Topic: Why is SegWit and LN adoption still low today? - page 2. (Read 564 times)

I can say that's a very nice and detailed logical example of what's going on with LN transaction.
And that's the reason why a lot are still hesitant in utilizing the LN network.
They still prefer the old way, but SegWit is now becoming popular.
So maybe LN adoption is still low, but SegWit is growing these days.

the reason is simple
LN is not bitcoin but another network. a less secure network

no one in bitcoin has ever lost funds due to middlemen taking their coins off the blockchain
but people handing funds over to custodians. and then playing with units of measure on other networks/systems allows many oppertunities for abuse

even the LN devs have lost funds while using LN

the point of bitcoin was that people dont lose funds by just closing their client, or getting disconnected or being offline while a partner messes around

LN relies on middlemen and would require people being online and monitoring each transaction and also learning to read raw tx data to make sure they are not signing something they dont realise(especially if you have been coerced to use a specific client the channel partner chooses)

bitcoin doesnt require all this stuff and is more stable and secure be default
when you have to rely on the 'trust' of a counterparty/middlemen (channel partner/watchtower) you instantly know that LN is flawed and nothing like bitcoin

bitcoin is like storing gold in a vault only you have the combination to
LN is having a joint bank account with a wife that has a affair with the milkman and a pool boy where you have to always be monitoring what your wife is doing with the funds and also ask her permission when you want to spend your funds..where she has to send the funds to the milkman and the pool boy and not directly o the destination. thus more flaws/oppertunities of loss

its just not the same thing
also its alot harder for your wife to get to your vaulted gold than it is to grab your bank account funds in a divorce

I would say that the Lightning Network is not well established yet and it is still in it's early stage.
I guess this is why it's adoption rate is low in today's date. Segwit on the other hand is well established and used by many people.
I don't think it's adoption rate is low since most of the people in the crypto community do have a segwit address.
Segwit is cheaper which is why most people tend to use it.

Users aren't either. It's like anything, it has a conversion rate. There are steps between thinking about the idea and using the idea and perhaps the reasonable number of people who have investigated the idea then fell away due to confusion or disenchantment before becoming a regular user. It's not as straightforward a sell as vanilla BTC.

Save for a few sites, most of those using Bitcoin has already adopted Bitcoin, be it native segwit or segwit-nested-P2SH. The adoption of segwit is certainly not as small as you think. The adoption would only increase further when people realise that their fees are much higher than those using segwit.

LN, on the other hand doesn't really have a huge userbase. It's primarily because a lot of the merchants and sites aren't adopting it yet. To be fair, as compared to segwit, it does take a bit more resources to accept LN transactions. Don't be mistaken though, the transaction volume on LN is not that small.

Segwits are still not that popular than you think they are.
Many people are still unaware of it's existence. I take my self as an example, I just found out about segwit just very recently.
A lot are still using the traditional address since it supports all flatforms.
On the otherhand, SegWit and LN are not yet widely supported.

So I guess that's the main reason why they still has slow adoption, unpopularity.

There are multiple reasons for this... The Bitcoin community are very divided and we saw that with the fork with Bitcoin Cash... everyone have a different opinion on how to scale Bitcoin for more adoption and how to increase the transaction speed.

The other reason is that a lot of people are scared of change and Bitcoin is already intimidating and challenging enough for most people.. so to add Lighting Network on top of that, makes things even more difficult.

They will have to integrate the Lightning Network that it is a seamless addition to Bitcoin and not something that needs to complicate things even further. 

Man, if you're careless when typing the address of the recipient then any coins could be lost. LN is not that techy, just a bit 'annoying' since you have to find channel to route your payment. This is why the usage is still not high. Not because it's some complicated high-level code stuff where only the big brain can use it.

This is not true You can send a transaction from a segwit address to a legacy address and vice versa without any problems. They only difference between using segwit and legacy addresses in transactions is a slight change in the size of the transaction in bytes and thus total bitcoin transaction fees.

Well, using Segwit addresses are now in mass adoption because of known wallet that can able to use segwit wallet. The reason probably of slowly adoption is just because the legacy address is not supported Segwit, you can't able to send a transaction to the Segwit address if you are using Legacy address. That is the difference because they are not yet friendly to each other. When it comes to Light Network, --it is very techy stuff, if you don't have enough experience using this sending method, you must be careful because it perhaps lost your bitcoin is just a single snap. That is why people don't use this LN, only those people who already have knowledge on LN usage.

