What do you guys think about light coin/lightning?

jrrsparkles

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Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

I have read about lightning, and noticed that lightning was created to fasten bitcoin transactions, due to the conjestion of transaction or mempool. Bitcoin was never planned to have conjection, but due to high trx on bitcoin blockchain now increase or stressing the bitcoin node to perform multiple task at a time. And since this transaction cant be performed at once, they becomes stranded in mempool waiting for confirmation. And these increase transaction fees.

So my question is how does buying of lightning coin a means of increasing bitcoin slow network?

How does an altcoin be of a help to bitcoin?

LTC - Litecoin

LN - Lightning Network

LTC is not related to Bitcoin in any way and you seem confused with LTC and LN,

LTC is a different coin that runs on its own blockchain while LN is an L2 layer that was developed to make small payments at instant speed with the lowest fee possible.

Huppercase

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Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

I have read about lightning, and noticed that lightning was created to fasten bitcoin transactions, due to the conjestion of transaction or mempool. Bitcoin was never planned to have conjection, but due to high trx on bitcoin blockchain now increase or stressing the bitcoin node to perform multiple task at a time. And since this transaction cant be performed at once, they becomes stranded in mempool waiting for confirmation. And these increase transaction fees.

Bitcoin nodes are not the one responsible for mining, the miners are the actually center of bitcoin that facilitate transactions to fit into blocks, what nodes do is to verify each confirmed transaction after it has been mined which they keep in the ledger and then they also verify transaction before they relay to another nodes where they go and stay in the mempool of each node awaiting for miners to mine them into a block.

Quote

So my question is how does buying of lightning coin a means of increasing bitcoin slow network?

How does an altcoin be of a help to bitcoin?

What do you want to do with lightning bitcoin when you are not a business person or someone that want to be spending bitcoin in for shopping and buying stuffs. If you want bitcoin for holding, do that on exchange and have transfer it to your personal wallet.

Lightning network bitcoin are also real bitcoin but you can't ubuy them to hold as they are meant to be used to transact and when you are done with all the spending, you can close the channel and then your bitcoin will be move from the layer 2 chain to the bitcoin base chain where you can do whatever you like with it, I hope you understand the difference.

Altcoins doesn't help bitcoin in anyway, it's actually the opposite.

Spaceman1000$

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Quote from: slashz9 on November 25, 2023, 08:19:42 AM

I saw the coin at Coingecko, but didn't see anyone's interest in it, no matter how good it is here, if no one looks at it and glances at it, it won't make any sense.
This means that the coin is not very good or useful, if it is useful, people should use it.

I'm even hearing about the lightning coin for the first time, going through the thread i initially thought the OP was referring to litecoin, however if the lightning coin does exist, then it doesn't have much recognition or publicity that it should, maybe that's why some persons are still wondering if the OP is referring to litecoin.

slashz9

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I saw the coin at Coingecko, but didn't see anyone's interest in it, no matter how good it is here, if no one looks at it and glances at it, it won't make any sense.
This means that the coin is not very good or useful, if it is useful, people should use it.

electronicash

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Quote from: MAAManda on November 25, 2023, 07:57:59 AM

Quote from: Samlucky O on November 25, 2023, 05:48:54 AM

With this explanation, I think you have cleared my curiousity on lightning and light coin. I really appreciate your efforts

You're welcome mate, it's not unusual for someone not to know certain things, if you don't know, ask. That will help you understand better and also refresh the mind for the person being asked, LOL.

Quote from: icalical on November 25, 2023, 06:21:42 AM

This is my first time hearing about Lightning coin, OP make me search about Lightning Bitcoin Coin, and it actually exist, https://coinmarketcap.com/currencies/lightning-bitcoin/, I don't know if that is the coin that OP is referring to, but I don't think those Lightning Bitcoin coin is in anyways related to the Bitcoin Lightning Network. The site is in chinese, https://lbtc.io/EN/about.html so

OP refers to $LIGHT according to the link he attached to this response. I've also explained a little about the confusion he experienced regarding Lightning (LIGHT) and its differences with the Lightning Network a.k.a LN.

@Samlucky O, If you feel that all your questions have been answered correctly, don't forget to lock the topic you created so it won't cause prolonged spam

.

if it weren't for this post, everybody would probably still respond about LTC having LN.

