In the application and widespread acceptance, this would be the ideal situation to make sure that everybody can transact without worrying about their transactions not getting confirmed. Imagine more people using BTC with their daily transactions because it's swift. Wouldn't that be the better thing instead of waiting for a couple of hours of confirmation?
I think the miners would understand it for the better. Faster transactions mean more transactions could happen. They would even out, hopefully. They are not doomed ultimately.
Topic: Will the Lightning Network replace on-chain transactions sometime in the future? - page 2. (Read 271 times)
February 26, 2021, 12:45:27 AM
February 26, 2021, 12:35:48 AM
There is a high possibility of widespread adoption of lightening network, unless the high fees and network slowness is resolved once and for all. But miners won't be dommed even if most of the transactions move to off-chain because transaction fees is quite small compared to their mining rewards.
I think big companies like Binance, CMC, Coinbase should start educating people about LN. There is literally no awareness around LN which is really needed at this point of time. I don't think LN will replace on-chain transaction for good but the adoption should definitely be increasing!
I think big companies like Binance, CMC, Coinbase should start educating people about LN. There is literally no awareness around LN which is really needed at this point of time. I don't think LN will replace on-chain transaction for good but the adoption should definitely be increasing!
February 26, 2021, 12:30:50 AM
Without Lightning being mainstream, it somewhat "helped" other altcoins because fees are distributed elsewhere rather than relying on the Bitcoin blockchain itself.
February 26, 2021, 12:21:41 AM
They'd either choose an altcoin, or the Lightning Network in order to avoid high fees and slow transaction confirmation times.
I disagree. They'd either suck it up and pay higher fees or go back to fiat.Neither one of those things you said are the alternative option for when bitcoin fees are high. LN requires 2 on-chain transactions to open and close the channel so the cost is already applied to those who use LN too.
Altcoins are just useless and they can't even be considered viable at all. I'm still disappointed that only one person could come up with a single decent altcoin!
Quote
If adoption for the Lightning Network goes all the way to the moon, do you think there's a possibility it could replace on-chain transactions? Of course, that is excluding on-chain transactions to open/close a channel on the Lightning Network. I think that miners will be doomed if something like this happens.
It can not. You can't live on second layer, you have to come back to "first" layer again and that needs on-chain transaction.Miners don't care, they are already making 6.25BTC per block that is worth nearly $300k without the additional tx fees.
February 25, 2021, 11:34:37 PM
People will possibly go for lightening network instead go into other altcoin due to high transaction fees and longer time on the on chain network. The bitcoin lightening network if advanced and developed on will eradicate the problem currently faced in the blockchain network
February 25, 2021, 11:09:19 PM
I think it's pretty clear that Bitcoin is going to prevail as a store of value (it is already doing so). For day-to-day payments I am not sure, Strike seems to me an interesting lightning project that looks likely to succeed, but you never know. If it is not lightning it will be some alt.
February 25, 2021, 10:35:56 PM
That might be a huge possibility unless these on-chain transactions find solutions in their own problem especially that hectic confirmation time plus high transaction fees. I'd never say that Lightning Network isn't helping but miners really play a big role to the security and trustworthiness of the chain.
February 25, 2021, 04:38:03 PM
I'm aware that the Lightning Network's mainstream adoption is still low these days. But as on-chain fees increase towards new heights, people will look for other options. They'd either choose an altcoin, or the Lightning Network in order to avoid high fees and slow transaction confirmation times.
If adoption for the Lightning Network goes all the way to the moon, do you think there's a possibility it could replace on-chain transactions? Of course, that is excluding on-chain transactions to open/close a channel on the Lightning Network. I think that miners will be doomed if something like this happens.
What are thoughts?
If adoption for the Lightning Network goes all the way to the moon, do you think there's a possibility it could replace on-chain transactions? Of course, that is excluding on-chain transactions to open/close a channel on the Lightning Network. I think that miners will be doomed if something like this happens.
What are thoughts?
Jump to: