[2017-12-07] Lightning Network is a Success! First Bitcoin Transaction Sent.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: DowBit on December 08, 2017, 11:42:24 AM

During Bitcoin’s development numerous problems have emerged and developers continue to fix them. Scalability is one such issue. But another major problem is the network capacity of dealing with small transactions. Ethereum has been tackling that problem with Raiden, and Bitcoin’s solution is almost the same but with a different name: Lightning Network. On Wednesday, December 6th, the developer team announced that the first mainnet Bitcoin transaction using Lightning Network was a success. More at: https://dowbit.com/ln-success-first-bitcoin-transaction-sent/

Hope this development will really be helping Bitcoin decongest its perennial clog problem of transactions which resulted into escalating transfer cost which is actually an anathema of what Bitcoin should be. Bitcoin is supposed or hope to be fast, efficient and not expensive -- these features should be at the very heart of what Bitcoin must be -- but we are seeing a different Bitcoin right now and this situation can be discouraging to many. There is an urgent need for solutions to this problem. I can sense that since the problem would mean more money for the miners these people are reluctant to welcome the solutions but we don't want Bitcoin to be shooting its own feet if they will continue on hiding their faces in the sand. The time has come and it is now!

iram1011

hero member

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I believe the success of lightening network will depend upon many economic factors. There are two main type of transactions, smaller one like buying a coffee or tipping someone and bigger one like buying a mobile phone to house or property. I believe the latter one which are more in volume will stay on chain as people will able to pay the fees and feel more secure as it comes with guarantee of being finalized on blockchain. People tend not to spend bitcoin on smaller transactions because of deflationary property of bitcoin and hence the volume of the former will be less. Congestion might still be there. But at the end I am only making the guess. There is a difference between theoretical and practical approach.

btcton

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Quote from: J. Cooper on December 08, 2017, 06:37:43 PM

Quote from: aso118 on December 08, 2017, 01:28:18 PM

Quote from: DowBit on December 08, 2017, 11:42:24 AM

During Bitcoin’s development numerous problems have emerged and developers continue to fix them. Scalability is one such issue. But another major problem is the network capacity of dealing with small transactions. Ethereum has been tackling that problem with Raiden, and Bitcoin’s solution is almost the same but with a different name: Lightning Network. On Wednesday, December 6th, the developer team announced that the first mainnet Bitcoin transaction using Lightning Network was a success.

More at: https://dowbit.com/ln-success-first-bitcoin-transaction-sent/

It is surprising that Bitcoin is down and Bitcoin Cash is up today. Scaling problems were actually the only reason why people thought Bitcoin cash could be successful. The lightning network is a step in that direction, but the market seems to be ignoring that.

And you should most certainly ignore the upward movement bitcoin has experienced the last couple of days. Yesterday bitcoin cash was down about 20% alongside practically every other altcoin. The lighting network isn't something new so I'm assuming it has become more of a fundamental and it has been priced in gradually. Not all markets, especially not the bitcoin one, are heavily relient on hype or good news to surge in price nor does the market adjust immediately to relatively small news like this (giveen you're a legendary member you should be aware of that) .

Not only that, but also the reason why announcements about the Lightning Network are not going to affect the price of alternatives to the scaling solution such as Bitcoin Cash and other altcoins is because of the fundamentally different ideologies held by everyone. If you go and ask a Bitcoin Cash supporter what they think about the Lightning Network, the most likely answer is going to be dismissive, focusing on how the lightning network does not count as centralization and puts too much trust in big parties, completely brushing aside any fundamental problems that they may know about Bitcoin Cash itself. I used to be subscribed to the /r/btc subreddit mostly to hear out the logical arguments some Bitcoin Cash supporters had to make about the LN, but the sheer amount of trolls significantly outshone the number of people who were actually helpful and were in for an actually constructive discussion. I do not see much disagreement in people in this forum, so I assume that it does not apply here.

