimes get really expensive. Also, confirmation times depend on network congestion, which makes it less practical for daily transactions.

The LN eliminates these issues, offering faster and cheaper transactions.
This gives people the convenience they need for everyday use, making Bitcoin more viable for daily payments.

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January 05, 2025, 11:58:30 PM
 #6

That’s the solution for wider adoption. With the original system, transaction fees aren’t fixed and can sometimes get really expensive. Also, confirmation times depend on network congestion, which makes it less practical for daily transactions.

The LN eliminates these issues, offering faster and cheaper transactions.
This gives people the convenience they need for everyday use, making Bitcoin more viable for daily payments.
The only problem of using lightning network is that you still need to use onchain transaction to open a channel and most people do not use lightning network.
About the fees, I think the current recommended fees according to mempool.space still low so I don't think people will switch to using the lightning network to get lesser fees. People only attempt to use the lightning network if their transaction is stuck or if the network is congested, but the problem is that you still need an onchain transaction in order to open a channel with fees. So I don't see that the lightning network solved that problem. I know it is fast and it's cheap, but it still requires onchain fees when you open a channel.

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January 06, 2025, 01:55:16 AM
 #7

After going through some relevant researches I decided to mainly study some technical aspects, however network was my main aim of understanding which I was able to achieve some basic understanding.
Therefore, a network is said to be a connection of two or more devices linked together with the aim of sending or receiving information, transactions, resources, file exchanges, datas and electronic communications.
Network also has many types depending on the aspect of work.
Bitcoin network is made by peers because Bitcoin network is peer to peer, and peers can communicate with each other, relay information, data on blocks, transactions, mempools.

The Bitcoin network. You can learn many basics with Learn me a Bitcoin website.
You can learn it with Chapter 10, The Bitcoin Network in Mastering Bitcoin book as well.

Quote
So I will like to get more understanding of the Lightning Network.? And
What are the main primary purposes of the Lightning Network in Bitcoin transactions?
Mastering the Lightning Network.
[Table] All Lightning Network Threads In One Place.

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January 07, 2025, 02:55:15 PM
 #8

I think you'll understand it right away about what's the use of bitcoin lightning network. As the name suggests that it let people do fast transaction. With lightning network, you can also send smaller amount of bitcoin where in mainnet isn't possible to do so. You can research it yourself for more information. As others have suggested, doing your own research would be best for you and create a thread here if you have some questions about bitcoin lightning network. I suggest you check the link given above first.

I'd just add that small transactions are possible when making on-chain transaction, but the transaction fee can be bigger then the funds that are being transfered.

As on-chain BTC transaction fee can be up to 30 USD (source), while LN payment is on average less then 1 cent (source).

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January 07, 2025, 08:52:56 PM
 #9

So I will like to get more understanding of the Lightning Network.? And
What are the main primary purposes of the Lightning Network in Bitcoin transactions?

It was implemented to solve the challenge of scalability, this helps the transactions go more bigger and faster, you already have some helpful threads to go through as recommended by some members about lightning network, it is more attractive for you to find them interesting for reading if you can give the required time in making the discoveries about why it was being introduced.

You can also find this an interesting article to read from what the forum members have to say concerning LN for learning purpose.

bitcoin lightning network
https://bitcointalk.org/index.php?topic=5202798.0


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January 07, 2025, 11:22:07 PM
 #10

What are the main primary purposes of the Lightning Network in Bitcoin transactions?
It was originally created to help scaling bitcoin and making it possible to use Lightning even when Bitcoin on-chain transactions are very high.
Problem is that you have to pay those fees each time you go off/on-chain, LN is complicated for most users, and it never really got popular enough.
Using Lightning adds more centralization and I don't see this being used more in future.

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January 08, 2025, 03:08:44 PM
 #11

After going through some relevant researches I decided to mainly study some technical aspects, however network was my main aim of understanding which I was able to achieve some basic understanding.
Therefore, a network is said to be a connection of two or more devices linked together with the aim of sending or receiving information, transactions, resources, file exchanges, datas and electronic communications.
Network also has many types depending on the aspect of work.
So I will like to get more understanding of the Lightning Network.? And
What are the main primary purposes of the Lightning Network in Bitcoin transactions?
The Lightning Network is currently an advanced system that we use for payments and transactions for Bitcoin and other cryptocurrencies. You will see that this system makes transactions fast, efficient, and cost-effective, but you do not load any Bitcoin blockchain in this route. The payment is scale-based and it acts as an important layer of the network in Bitcoin transactions so that you can make small transactions very easily. The Lightning Network is basically chain-based, which creates a means of transaction from one chain to another. Through this process, there are two parties who can keep the payment system active without making any transactions on the main blockchain.
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January 08, 2025, 07:40:15 PM
 #12

After going through some relevant researches I decided to mainly study some technical aspects, however network was my main aim of understanding which I was able to achieve some basic understanding.
Therefore, a network is said to be a connection of two or more devices linked together with the aim of sending or receiving information, transactions, resources, file exchanges, datas and electronic communications.
Network also has many types depending on the aspect of work.
Bitcoin network is made by peers because Bitcoin network is peer to peer, and peers can communicate with each other, relay information, data on blocks, transactions, mempools.

The Bitcoin network. You can learn many basics with Learn me a Bitcoin website.
You can learn it with Chapter 10, The Bitcoin Network in Mastering Bitcoin book as well.
Quote

Other members already answered about the purpose of LN so I won't repeat.

But, on the other hand, it seems that the OP has problems understanding why it is called "network" and which are the implications of being a network, maybe because we usually talk about the blockchain and the currency, but not about the "Bitcoin network". OcTradism explained it well but to make it clear, there's no special implication for LN in being a "network", not at least for the normal user.

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January 08, 2025, 08:56:17 PM
 #13

So I will like to get more understanding of the Lightning Network.? And
What are the main primary purposes of the Lightning Network in Bitcoin transactions?
LN is here to make the small or micro payments more practical. With the price of Bitcoin increase the fee will always goes up so in the long run you might hesitate to spend fee for every payments you make and that's where the LN comes in play it allows you to make payments off chain means you don't clog the network as well as pay almost nothing for the transfer along with that transfers are instant unlike you have to wait for confirmation while making transfers on chain.

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