From a personal point of view, Most wallets and exchanges adopting segwit made it much easier for me to get used to it but for the case of LN, I must admit i don't even know how I can use it. If i have been using Bitcoin for 3 year and still have no idea how to set up LN channels and other stuff. Imagine what a newbie is going through 

LN seems a little more technical and requires one to be more enlightened about it before they can use it.
Anyway one of my next targets is learning about it... But looking at myself. I really think one of the reasons why LN is not highly adopted is because of its technicality and lack of enough awareness among bitcoin users. Many wallets and services would help with this by supporting LN just like they have done with segwit

SegWit adoption isn't 100% because a ton of Bitcoin transaction is made by centralized services, and they have this "if it ain't broken, don't touch it" mentality. Plus they don't pay fees themselves, they charge their customers for any network fees, and customers have no choice but to pay them.

For Lightning network, it's still officially in beta and it can be tricky from the point of view of service providers. If the devs rushed it and said it's officially ready to be adopted on mainnet, and then the bugs appeared and people lost money, it would have damaged LN's reputation.

See the thing is SegWit and Lightning ⚡ network both being better options when it comes to fee are not actually well suited for keeping the Bitcoins there for longer period of time since it's not entirely safe , therefore it's good when it used with small transactions and such but it cannot be used without making proper adjustments regarding the security.

There is a reason why it takes time for the transactions to be confirmed.

Plus I do use LN and SegWit very frequently because am not dealing with a huge amount of Bitcoin , therefore for me it's good but for long term holders it might not be safe at all . It all depends on how and for what reason you are using them. I do believe in the future we will see good updates in the network and then more people will start using them.

As we know revolution doesn't happen in one day. Still, lots of peoples don't know bitcoin technology properly even they are using bitcoin. We can see bitcoin hadn't become popular just within a day or year. Its taking time and I believe SegWit and Lighting network will be popular once a time, so it's just a matter of time.

Everyone knows the main reason is the prevention of SegWit and Lighting, 'lack of uses'. Most of the exchanges/merchants still do not support SegWit and Lightning. So even we want to use it due to the nature of exchanges/merchants we are forced to use Legacy or nested SegWit. I think that's the main problem why both of them didn't become popular. We have to wait for more to see its adoption.

DEXes has seen a surge in adoption over the past few months, although this may be partially due to the hype around the DeFi system. Adoption however needs a spark and this might be the one to increase usage in decentralized exchanges.
In the case of LN, it would definitely be a gradual process, making payments is meant to be basic and easy, on both the part of the buyer and seller, the intricacies of LN may be confusing to most people now, but with time and a more streamlined access, it would surely get more adoption.

yeah, i have the same conclusion specially since these days i have been searching for a decentralized exchange and i feel like they too suffer from the same chicken and egg problem. people want higher liquidity and better features in DEX so they don't use them but they can only improve if people use these DEXes!

It's the really really unfortunate chicken and egg problem all over again. Not much people are using LN because not much services accepts LN, and not much services implemented LN because not much people use LN. 😵😵

If we wanted a huge LN adoption spike overnight, make Binance implement LN. I have no doubt there will be a significant rise in usage. But then again, Binance doesn't even have SegWit. 🤷‍♂️🤷‍♂️

The sole reason there hasn't been sustained high fees is because there hasn't been sustained high demand. We're getting spikes now and some day soon they may be there for weeks or months on end.

Segwit and batching certainly helps. It also certainly hasn't solved it. We may see fees even higher than last time.

There's still a hard upper limit of daily transactions and it's not all that many. The only way around it is to cough up more.

i believe LN is not yet that popular because of 2 things, first it doesn't seem to be fully complete and there aren't any major businesses such as exchanges that use it so there isn't that much use case for it.
but with all that, LN is still used quite a lot. the network of LN nodes and the amount that has been trasferred in and out of the channels has been high.

as for SegWit the adoption seems to have capped for some time again because some big businesses are still resisting implementation of SegWit in their wallets. like some exchanges that are still creating legacy addresses, gambling sites that do the same, etc.

although i call LN adoption low but SegWit adoption is nowhere near low.

I'd like to comment about the Lightning Network. Similar things were already pointed out, but I want to join these posts and summarize the way I see the problem.
I believe the adoption of the LN is low because there are at least two social groups that don't use it. The first one is people for whom it's too techy to use. The LN is not as user-friendly as Bitcoin wallets, and to reach broader audience there should be a way of using it without much effort. This problem could be solved by working on an app that would simplify things or something like that, but it's been years with little progress in that direction. The second group is more troublesome. It's usually people for whom using the LN is not difficult, but they just don't want to use it for various reasons (it's off-chain, so not really Bitcoin; there are centralization issues).