LBTC seems a different network from BTC so i don't think it can affect the congestion in BTC. surprisingly the price of this LBTC was once $500 but it dive deep to $0.28. it must be a fork and everyone who got some free LBTC sold back in 2018.

MAAManda

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Quote from: Samlucky O on November 25, 2023, 05:48:54 AM

With this explanation, I think you have cleared my curiousity on lightning and light coin. I really appreciate your efforts

You're welcome mate, it's not unusual for someone not to know certain things, if you don't know, ask. That will help you understand better and also refresh the mind for the person being asked, LOL.

Quote from: icalical on November 25, 2023, 06:21:42 AM

This is my first time hearing about Lightning coin, OP make me search about Lightning Bitcoin Coin, and it actually exist, https://coinmarketcap.com/currencies/lightning-bitcoin/, I don't know if that is the coin that OP is referring to, but I don't think those Lightning Bitcoin coin is in anyways related to the Bitcoin Lightning Network. The site is in chinese, https://lbtc.io/EN/about.html so

OP refers to $LIGHT according to the link he attached to this response. I've also explained a little about the confusion he experienced regarding Lightning (LIGHT) and its differences with the Lightning Network a.k.a LN.

@Samlucky O, If you feel that all your questions have been answered correctly, don't forget to lock the topic you created so it won't cause prolonged spam

.

icalical

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Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

So my question is how does buying of lightning coin a means of increasing bitcoin slow network?

This is my first time hearing about Lightning coin, OP make me search about Lightning Bitcoin Coin, and it actually exist, https://coinmarketcap.com/currencies/lightning-bitcoin/, I don't know if that is the coin that OP is referring to, but I don't think those Lightning Bitcoin coin is in anyways related to the Bitcoin Lightning Network. The site is in chinese, https://lbtc.io/EN/about.html so

Samlucky O

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Quote from: MAAManda on November 25, 2023, 05:33:05 AM

Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

So my question is how does buying of lightning coin a means of increasing bitcoin slow network?

Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

How does an altcoin be of a help to bitcoin?

Even by buying $LIGHT you still won't be able to speed up transactions on the Bitcoin network, I'm sure what you're talking about here is the Lightning network. It is a Layer-2 protocol that exists with the aim of speeding up and saving costs on transactions. Remember that no single altcoin is capable of helping the Bitcoin network scale.

Quote from: Samlucky O on November 25, 2023, 05:14:30 AM

Not that I don't really know what am talking about, but was cofuse on how lightning network has a coin (LIGHT) not litecoin. Which I was thinking that how does the coin has any inpact on fastening the bitcoin network. This is the logo not the usual litecoin. https://stakingcrypto.info/static/assets/coins/lightning-logo-1200.png?v=101

LN doesn't have a native token, it's just a protocol as I mentioned before. For the token you mean, I have searched for it on CMC and found it, you can see it here: https://coinmarketcap.com/currencies/lightning

Here's an image from the "About" page description:

Image Source: Coinmarketcap

With this explanation, I think you have cleared my curiousity on lightning and light coin. I really appreciate your efforts

MAAManda

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Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

So my question is how does buying of lightning coin a means of increasing bitcoin slow network?

Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

How does an altcoin be of a help to bitcoin?

Even by buying $LIGHT you still won't be able to speed up transactions on the Bitcoin network, I'm sure what you're talking about here is the Lightning network. It is a Layer-2 protocol that exists with the aim of speeding up and saving costs on transactions. Remember that no single altcoin is capable of helping the Bitcoin network scale.

Quote from: Samlucky O on November 25, 2023, 05:14:30 AM

Not that I don't really know what am talking about, but was cofuse on how lightning network has a coin (LIGHT) not litecoin. Which I was thinking that how does the coin has any inpact on fastening the bitcoin network. This is the logo not the usual litecoin. https://stakingcrypto.info/static/assets/coins/lightning-logo-1200.png?v=101

LN doesn't have a native token, it's just a protocol as I mentioned before. For the token you mean, I have searched for it on CMC and found it, you can see it here: https://coinmarketcap.com/currencies/lightning

Here's an image from the "About" page description:

Image Source: Coinmarketcap

Tipstar

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Quote from: Samlucky O on November 25, 2023, 04:13:42 AM

I have read about lightning, and noticed that lightning was created to fasten bitcoin transactions, due to the conjestion of transaction or mempool. Bitcoin was never planned to have conjection, but due to high trx on bitcoin blockchain now increase or stressing the bitcoin node to perform multiple task at a time. And since this transaction cant be performed at once, they becomes stranded in mempool waiting for confirmation. And these increase transaction fees.

