This may be a very naive, and perhaps a very stupid, question, but I still need to ask.
Could we only use LN on a needed basis for small transactions and keep the big transactions (over the 0.42BTC) running the current way?
(So LN can only be ran off chain?)
Topic: Poll: Will you use LN? (Read 1146 times)
For small transactions, sure. It's perfectly safe to use lightning networks to make small transactions, only paranoid idiots would cry and moan about not using onchain transaction to pay 5 bucks for some crap. Your 5 bucks are safer in the lightning network than they are in a banking credit card transaction.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
LN transactions are actually limited to no more than 0.042 BTC - which would be ~$114 USD at the time I am writing this.
https://medium.com/@rusty_lightning/bitcoin-lightning-faq-why-the-0-042-bitcoin-limit-2eb48b703f3
That seems pretty reasonable actually. 100 or so dollars per transaction and it is quick. not much risk there I suppose, but does it limit you from doing a few hundred transactions in a row to move a larger sum? I wonder how that plays out.
For small transactions, sure. It's perfectly safe to use lightning networks to make small transactions, only paranoid idiots would cry and moan about not using onchain transaction to pay 5 bucks for some crap. Your 5 bucks are safer in the lightning network than they are in a banking credit card transaction.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
LN transactions are actually limited to no more than 0.042 BTC - which would be ~$114 USD at the time I am writing this.
https://medium.com/@rusty_lightning/bitcoin-lightning-faq-why-the-0-042-bitcoin-limit-2eb48b703f3
Well that's good, for real transactions, I would use on-chain, but again, $100 is a nice sweet spot to limit LN transactions. I can't wait to get LN going and actually be able to send and receive small amounts to people without having to bother with confirmation times and all that crap when it's just pointless for small amounts.
A lot of use cases that will finally be able to be implemented.
I think LN will be free or might be cheaper than normal on chain transactions so obviously I will use LN to save in fees but It shouldn't be like off chain transactions xapo and coinbase have right now (centralized one).
For small transactions, sure. It's perfectly safe to use lightning networks to make small transactions, only paranoid idiots would cry and moan about not using onchain transaction to pay 5 bucks for some crap. Your 5 bucks are safer in the lightning network than they are in a banking credit card transaction.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
LN transactions are actually limited to no more than 0.042 BTC - which would be ~$114 USD at the time I am writing this.
https://medium.com/@rusty_lightning/bitcoin-lightning-faq-why-the-0-042-bitcoin-limit-2eb48b703f3
For small transactions, sure. It's perfectly safe to use lightning networks to make small transactions, only paranoid idiots would cry and moan about not using onchain transaction to pay 5 bucks for some crap. Your 5 bucks are safer in the lightning network than they are in a banking credit card transaction.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
For 100+ dollars where you would be pissed if you lost them, then i'll stick to on-chain tx's.
It's limited to 0.042 BTC per transaction. Because I'm so goddamn high rolling I never spend that little.
There should be some interesting new use cases. Maybe I'll find something then.
There should be some interesting new use cases. Maybe I'll find something then.
that limit is stupid, what if i need to move a great amount of coin?
ok you have unlimited transaction limit, but sending 100 tx just to move 4 btc is retarded
Or maybe you could just spend an onchain transaction.I don't think you understand what LN is. It's not just eliminating onchain transactions altogether. If people want the greatest BTC security, they send onchain. That's quite obvious.
The testnet wallet Eclair on Android allows you to spend onchain transactions. Even if those wallets didn't, you'd just send as much to it as you need for regular microtransactions.
I will use if it's cheaper, and if big amounts will use normal on chain transactions.
that limit is stupid, what if i need to move a great amount of coin? ok you have unlimited transaction limit, but sending 100 tx just to move 4 btc is retarded when bitcoin is also notorious for not having trouble in moving a very large amount of money
this have somethign to do with the somehow centralized hub that LN rely on perhaps?
this have somethign to do with the somehow centralized hub that LN rely on perhaps?
https://medium.com/@rusty_lightning/bitcoin-lightning-faq-why-the-0-042-bitcoin-limit-2eb48b703f3
it looks like risk mitigation more than anything.
if anyone wants to try a test lightning network they can right now. it's very impressive.
https://medium.com/@ACINQ/announcing-eclair-wallet-a8d8c136fc7e
It's limited to 0.042 BTC per transaction. Because I'm so goddamn high rolling I never spend that little.
There should be some interesting new use cases. Maybe I'll find something then.
