Lightning Network and Segwit | Bitcointalksearch.org

atileture

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Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees?

Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

both are only will add new hard forks or altcoin

not think segwit will help or end fee problem but LN is one of possible soultion

TTITA

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Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees?

Yes yes, this is the solving of transactions with small quantities without questioning the cost of shipping. I doubt if this can be applied in some wallet exchanges, because of course they need the benefits of each of its user transactions. So LN will be difficult to apply to all.

Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

Actually the purpose of SegWit is to enlarge the blocksize so that the network can accommodate more transactions and not quickly clogged up, but the implementation of this with profit mining of each transaction will be cheaper than before. So there is a potential business conflict here. It takes time and gradually for all this improvement can be followed by all parties.

CryptoBry

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Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees? Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

There is no question that Bitcoin now has a big problem due to the high cost of the transaction fees which is kinda insulting to Bitcoin itself because it is supposed to be cheap and fast. Now, Bitcoin holders are complaining to high heavens but only a few are listening. This is already akin to shooting yourself on the foot. This has to be solved ASAP and hope that Bitcoin has not become like a bureaucratic government where solutions can take ages to be implemented. The best people who can tell us why exchanges are not fully implementing the SegWit are the people from the exchanges themselves...maybe we should ask their official stand on this pivotal matter.

Theb

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That's the expected outcome of implementing the Lightning Network in our Blockchain. With it Bitcoin would become what it is really intended to do so which is to become a virtual currency for people looking for an alternative payment solution. As of right now transaction fees are unreasonable and for me as a buyer I won't be happy for incurring additional cost just by sending the payments, this is what the Paypal's CEO is talking about recently that Bitcoin is not good for the consumer's pockets.

jseverson

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Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees?

Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

Lightning Network should help plenty if it works as advertised. It has been tested on Bitcoin and other altcoins and the results seem to be positive. In case you didn't know, Lightning Network essentially offers 'instant' confirmations. That means people won't need to pump fees for priority, and it's obviously as fast as instant can get.

Coinbase is about to implement Segwit though right? I feel like that decision is mostly political in nature, but adopting it could just as easily have technical repercussions. Either way, Segwit adoption is quite steadily increasing, and we're going to need that for Lightning.

pooya87

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Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees?

even LN needs scaling on chain since you do need to make an on chain transaction once you open the channel and once you close it. i am afraid we do need a solution for that because the current situation with block size is not enough.

Quote

Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

you have to ask them and force the services to implement what you want. and then people have to choose to use it otherwise it is not enough for them to implement it and nobody still uses it.
same with LN. it takes time for people to start understanding how it works then start to use it.

Baitcoin

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Quote from: mk4 on December 14, 2017, 08:16:29 PM

Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees?

It will definitely help the transaction fees and transaction times. But will it be enough? For us to be able to send small amounts without paying higher in fees? We don't know yet. Time will tell. *fingers crossed*

Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

Most exchanges and services are still probably working on using SegWit addresses to their systems. I don't know how SegWit works in a code level so I'm really not sure, but it will probably take a bit of time before every exchange and service uses SegWit.

I think Segwit won't be enough but at least it'll act as a band-aid to the high fees we are experiencing right now.

Hopefully, LN does work as intended and widely adopted if it comes already.

mk4

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Paldo.io 🤖

Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees?

It will definitely help the transaction fees and transaction times. But will it be enough? For us to be able to send small amounts without paying higher in fees? We don't know yet. Time will tell. *fingers crossed*

Quote from: Baitcoin on December 14, 2017, 08:12:19 PM

Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

Most exchanges and services are still probably working on using SegWit addresses to their systems. I don't know how SegWit works in a code level so I'm really not sure, but it will probably take a bit of time before every exchange and service uses SegWit.

Baitcoin

newbie

Activity: 14

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Sending small amount of BTC nowadays is not viable at all because of the fees. Will LN greatly help solve the current issue of high transaction fees?

Also, why is Segwit not implemented by popular exchanges like Coinbase and some online wallets when it could help lower the transaction fees? I've read that the adoption rate of Segwit is merely 15-18% only and have already fallen low. If ever LN does come, would it be widely accepted or just the same as Segwit?

Topic: Lightning Network and Segwit (Read 164 times)