Topic: Great News For Bitcoin! Lightening Network First Payment Was Successful! - page 2. (Read 693 times)
January 02, 2018, 08:29:59 AM
Yeah, I have seen the video too. It was literally lightning fast! Can't wait for it to be fully developed and got integrated in a user-friendly software. Guess it'll take more time eh? I don't think it'll be available until 2020. An implementation like this took a long time before officially released to major users. Even Segwit took years to develop and even after implemented a lot of users are still not using it.
January 02, 2018, 08:24:13 AM
Cross-chain atomic swaps will help whatever cryptocurrency becomes the predominate one. Not just bitcoin. Joseph Poon and Thaddeus Dryja are going to become famously wealthy regardless of which crypto wins. Congrats!
Why should anybody use this if Bitcoin (Cash) will solve this in a single cheap cash coin?
There will always be demand for alts, regardless of which Bitcoin hardfork becomes the dominant one. And as long as there's a demand for alts, there will be a use case for cross-chain atomic swaps.
Worst case it's just people swapping speculative assets around, best case it enables decentralized purchasing of utility tokens, whichever they may be in the future.
January 02, 2018, 08:21:31 AM
Its good information. Good news mate.
One thing that i still not understand, how it can make bitcoin more faster in transaction and zero fee? If zero fee i think its not possible since the miners will not do our transaction. If you can give me the detail maybe i will more understand. But at least this is good news.
One thing that i still not understand, how it can make bitcoin more faster in transaction and zero fee? If zero fee i think its not possible since the miners will not do our transaction. If you can give me the detail maybe i will more understand. But at least this is good news.
January 02, 2018, 08:18:31 AM
Finally some good new, but i were talking with some friends and they told me that this might be a solution if all implement those, but we talked as well about do transaction offchain wich can cause some damage or issue, im not pretty sure how it works, but knowing it will reduce the insane fees its already a good new to bitcoin.
January 02, 2018, 08:15:41 AM
Cross-chain atomic swaps will help whatever cryptocurrency becomes the predominate one. Not just bitcoin. Joseph Poon and Thaddeus Dryja are going to become famously wealthy regardless of which crypto wins. Congrats!
Why should anybody use this if Bitcoin (Cash) will solve this in a single cheap cash coin?
January 02, 2018, 08:04:47 AM
I believe this is a great step towards solving the scalability issues
which we've been having for quite some time now.
It still has to be tested thoroughly before implementing it but if
it does process instant and low fee transactions then nothing would
stop bitcoin and may even have mass adoption as I read that using
the lighting network, it can process millions of transactions/second.
This is huge! Even Visa can only process 50k transactions at max.
which we've been having for quite some time now.
It still has to be tested thoroughly before implementing it but if
it does process instant and low fee transactions then nothing would
stop bitcoin and may even have mass adoption as I read that using
the lighting network, it can process millions of transactions/second.
This is huge! Even Visa can only process 50k transactions at max.
January 02, 2018, 07:53:14 AM
Oh i see, LN isn't implemented yet in other wallet? I want to send 10k satoshi with 0 fee
Good news, of course
Yes months away from getting LN up and running and they had years to see this coming so one must assume they wanted things to pan out like this and then we will have to wait for wallets to work with LNGood news, of course
Too little, too late and the market is speaking but as a quick fix they could try a simple line of code for now
LN may have not needed SegWit but everything that it is offering including the paramount security of it is based on SegWit. and we got it less than 6 months ago. you can not expect full scale adoption of something like that in less than 6 months.
Quote
Public static money MaxFee=1.50 // Stop ripping us off miners and leave because not enough cream for 20,000 of you on this cake
feel free to fork bitcoin and change this rule (this can be considered consensus rule) and see how many will follow your chain. if you can get enough people to switch then your chain will be bitcoin.
January 02, 2018, 07:46:40 AM
Sup guys!
I think this is a very important piece of info as we all kinda doomed bitcoin, but this might be a breakthrough.
The lightening network is a technology basically adds a layer of tech that can be a scaling solution for bitcoin, its supposed to prevent the high fees and slow transactions, with the same level of security.
A few days ago the first payment using the lightening network was successful, it was made to pay a phone bill.
The payment was INSTANT, and the fees were ZERO.
Here's the full article - https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/
Bottom line - the lightening network could solve most of the problems with bitcoin - if it does, its a huge step forward in terms of bitcoins scalability, meaning itll be easier to get mass adoption and use BTC for day-to-day transactions, and generally will be great news for the whole crypto section.
I think this is a very important piece of info as we all kinda doomed bitcoin, but this might be a breakthrough.
The lightening network is a technology basically adds a layer of tech that can be a scaling solution for bitcoin, its supposed to prevent the high fees and slow transactions, with the same level of security.
A few days ago the first payment using the lightening network was successful, it was made to pay a phone bill.
The payment was INSTANT, and the fees were ZERO.