There should be some interesting new use cases. Maybe I'll find something then.
that limit is stupid, what if i need to move a great amount of coin? ok you have unlimited transaction limit, but sending 100 tx just to move 4 btc is retarded when bitcoin is also notorious for not having trouble in moving a very large amount of money
this have somethign to do with the somehow centralized hub that LN rely on perhaps?
There are already thousands of people using off-chain services like Xapo, and they are very satisfied with the flexibility and cost effective features that it offers to them, so why would they not want to use the LN for the same thing? We need a technology that would run the "Coffee" transaction side of the Bitcoiner's needs and the LN is ideal for that. < cheap micro transactions >
Let's just cater for all the needs. Bitcoin is not just a Store of Value coin. ^smile^
Let's just cater for all the needs. Bitcoin is not just a Store of Value coin. ^smile^
For me it is like wait and watch situation right now. I will wait till the actual activation of segwit and possibility to use LN before making any opinion about it. What LN can do is quite interesting and if everything works as claimed I will do off chain transactions too with LN.
my vote goes for unsure because i have not yet made up my mind. the information regarding SegWit and LN has always been scattered, way too biased, and in some cases filled with FUD so i have not yet been able to fully understand it.
so far i consider it off-chain and i won't use anything off-chain unless i have to.
in any case i need to do more research and educate myself more before making a real decision. it is not an easy Yes/No question for me when it comes to bitcoin!
so far i consider it off-chain and i won't use anything off-chain unless i have to.
in any case i need to do more research and educate myself more before making a real decision. it is not an easy Yes/No question for me when it comes to bitcoin!
Will you use Segwit? If no are you implying you will only do onchain transactions? Will you sell all of your BTC and leave? Will to convert to altcoins and never come back?
What will you do?
SegWit is on-chain. Do you mean LN?What will you do?
It looks funny for watch.
Yup, I am very tired today. Need more sleep
If the merchant is accepting a Lightning enabled payment and assuming that it is stable, secure and that it is very easy to use, then why not?
Everyone will start using it if it is really more convenient and faster.
Everyone will start using it if it is really more convenient and faster.
Will you use LN?
If no are you implying you will only do onchain(main BTC chain) transactions?
Will you sell all of your BTC and leave?
Will to convert to altcoins and never come back?
Are you unsure?
What will you do?
If no are you implying you will only do onchain(main BTC chain) transactions?
Will you sell all of your BTC and leave?
Will to convert to altcoins and never come back?
Are you unsure?
What will you do?
LN is an additional layer over the network, you can use it if you want to or stick to on-chain transactions. The whole point of LN is instant (within seconds) microtransactions with the lowest fee which I don't think would be feasible on-chain even after Segwit has been activated.
Yeah, the first version of LN has an upper limit of 0.042 BTC which might be increased in the future. Right now LN could be used for small purchases, be it coffee or lunch. Merchants are the ones who are going to benefit most from LN. More merchants would start accepting bitcoin as means of payment.
Recently bitcoin was added as a payment option in the AirRegi POS system in Japan thus making it available across 260,000+ stores. LN could be integrated into POS systems and thus giving the merchants the option to accept instant microtransactions.
Eclair Wallet, an android wallet for the LN was just released, testnet for the time being.
https://medium.com/@ACINQ/announcing-eclair-wallet-a8d8c136fc7e
https://play.google.com/store/apps/details?id=fr.acinq.eclair.wallet
We are getting Segwit for sure, but that doesn't mean we'll get the Lightning Network.
Miners will not implement it as it will reduce onchain transactions and so they will earn less money from fees.
But if we did get it, I wouldn't use it. From my limited understanding, I feel as though it's not trustworthy.
Miners will not implement it as it will reduce onchain transactions and so they will earn less money from fees.
But if we did get it, I wouldn't use it. From my limited understanding, I feel as though it's not trustworthy.
I just see it as a natural progression. If enough people can be persuaded to think Segwit needs to happen, then LN will happen in the future.
Even though there really isn't any use cases for it as it is quite limited in how much you can send on it.
Will you use Segwit? If no are you implying you will only do onchain transactions? Will you sell all of your BTC and leave? Will to convert to altcoins and never come back?
What will you do?
SegWit is on-chain. Do you mean LN?What will you do?
It looks funny for watch.
It depends on whether or not I find there to be a need for the lightning network, and that comes down to whether or not other people are interested in using it or if merchants start to accept LN payments as a means of mitigating worry about confirmations for day-to-day transactions, if it ever gets that far. If I open up some sort of storefront then I think I would have a reason to use LN, or at least encourage others to use it so that everything can go smoothly.
Interesting to see how technology changes.
Interesting to see how technology changes.
Jump to: