Why is the Lightning Network so important to the Bitcoin future?

Pursuer

legendary

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Merit: 1163

Where is my ring of blades...

Quote from: tuansemazi on April 21, 2018, 10:40:46 AM

it will be interesting to see its impact on the Bitcoin ecosystem, particularly for Bitcoin miners.

I don't see how it is "particularly" impacting miners! Lightning Network is very important for bitcoin but I don't see any impact on the miners. the miners, like any anyone else, will benefit from it. the only difference that I can see is that the big ones like the farms and the pools are running some kind of server already with a full node on it, they can then add a lightning node to it so that they can also take the fees from processing transactions there also.

squatz1

legendary

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Flying Hellfish is a Commie

The big reason that it is essential to bitcoins future is that it solves many of bitcoins problems right now, some of the problems bitcoin faces is that the transcations are slow, fees ruin the ability to use it for smaller transcations (as it eats up lets say $5 for a coffee), and that if the network gets too congested fees and tx's take SUPER LONG. The LN is something which enables low fees and makes transcations lightning speed (given the name)

So this is something which could pit bitcoin next to the big companies, like amex, visa, mastercard, and so on and so forth when it comes to their speed.

If we see the LN come to bitcoin officially, we could see some real change.

llama_rider

newbie

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The Lightning Network is also very interesting tech. I highly recommend the whitepaper to anyone with a undergrad background in CS or math: https://lightning.network/lightning-network-paper.pdf

tuansemazi

member

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Currently, the Lightning Network is one of the top solutions presented to scale Bitcoin, and importantly one of them does not require a basic protocol change. If the Lightning Network succeeds, it will fundamentally change the debate on the Bitcoin ratio and enhance the potential cases used for Bitcoin.
It is too early to determine whether deploying the Lightning Network could allow for the expansion of Bitcoin network traffic and whether it will grow over time. If it finishes successfully, it will be interesting to see its impact on the Bitcoin ecosystem, particularly for Bitcoin miners. In addition, the success of the Lightning Network will fundamentally change the potential use cases for Bitcoin. Rapid transactions, costs are almost zero, increasing the potential for batch execution.

Topic: Why is the Lightning Network so important to the Bitcoin future? (Read 154 times)