[Suggestion] LN Adoption Starts Here

Findingnemo

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Quote from: LoyceV on May 11, 2023, 10:55:09 AM

Quote from: Findingnemo on May 11, 2023, 10:41:47 AM

Managing big campaigns with numerous participants and implementing instant payment for each qualifying post can be a challenging task.

Not really: it took me 2 seconds to know you made this post. It's easy to check if it's on a qualifying board, and as long as you don't accept shitposters, it can be assumed the quality is accepted.
The challenge will be to make command line LN payments, I haven't done that yet.

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it's important to note that converting BTC received through Lightning Network channels requires an on-chain transaction

It depends on what you use it for. If you're looking to HODL funds long-term, you're right. But an increasing number of services accepts LN, and ~~some~~ many^* exchanges accept it too.

^* Just not the big ones that earn from promoting made-up tokens as if it's Bitcoin.

I meant the task is the tool which is yet to be developed so the managers are keeping it as old traditional way but if there is a feature and they will make use if it. I saw few exchange which also supports LN deposit but I never tried that because I am not pushed into such situation like we are now have to pay 10 or 20x times as transaction fee due to spam on the network as of now I am looking for those because being a trader I can't really spend that much huge amount for transaction fee because I do convert crypto to fiat and vice versa on daily basis.
^{Don't get me wrong on using that grammar betterment, I just saw it from a thread on Meta and just wanted to try it.}

LoyceV

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Quote from: Findingnemo on May 11, 2023, 10:41:47 AM

Managing big campaigns with numerous participants and implementing instant payment for each qualifying post can be a challenging task.

Not really: it took me 2 seconds to know you made this post. It's easy to check if it's on a qualifying board, and as long as you don't accept shitposters, it can be assumed the quality is accepted.
The challenge will be to make command line LN payments, I haven't done that yet.

Quote

it's important to note that converting BTC received through Lightning Network channels requires an on-chain transaction

It depends on what you use it for. If you're looking to HODL funds long-term, you're right. But an increasing number of services accepts LN, and ~~some~~ many^* exchanges accept it too.

^* Just not the big ones that earn from promoting made-up tokens as if it's Bitcoin.

Findingnemo

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Quote from: Little Mouse on May 11, 2023, 09:46:23 AM

Quote from: LoyceV on May 11, 2023, 06:29:50 AM

I'd like to see an (experimental) campaign that pays within seconds after each post. LN's strength is not making large transactions to many people, it's making many small transactions. So it would be possible to automate it, and pay each qualifying post instantly (assuming the campaign members are good enough to know they're not going to spam).

In that case, you need a mix of LN and yobit Cheesy

I don't know how yobit used to manage the campaign but they used a semi-automated process to pay the users if I can remember correctly. They used to pay the participants after certain times. Right now, I'm not managing a big-budget campaign. Maybe Hhampuz or Royse can afford such a campaign since they have a good budget campaign active.

Managing big campaigns with numerous participants and implementing instant payment for each qualifying post can be a challenging task. However, the idea is promising and eliminates the frustration of waiting for payment on the designated day (I recall those old days). But it's important to note that converting BTC received through Lightning Network channels requires an on-chain transaction, which means users may have to bear the fee, and it's unclear whether this is good or bad from a promotional standpoint.

Little Mouse

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Quote from: LoyceV on May 11, 2023, 06:29:50 AM

I'd like to see an (experimental) campaign that pays within seconds after each post. LN's strength is not making large transactions to many people, it's making many small transactions. So it would be possible to automate it, and pay each qualifying post instantly (assuming the campaign members are good enough to know they're not going to spam).

In that case, you need a mix of LN and yobit Cheesy

I don't know how yobit used to manage the campaign but they used a semi-automated process to pay the users if I can remember correctly. They used to pay the participants after certain times. Right now, I'm not managing a big-budget campaign. Maybe Hhampuz or Royse can afford such a campaign since they have a good budget campaign active.

LoyceV

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I wouldn't even know how to make a LN-payment to 30 people at once. That's a lot easier on-chain. And public payments are much more transparent.

I'd like to see an (experimental) campaign that pays within seconds after each post. LN's strength is not making large transactions to many people, it's making many small transactions. So it would be possible to automate it, and pay each qualifying post instantly (assuming the campaign members are good enough to know they're not going to spam).

tabas

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It's a nice idea but most of the campaigns will also need to convert the actual bitcoin into LN AFAIK.

Quote from: Little Mouse on May 08, 2023, 08:48:02 AM

I don't know how fixedfloat works but since you said it's a swap site, I assume it will require you to send btc everytime you want to use.

It's a swap where it is also accepting LN wherein a participant can convert it back to bitcoin or with any other altcoins that it's supported. So, if the manager decides to pay in LN, the participants just need to have those wallets that supports LN and then sell and swap it through fixedfloat and have it received with another altcoin as they wish or even back to bitcoin. It's not really needing a lot of effort but this is going to be a big adjustment for most of the managers. While looking at mempool, I guess we just need to wait a week or two until we see if the fees will stabilize.

