Will the Lightning Network save bitcoin?

Kakmakr

legendary

Activity: 3430

Merit: 1957

Leading Crypto Sports Betting & Casino Platform

There is actually nothing to be saved, because Bitcoin functions fairly well at the moments. Wink

The Lightning Network was built to reduce the load on the Blockchain, by offering a off-chain solution that can handle the micro transactions that are clogging up the Bitcoin network in times of high volume traffic.

The supposed scaling problems was made worst by anonymous people deliberately spamming the network in high volume periods, to create the perception that Bitcoin is not scalable, but with SeGwit these attacks decreased... because it is now very expensive to launch these attacks. Grin

kaya11

full member

Activity: 1302

Merit: 110

Quote from: Lizzylove1 on August 18, 2019, 05:14:19 PM

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue, majorly because of greed. Lightening network will definitely enhance the process of bitcoin scalability.

I thin kit i the same as " Hey guys, put your money over here, its safe =, fast and new" Isn't it? New coins, new developers all the same and only want to get a certain goal "Profits". It's just that Bitcoin is the first and had many investors already, it would be hard to get those investors coming into new things if they don't assurances of their money gaining profits on a new one right?

pooya87

legendary

Activity: 3444

Merit: 10558

Quote from: 1Referee on August 18, 2019, 07:01:37 PM

Quote from: Lizzylove1 on August 18, 2019, 05:14:19 PM

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue

People who understand and value the properties of Bitcoin don't end up with a transaction that needs 10 hours in order to get its first confirmation. They pay up for it to have a fast confirmation. Only if the transaction they're sending has a very low priority and thus doesn't need a fast confirmation, they'll choose to go with a low fee.

actually the good news is that nowadays you don't have to really understand anything to get a high priority transaction and get it to confirm faster. all you have to do is to choose a good wallet software that does it properly for you by analyzing the mempool and either suggesting or choosing the appropriate fee in the background. so the end user has little to worry about.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: Lizzylove1 on August 18, 2019, 05:14:19 PM

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue

People who understand and value the properties of Bitcoin don't end up with a transaction that needs 10 hours in order to get its first confirmation. They pay up for it to have a fast confirmation. Only if the transaction they're sending has a very low priority and thus doesn't need a fast confirmation, they'll choose to go with a low fee.

In the end, I don't think there is a scalability problem. People just need to understand that scaling the main network in today's state is quite a serious task due to Bitcoin's decentralized nature. This isn't BCash or Ethereum you can upgrade at your will as main developer or head of the project.

Upgrades will come, it just requires some patience. Schnorr is what I look forward to the most.

finaleshot2016

legendary

Activity: 1722

Merit: 1007

Degen in the Space

Quote from: Lizzylove1 on August 18, 2019, 05:14:19 PM

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue, majorly because of greed. Lightening network will definitely enhance the process of bitcoin scalability.

Yes, why would they store their money on a different coin and platform if it doesn't have the same market situation? Those altcoins today was kinda worthless, some of it doesn't have unique purpose for existence. Most of the altcoins today aren't interesting and it's not very promising like the ETH and the other top altcoins.

Regarding about LN, as of now it's the layer 2 solution for bitcoin scalability problem and should have more features for the development of transactions on the network.

Lizzylove1

member

Activity: 858

Merit: 13

Christ The King

Even if bitcoin takes 10hrs for confirmation for a normal low fee transaction during a busy network or network congestion, people and even altcoin developers will still prefer storing their coins in bitcoin than some uncertain shitcoin created out of the blue, majorly because of greed. Lightening network will definitely enhance the process of bitcoin scalability.

TimtheYoutuber

full member

Activity: 1708

Merit: 125

www.positivebetting.com

I think everyone is thinking too hard into the "save"

Also, I wrote "weather"..making a play on "lightning".

timerland

hero member

Activity: 1526

Merit: 596

Even without the addition of the lightning network, we'd be fine. The original idea of BTC is still what is currently being done with BTC, and all these additions are just additions.