Here's the full article - https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/
Bottom line - the lightening network could solve most of the problems with bitcoin - if it does, its a huge step forward in terms of bitcoins scalability, meaning itll be easier to get mass adoption and use BTC for day-to-day transactions, and generally will be great news for the whole crypto section.
I have read this positive news from my google apps.
Indeed this is a great technology to eliminate all the issues of bitcoin that we have right now. High transfer fees, slow transaction, are now really a big issues for bitcoin as people used it to against and make bitcoin looks bad. And then comes this technology.
I hope this LN can be implemented as fast as it can on the bitcoin network. But with this implementation, i guess there will be new problem we may face, like maybe wallets will make a fixed fees to do transaction, and maybe like lower earnings for miner because we dont need to pay for the transaction again. I dont know. I hope it can solve the problem.
January 02, 2018, 07:31:53 AM
I hope this news not a fake, time to buy bitcoins !
January 02, 2018, 07:29:13 AM
That's positive news, but still not enough to cheer the market back up. I don't want to sound negative but even when Lightening Network is fully implemented, it'll be too late for bitcoin to win all the investors who already moved to support new cryptos. New cryptos are implementing features that are missing from bitcoin such as anonymity and private transactions. Bitcoin is already outdated. I'm not saying that bitcoin will die. I'm sure bitcoin will stay forever however, it'll slow down gradually until another coin takes its place as the main crypto-currency.
I think this is an overestimation of how quickly people are willing to switch from one technology or investment to another. If LN fails to deliver or takes another 2-3 years for deployment, then we're likely to see a major shift in userbase. But not after 1 year of scaling issues after a track record of running flawlessly for 9 years. Additionally few people seem to care about true anonymity, that is assuming the current anonymity approaches are viable and solid in the first place.
[...]
For example, can you conceive of a layer on top of bitcoin in which fully anonymous transactions were possible? There'd be a point of exit from the blockchain and a point of entry back to it, and that's all the info that would be available.
[...]
For example, can you conceive of a layer on top of bitcoin in which fully anonymous transactions were possible? There'd be a point of exit from the blockchain and a point of entry back to it, and that's all the info that would be available.
[...]
Actually that's pretty much what LN is doing. LN transactions are only visible to the involved parties, the nodes inbetween know nothing about the transactions they route. I'm not sure whether LN can provide full anonymity but it definitely will improve privacy.
When I read the news I was equally happy and waiting it should be something not too difficult to be rolled out to many or maybe some explanations is needed on it. The way this upgrade are done, I expect that it should be updated into the system automatically just like when you update an app on google play store rather than all this process that you are trying to explain. If this is anything to go by, it then means that the time to enjoy the benefit of this laudable achievement is not close by.
January 02, 2018, 07:15:31 AM
That's positive news, but still not enough to cheer the market back up. I don't want to sound negative but even when Lightening Network is fully implemented, it'll be too late for bitcoin to win all the investors who already moved to support new cryptos. New cryptos are implementing features that are missing from bitcoin such as anonymity and private transactions. Bitcoin is already outdated. I'm not saying that bitcoin will die. I'm sure bitcoin will stay forever however, it'll slow down gradually until another coin takes its place as the main crypto-currency.
I think this is an overestimation of how quickly people are willing to switch from one technology or investment to another. If LN fails to deliver or takes another 2-3 years for deployment, then we're likely to see a major shift in userbase. But not after 1 year of scaling issues after a track record of running flawlessly for 9 years. Additionally few people seem to care about true anonymity, that is assuming the current anonymity approaches are viable and solid in the first place.
[...]
For example, can you conceive of a layer on top of bitcoin in which fully anonymous transactions were possible? There'd be a point of exit from the blockchain and a point of entry back to it, and that's all the info that would be available.
[...]
For example, can you conceive of a layer on top of bitcoin in which fully anonymous transactions were possible? There'd be a point of exit from the blockchain and a point of entry back to it, and that's all the info that would be available.
[...]
Actually that's pretty much what LN is doing. LN transactions are only visible to the involved parties, the nodes inbetween know nothing about the transactions they route. I'm not sure whether LN can provide full anonymity but it definitely will improve privacy.
January 02, 2018, 07:09:52 AM
This is the news that everyone is waiting for, bitcoin users already facing this problem for a long time and finally there is an solution, hopefully this can be implemented soon and people can start to used it, I believe this things could make bitcoin dominating againand make people want to use bitcoin for transaction
You forget that rip-off tx fees has lead to a break down in trust so what happens when the LN hubs are exposed
for what they are as banks if we stop playing with words and they conspire with miners to stitch us up even more.
Things are not happy in Crypto-land and we did not change the rules.