Husires

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Quote from: libert19 on May 08, 2023, 10:42:30 AM

Oh that's it then, I thought BMs used to make individual payments.

I remember that a signature campaign tried to pay via LN payment, but there was no update on them.
Perhaps the reason is the fee costs for the amount of campaigns, some of which pay more than $ 3000 per week and can pay TX fees.
On the part of the users, some of us spend those payments and convert them into the local currency periodically, so using the lightning network means more fees for us.

hugeblack

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Quote from: libert19 on May 08, 2023, 08:46:06 AM

There are plenty signature campaigns which pay via btc. Btc fees are high atm, even when they were low it would take ~1 USD for each individual transfer, why not then just adopt LN?

This is not necessarily true. If a transaction that contains one input and several outputs (which is the case in most Bitcoin transactions) and many of those outputs are bc1 addresses, then the cost of the transaction will be much less than $1 for each individual transfer.
On average, these campaigns pay between $3 to $20, which is much less than the amounts you pay to users.

As for the Lightning Network, transactions here are not done on a daily or hourly basis, but rather one transaction per week, and many people send that transaction to a CEXs or put the address of that platform as a deposit address.

libert19

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Quote from: Nwada001 on May 08, 2023, 10:30:00 AM

I don't think the BTC transaction fee was up to $1 for each transaction since the payment is being made using a multi-sender-supported wallet, in which the entire transaction for all receivers is being processed and confirmed all at once. If the fee were calculated individually, it would not be up to $1. Even when I run a single transaction to another wallet, fees are usually below $1, sometimes 0.5, 0.8, and so on. Just a few weeks ago, I started spending up to $1 and above when sending out BTC to another wallet.

Oh that's it then, I thought BMs used to make individual payments.

Nwada001

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Quote from: libert19 on May 08, 2023, 08:46:06 AM

There are plenty signature campaigns which pay via btc. Btc fees are high atm, even when they were low it would take ~1 USD for each individual transfer, why not then just adopt LN?

I don't think the BTC transaction fee was up to $1 for each transaction since the payment is being made using a multi-sender-supported wallet, in which the entire transaction for all receivers is being processed and confirmed all at once. If the fee were calculated individually, it would not be up to $1. Even when I run a single transaction to another wallet, fees are usually below $1, sometimes 0.5, 0.8, and so on. Just a few weeks ago, I started spending up to $1 and above when sending out BTC to another wallet.

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I may potentially be ignorant to why LN is not being used, if it's so please throw light on it. Thanks.

LN is good, but not all exchanges support it either for deposit or withdrawal, and I think signature manager's decision to start accepting LN deposit addresses for paymen might definitely kill lots of people's desires and the true definition of adoption since one can no longer spend his or her BTC where and when they want unless on a specific exchange that only supports you to exchange them.

libert19

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Quote from: Little Mouse on May 08, 2023, 08:48:02 AM

Why it's in meta Roll Eyes

Moved to service discussion.

Quote from: _act_ on May 08, 2023, 08:52:18 AM

Which exchanges is that? I do not want to know if it is a good exchange but I have not heard of the exchange before. We are talking about payment, you are talking about exchanges. That is wrong. Talk about noncustodial wallet.

Fixedfloat is Instant exchange, one from this list, if there were going to be LN payments we would need exchange, and this is one of them. I use muun for Bitcoin and LN, it's non-custodial wallet.

_act_

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Lightning network is good with small amount of BTC

Which exchanges is that? I do not want to know if it is a good exchange but I have not heard of the exchange before. We are talking about payment, you are talking about exchanges. That is wrong. Talk about noncustodial wallet.

Quote from: libert19 on May 08, 2023, 08:46:06 AM

There are plenty signature campaigns which pay via btc. Btc fees are high atm, even when they were low it would take ~1 USD for each individual transfer, why not then just adopt LN?

Have you seen any lightning payment that support pay to many? I have not seen that, it can be one of the reasons.

Quote from: libert19 on May 08, 2023, 08:46:06 AM

I may potentially be ignorant to why LN is not being used, if it's so please throw light on it. Thanks.

Some people do not want to run a lightning node and they do not want lightning bitcoin custodial wallet.

Little Mouse

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Why it's in meta Roll Eyes

I just had a comment made on another thread on almost a same thread. LN payment for the sig campaign would be a good idea. Hwoever, if participants want to swap their BTC to LN, they would be required to do one on chain tx. I don't know how fixedfloat works but since you said it's a swap site, I assume it will require you to send btc everytime you want to use.

libert19

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There are plenty signature campaigns which pay via btc. Btc fees are high atm, even when they were low it would take ~1 USD for each individual transfer, why not then just adopt LN?

There is fixedfloat [1] instant exchange which supports Bitcoin LN. Participants can swap to other plenty currencies there if they want to.

I may potentially be ignorant to why LN is not being used, if it's so please throw light on it. Thanks.

[1] https://fixedfloat.com/en/

Topic: [Suggestion] LN Adoption Starts Here (Read 191 times)