senin

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Yes, this is very good news for owners bitkoyna and in general people who are going to use later bitkoyn. Practically solved one of the biggest problems bitkoyna - its scalability and low bandwidth. Now the bitcoyne can really go up in price, as this is its improvement ensures its progress.

hatshepsut93

legendary

Activity: 3038

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Quote from: aso118 on December 08, 2017, 01:28:18 PM

Quote from: DowBit on December 08, 2017, 11:42:24 AM

During Bitcoin’s development numerous problems have emerged and developers continue to fix them. Scalability is one such issue. But another major problem is the network capacity of dealing with small transactions. Ethereum has been tackling that problem with Raiden, and Bitcoin’s solution is almost the same but with a different name: Lightning Network. On Wednesday, December 6th, the developer team announced that the first mainnet Bitcoin transaction using Lightning Network was a success.

More at: https://dowbit.com/ln-success-first-bitcoin-transaction-sent/

It is surprising that Bitcoin is down and Bitcoin Cash is up today. Scaling problems were actually the only reason why people thought Bitcoin cash could be successful. The lightning network is a step in that direction, but the market seems to be ignoring that.

Bcash is a big bamboozle, it has "success" only because it is artificially pumped and places like bitcoin.com or /r/btc brainwash newcomers who had frustrating experience with Bitcoin's fees. There's no reason why Bcash should exist, there are hundreds or thousands of altcoins with bigger blocks, and their fees are cheaper than Bcash, so for example even Dogecoin is better than Bcash.
Any news that can move the price usually tend to get priced in before they become known to public, since professional traders have their own sources of information. It's likely that we are sitting at the current price partially because of succesful developments with Lightning Network and other projects that will improve Bitcoin.

entrepmind23

sr. member

Activity: 644

Merit: 261

Quote from: aso118 on December 08, 2017, 01:28:18 PM

Quote from: DowBit on December 08, 2017, 11:42:24 AM

During Bitcoin’s development numerous problems have emerged and developers continue to fix them. Scalability is one such issue. But another major problem is the network capacity of dealing with small transactions. Ethereum has been tackling that problem with Raiden, and Bitcoin’s solution is almost the same but with a different name: Lightning Network. On Wednesday, December 6th, the developer team announced that the first mainnet Bitcoin transaction using Lightning Network was a success.

More at: https://dowbit.com/ln-success-first-bitcoin-transaction-sent/

It is surprising that Bitcoin is down and Bitcoin Cash is up today. Scaling problems were actually the only reason why people thought Bitcoin cash could be successful. The lightning network is a step in that direction, but the market seems to be ignoring that.

Market is having a correction given the rapid movement of bitcoin upwards in the past few days so it is not surprising that bitcoin would be down and then people would shift to alts one of those is bitcoin cash so there would be upward movement to it. One of the issues why people have been bashing about bitcoin is because of the scalability issue so if lightning network is a success then it would be good news then and those other coins that aims to dethroned bitcoin because of this issue would not have any trump card anymore because this issue would be solved then.

Hexah

sr. member

Activity: 728

Merit: 265

If that would be good and really be a successful one that's a good news but how about if it doesn't do we need more days to wait for unconfirmed transactions because as I see the blockchain is really congested. Hope that would really solve the issue of blockchain congestion for confirmations because it has a very low fee and I don't know if how long I should wait it's almost in three days span now.

J. Cooper

full member

Activity: 294

Merit: 125

Alea iacta est

Quote from: aso118 on December 08, 2017, 01:28:18 PM

Quote from: DowBit on December 08, 2017, 11:42:24 AM

During Bitcoin’s development numerous problems have emerged and developers continue to fix them. Scalability is one such issue. But another major problem is the network capacity of dealing with small transactions. Ethereum has been tackling that problem with Raiden, and Bitcoin’s solution is almost the same but with a different name: Lightning Network. On Wednesday, December 6th, the developer team announced that the first mainnet Bitcoin transaction using Lightning Network was a success.

