Topic: Will Bitcoin's Lightning Network destroys alt coins(currencies)? (Read 417 times)
Bitcoin itself cannot destroy the altcoins let alone of it's lightning. That is why you see them developing bitcoin fork from time to time. There are series of token that a technologically better than bitcoin. All the need is just for the people to understand their benefits over bitcoin.
August 21, 2018, 01:27:36 AM
It's like asking whether a sonic speed plane will make car and motorcycle dissapear, the answer is a big no. lightning network as I know only reduce the amount of fee needed and also speed up the confirmation with an instant.
also different coin for different purpose, bitcoin mainly used as payment and store value but the othercoin is being used for different purpose like there's coin for paying cloud storage and many more.
also different coin for different purpose, bitcoin mainly used as payment and store value but the othercoin is being used for different purpose like there's coin for paying cloud storage and many more.
August 21, 2018, 01:02:32 AM
Quality post is always good. And if the amount of post is less then quantity but effictivness is more to quality post. But sometimes quantity plays a vital role.
August 19, 2018, 03:06:09 PM
There are lot of crypto currencies that were created to compete with BTC
BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
I do not think so.
It seems to me that the cost of a transaction is not the main one when choosing a cryptocurrency.
Bitcoin Gold has free transfers, but this didnt destroy all the altcoins and bitcoin.
I'm sure that in the future there will be more and more new altcoins.
August 19, 2018, 02:50:35 PM
There are lot of crypto currencies that were created to compete with BTC
BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
Lightning cannot solve the problem, but is rather a way of postponing it. The problem with transactions is generally a problem of blockchain. Finding blocks becomes more difficult and time-consuming, and the more transactions occur (and that's a natural process of coin's adoption), the more expensive and long it takes to perform one. What can really be a game changer IMO is the DAG technology. It actually works in an opposite way with transactions getting verified faster and cheaper (when the price is even there) when more people are in the system. Why? Because all of the users give some of their computing power for this process, thus making it work and in a way paying for transactions.BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
Anyway, cheap transactions will not circle out even other blockchain cryptos, because it's not just about speed and price. Many projects are far more than a decentralized platform and they will leave as a way of monetizing some business. Moreover, bitcoin is simply not good enough for some things people already got used to. It's impossible to create smart contracts, lauch ICOs or create tokens.
August 19, 2018, 12:32:52 PM
There are lot of crypto currencies that were created to compete with BTC
BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
I don't think so, there are so much coins out there with much more advantage, technology even better than lighting network and still...being dumped so hardly.BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
but anyway, I still hope that release some news would make market comes alive.
August 19, 2018, 12:04:53 PM
There are lot of crypto currencies that were created to compete with BTC
BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
In short, no.
The good alts - by which I mean those with a solid real-world use-case, a good team and a clear vision - offer plenty of their own, which bitcoin, with or without LN, does not.
Even just taking those at the top in marketcap, ETH and XRP have nothing to fear. They don't really compete with BTC at all, in whatever guise.
August 19, 2018, 12:01:10 PM
No, Bitcoin lighting network will not destroy the altcoins around. All the coins are developed for different purposes, fast transaction speed is just one feature of the coins.
August 19, 2018, 11:57:23 AM
Of course not, altcoins will still be needed because of the features that Bitcoin doesn't have( like smart contracts or anonimity or proof of stake, etc).
August 19, 2018, 11:37:52 AM
We should always be careful in such stable markets like crypto market. The next step should be taken based on the condition of the market, not only to keep or sell it.
August 19, 2018, 08:21:15 AM
If it does work, then the altcoins will be the one to face the consequences, not the bitcoins. So it is a no.
August 19, 2018, 06:16:16 AM
No, of course not. The lightning network is going to be introduced in Bitcoin to solve the scalability issues. It is just going to make bitcoin better. It has no relation with altcoins.
August 19, 2018, 04:16:00 AM
It depends on what the coin is offering. The ones that are just clones offering a method of payment will simply evaporate. Bitcoincash, litecoin, there is no use for these coins after the lightning network is full implemented. Ethereum, NEO, and other useful alts will prosper while the others will simply fall.
August 19, 2018, 04:05:50 AM
with the presence of lightning networks in bitcoin, this will solve the problem that is often said by competitors. bitcoin will be superior to other crypto, but this will not affect its competitors, it's just that the value of BTC will continue to grow and the public's confidence to hold a BTC will be high.
August 19, 2018, 04:02:13 AM
There are lot of crypto currencies that were created to compete with BTC
BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
Linghtning is created to help solve some of the existing problems of BTC. Lightning can be used to achieve fast transfer of BTC, small amount transfer, and ultra-low-cost handling fee. This is a very great thing. As for whether Altcoin will be shocked by this, I think this is an obvious problem. Altcoin, which is false and has no practical use, will certainly be affected, but not all Altcoin will face the same problem. BTC lightning network is implementing due to the scalability issues the chain is experiencing with high 'fees' and transfer times..
If lightning network is implemented in Bitcoin will it destroys these competitors?
August 19, 2018, 03:57:35 AM
It will not happen. It’s a unique feature of bitcoin but it’s true it will impact on other payment system.
August 19, 2018, 03:34:17 AM
This one of the feature and if that's really affect any altcoin then I want to say that's one is not a sustainable altcoin at all.
August 19, 2018, 02:06:17 AM
The Bitcoin's lightning network will help the bitcoin to dominate the cryptocurrency market with new features. But bitcoin Will not be able to destroy all of the altcoins. let us see upcoming year.
August 19, 2018, 02:00:02 AM
I don't think that Bitcoin's Lightning Network will destroy other altcoin, I believe other altcoins will offer new features, innovation and maintain evolution
August 19, 2018, 01:54:29 AM
This is a feature produce by bitcoin and hope it will not felt any bad effect on any reliable altcoins.
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