January 02, 2018, 07:05:41 AM
Oh i see, LN isn't implemented yet in other wallet? I want to send 10k satoshi with 0 fee
Good news, of course
Yes months away from getting LN up and running and they had years to see this coming Good news, of course
so one must assume they wanted things to pan out like this and then we will have to wait
for wallets to work with LN
Too little, too late and the market is speaking but as a quick fix they could try a simple line of code for now
Public static money MaxFee=1.50 // Stop ripping us off miners and leave because not enough cream for 20,000 of you on this cake
January 01, 2018, 07:26:14 PM
This is the news that everyone is waiting for, bitcoin users already facing this problem for a long time and finally there is an solution, hopefully this can be implemented soon and people can start to used it, I believe this things could make bitcoin dominating againand make people want to use bitcoin for transaction
January 01, 2018, 06:29:50 PM
That is amazing news! Indeed one of the downfalls of Bitcoin is the transaction fees and time. If it can truly become instant and with low to no fees, a HUGE step in the right direction. Then, I really don't see how Bitcoin doesn't overtake fiat in the future. The possiblities are endless at that point.
January 01, 2018, 05:36:58 PM
What I have to do to use this lightening network? Last time I wanted to send bitcoin it asked for $15 fees and I did not send it, because I typically send smaller amounts and how is it possible that I have to pay higher fees like some payment processors charge?
Hopefully this new network will solve the issues.
Hopefully this new network will solve the issues.
January 01, 2018, 05:29:39 PM
That's positive news, but still not enough to cheer the market back up. I don't want to sound negative but even when Lightening Network is fully implemented, it'll be too late for bitcoin to win all the investors who already moved to support new cryptos. New cryptos are implementing features that are missing from bitcoin such as anonymity and private transactions. Bitcoin is already outdated. I'm not saying that bitcoin will die. I'm sure bitcoin will stay forever however, it'll slow down gradually until another coin takes its place as the main crypto-currency.
This really is not true. Various features / options can be implemented in the basic code, such as what we call for convenience "Bitcoin Core." Or it's equivalent for alt coins.
But the presence or absence of those features has no relation to what features may be put on another layer. And that 2nd or even 3rd layer is required for exponential network growth.
For example, can you conceive of a layer on top of bitcoin in which fully anonymous transactions were possible? There'd be a point of exit from the blockchain and a point of entry back to it, and that's all the info that would be available.
What this means is that "features" in an alt coin does not imply it is "more advanced or superior" to bitcoin. Not in the least.
January 01, 2018, 04:43:41 AM
Sup guys!
I think this is a very important piece of info as we all kinda doomed bitcoin, but this might be a breakthrough.
The lightening network is a technology basically adds a layer of tech that can be a scaling solution for bitcoin, its supposed to prevent the high fees and slow transactions, with the same level of security.
A few days ago the first payment using the lightening network was successful, it was made to pay a phone bill.
The payment was INSTANT, and the fees were ZERO.
Here's the full article - https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/
Bottom line - the lightening network could solve most of the problems with bitcoin - if it does, its a huge step forward in terms of bitcoins scalability, meaning itll be easier to get mass adoption and use BTC for day-to-day transactions, and generally will be great news for the whole crypto section.
I think this is a very important piece of info as we all kinda doomed bitcoin, but this might be a breakthrough.
The lightening network is a technology basically adds a layer of tech that can be a scaling solution for bitcoin, its supposed to prevent the high fees and slow transactions, with the same level of security.
A few days ago the first payment using the lightening network was successful, it was made to pay a phone bill.
The payment was INSTANT, and the fees were ZERO.
Here's the full article - https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/
Bottom line - the lightening network could solve most of the problems with bitcoin - if it does, its a huge step forward in terms of bitcoins scalability, meaning itll be easier to get mass adoption and use BTC for day-to-day transactions, and generally will be great news for the whole crypto section.
great news but Lightening Network is long term solve and need long time to be full supported by the network.
we need fast solve for this problem
December 31, 2017, 10:54:34 PM
is this the savior of bitcoin? well let's hope that this will be implemented soon in higher scale and solved the problem in transactions.
December 31, 2017, 10:50:39 PM
Humans:
I'm for mom and pop stores.
You leave, They go to Walmart and vote with their pocket book.
This is the past, present and future.
Ripple wins as currency, it's free to send.
When want to be anonymous you use 1 of the 100's of untraceable alt-coins.
This isn't very hard.
BTC is going to fail.
Hey, I'm for the movement, F- Gov's etc. But BTC isn't a currency...by its own choice. It's for high value transaction and store of value. Well, a better high value transaction coin will come along so there goes that. Store of value only option left. I bet if the 1st leaves, the 2nd will never be.
I'm for mom and pop stores.
You leave, They go to Walmart and vote with their pocket book.
This is the past, present and future.
Ripple wins as currency, it's free to send.
When want to be anonymous you use 1 of the 100's of untraceable alt-coins.
This isn't very hard.
BTC is going to fail.
Hey, I'm for the movement, F- Gov's etc. But BTC isn't a currency...by its own choice. It's for high value transaction and store of value. Well, a better high value transaction coin will come along so there goes that. Store of value only option left. I bet if the 1st leaves, the 2nd will never be.
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