More at: https://dowbit.com/ln-success-first-bitcoin-transaction-sent/

It is surprising that Bitcoin is down and Bitcoin Cash is up today. Scaling problems were actually the only reason why people thought Bitcoin cash could be successful. The lightning network is a step in that direction, but the market seems to be ignoring that.

And you should most certainly ignore the upward movement bitcoin has experienced the last couple of days. Yesterday bitcoin cash was down about 20% alongside practically every other altcoin. The lighting network isn't something new so I'm assuming it has become more of a fundamental and it has been priced in gradually. Not all markets, especially not the bitcoin one, are heavily relient on hype or good news to surge in price nor does the market adjust immediately to relatively small news like this (giveen you're a legendary member you should be aware of that) .

SirWilliam

sr. member

Activity: 248

Merit: 250

This is extremely important news. When implemented it will solve all the network slowdown problems and reduce fees to nothing, PLUS allow micropayments!!!

This is the key to allow BTC to become a convenient global currency for instant digital payments as well as a permanent store of value (digital gold).

It's coming folks, and with Lightning in place the market cap could go to that of a global curreny, ie, over 10 Trillion, or 1 MILLION USD per BTC Grin

Xynerise

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39twH4PSYgDSzU7sLnRoDfthR6gWYrrPoD

Hopefully it is implemented in the mainnet soon because bitcoin fees are very high at the moment

richardsNY

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Quote from: aso118 on December 08, 2017, 01:28:18 PM

It is surprising that Bitcoin is down and Bitcoin Cash is up today. Scaling problems were actually the only reason why people thought Bitcoin cash could be successful. The lightning network is a step in that direction, but the market seems to be ignoring that.

Nothing surprising to see. Bitcoin's market is taking a small break after having been insanely active. Bitcoin Cash on the other hand has been dumped down quite a bit, and some people just try to hedge one coin for the other. This is something that you seem to ignore rather than the exhausted market. Other than that, while it's great news lightning network is once again a bit closer, this still doesn't mean anything in reality. If we want it to have an impact, lightning network needs to be utilized on a global scale, which right now should be the case with SegWit as well, but still isn't.

aso118

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★Nitrogensports.eu★

Quote from: DowBit on December 08, 2017, 11:42:24 AM

During Bitcoin’s development numerous problems have emerged and developers continue to fix them. Scalability is one such issue. But another major problem is the network capacity of dealing with small transactions. Ethereum has been tackling that problem with Raiden, and Bitcoin’s solution is almost the same but with a different name: Lightning Network. On Wednesday, December 6th, the developer team announced that the first mainnet Bitcoin transaction using Lightning Network was a success.

More at: https://dowbit.com/ln-success-first-bitcoin-transaction-sent/

It is surprising that Bitcoin is down and Bitcoin Cash is up today. Scaling problems were actually the only reason why people thought Bitcoin cash could be successful. The lightning network is a step in that direction, but the market seems to be ignoring that.

sindikat

full member

Activity: 364

Merit: 106

This is very good news. I hope that we all will soon see real benefits from lightning. Now a network of more than 200 000 unconfirmed transactions. Perhaps the miners again began to attack bitcoin. If "lightning" is really ensure a speedy transaction it will be a great success. Bitcoin can be used for trading.

DowBit

full member

Activity: 210

Merit: 101

During Bitcoin’s development numerous problems have emerged and developers continue to fix them. Scalability is one such issue. But another major problem is the network capacity of dealing with small transactions. Ethereum has been tackling that problem with Raiden, and Bitcoin’s solution is almost the same but with a different name: Lightning Network. On Wednesday, December 6th, the developer team announced that the first mainnet Bitcoin transaction using Lightning Network was a success.

More at: https://dowbit.com/ln-success-first-bitcoin-transaction-sent/

Topic: [2017-12-07] Lightning Network is a Success! First Bitcoin Transaction Sent. (Read 4292 times)