So my question is how does buying of lightning coin a means of increasing bitcoin slow network?

How does an altcoin be of a help to bitcoin?

I had used lightning in the past. Some like 3-4 years ago. It was at a point were widely promoted by some users in the forum. They might still be but have lacked the steam now.
It came as a cheap and fast way to transact BTC, and it was a comfort but the reason why it never got the recognition is also obvious. People were not interested to use BTC as a utility or merchant coin. There were already a multiple of option for that.
Lightning came as a response to high fee and congestion of bitcoin network but that got eased to some extent now. The network might still be going strong but people are not much interested about it now.
And lightning was bitcoin. You needed to freeze the amount of BTC to generate equal amount of lightning BTC.

Samlucky O

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Quote from: Bureau on November 25, 2023, 04:58:47 AM

Bitcoin lightning network is a layer 2 solution on the Bitcoin blockchain. Litecoin is an altcoin like Ethereum which has its own blockchain. You are mixing both of them which is creating confusion for you. They both are different entity and have no correlation between them. Through Bitcoin lightning network you are able to send 1 Satoshi to another wallet that supports LN. Whereas it is not possible to send 1 Satoshi on Bitcoin blockchain. It was created to solve the scalability issue of Bitcoin blockchain and make transaction much faster.

Not that I don't really know what am talking about, but was cofuse on how lightning network has a coin (LIGHT) not litecoin. Which I was thinking that how does the coin has any inpact on fastening the bitcoin network. This is the logo not the usual litecoin. https://stakingcrypto.info/static/assets/coins/lightning-logo-1200.png?v=101

Bureau

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Bitcoin lightning network is a layer 2 solution on the Bitcoin blockchain. Litecoin is an altcoin like Ethereum which has its own blockchain. You are mixing both of them which is creating confusion for you. They both are different entity and have no correlation between them. Through Bitcoin lightning network you are able to send 1 Satoshi to another wallet that supports LN. Whereas it is not possible to send 1 Satoshi on Bitcoin blockchain. It was created to solve the scalability issue of Bitcoin blockchain and make transaction much faster.

batang_bitcoin

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I think you're talking about Lightning Network of BTC. It's actually a good alternative for small transfers and known for cheaper and faster transaction than the typical Bitcoin transactions that you do. If you know what wallets it's being supported.
Try to make some experiments and send a couple of bucks and see how fast it is. I've done a few of it in the past and it's great for small transactions.

Adbitco

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You are getting it twisted mate we have Litecoin LTC and not light coin. Instead we have lightning network which delivers quick transaction with about some second or almost to be confirmed a transaction, talking of lighting coin I have never heard of that maybe there is a new coin I am missing so I stand in a better chance to be corrected if I am wrong. However you can withdraw Litecoin from any exchange and it takes not less than 10 to 20 minutes to confirm transaction.

Publictalk792

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I don't think so that the buying of lightning coin will not effect on the transactios of Bitcon. The Lightning Network is different thing and the lightning coin is another thing. When you buy Lightning coins, you are buying a type of a crypto currency that can use on the Lightning Network. This doesn't directly affect Bitcoin itself. But with the use of Lightning Network people can reduce the traffic on Bitcon network.

The thing is that Lightning Network is still in test and in progress and did not launch properly. It has its own problems and risks. And the lightning should have its own problems and risks.

In the conclusion, I want to say that lighting network will not affect directly on the transactios on Bitcoin Network. So if you want to buy the lightning coin so it is your personal decision. If you want so you can buy.

Samlucky O

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I have read about lightning, and noticed that lightning was created to fasten bitcoin transactions, due to the conjestion of transaction or mempool. Bitcoin was never planned to have conjection, but due to high trx on bitcoin blockchain now increase or stressing the bitcoin node to perform multiple task at a time. And since this transaction cant be performed at once, they becomes stranded in mempool waiting for confirmation. And these increase transaction fees.

So my question is how does buying of lightning coin a means of increasing bitcoin slow network?

How does an altcoin be of a help to bitcoin?

Topic: What do you guys think about light coin/lightning? (Read 107 times)