BTC was made to bring decentralization into our financial system, while the lightning network was just to make this faster. These things still don't change the premise of BTC which is what keeps people interested.

Quote from: TimtheYoutuber on August 17, 2019, 10:06:38 AM

I've paid $2 for a bitcoin transaction and it hasn't confirmed in over 30 minutes. $2 sounds like a good price in the traditional market, but microtransactions get killed. The lightning network could potentially solve this.

This is an argument you could have made though. Without the lightning network, the market for microtransactions in BTC would be gone. The regular network costs around 1-2 dollars to confirm a TX in 30 minutes, whilst the lightning network is much, much less.

fullhdpixel

hero member

Activity: 2786

Merit: 606

Quote from: TimtheYoutuber on August 16, 2019, 08:48:23 PM

Weather you like it or not, the Lightning Network is an interesting solution to the scalability problem Bitcoin is currently facing.

For now, you are right, the lighting network will really bring all these problems we have faced in bitcoin such as speed to an end, but will also affect so many altcoins in the market. Most people that are in the cryptocurrency market will always opt in first for bitcoin as method of payment and also for investment, but because of the challenges of scalability and then the challenge of the speed for bitcoin transactions.

Many altcoins are being consider because they have very fast speed, but if bitcoin can cover that area too, people will definitely shut their mid away from those altcoins to bitcoin, and bitcoin will continue to gain dominance and more users while altcoins market may completely be dropping and got worse than this, so lighting network as solution to bitcoin will surely be a disaster to the altcoins.

Darker45

legendary

Activity: 2576

Merit: 1860

🙏🏼Padayon...🙏

Quote from: TimtheYoutuber on August 16, 2019, 08:48:23 PM

Weather you like it or not, the Lightning Network is an interesting solution to the scalability problem Bitcoin is currently facing.

The word "save", as others have already pointed out, seems inappropriate as Bitcoin is not drowning or falling down. There is no saving needed. However, if we really want to see Bitcoin becoming a currency in the global market, Lightning Network is more than a good news. Scalability is one huge issue. Bitcoin simply cannot become the global currency without increasing its TPS into thousands. We have a long way to go in term of this. Fees is another concern that also pose as an obstacle in terms of usability. LN is addressing this as well, lowering high fees into the minimal, making it a practical payment alternative for our day to day expenses.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: TimtheYoutuber on August 17, 2019, 10:06:38 AM

I've paid $2 for a bitcoin transaction and it hasn't confirmed in over 30 minutes. $2 sounds like a good price in the traditional market, but microtransactions get killed. The lightning network could potentially solve this.

the larger issue is settlement time. right now, there is a huge and unnecessary emphasis on "getting confirmed in the next block". this exponentially drives fees higher because half the network is constantly fighting each other to get into the next block, rather than aiming for extremely cheap settlement within eg 1-48 hours. that would still be a massive improvement (in both fees and time) vs legacy settlement methods.

that's essentially what LN does: it introduces a new model where we don't need to wait around for on-chain settlement. it's worth pointing out though, that user woes around on-chain fees could be massively alleviated if everyone would just stop equating "confirmation" with "next block confirmation". the obsession with instant confirmation (instant gratification) has unfortunately been ingrained into our culture by companies like bitpay and blockchain, who peddled cheap/instant transactions as a feature. we need to change that.

finaleshot2016

legendary

Activity: 1722

Merit: 1007

Degen in the Space

I made a topic about Lightning Network.
You can view it here, https://bitcointalksearch.org/topic/discussion-lightning-network-explained-by-finaleshot2016-5169787
use page translator so you can understand what we've said in there.
--

So basically, Lightning Network was one of the layer 2 solutions for the bitcoin scalability problem. IMO, I find it more useful because it helps us to avoid traffic in the blockchain and it's easier. But I think the usage of this network was limited for those who know each other or company. It's kind risky because of the security, there is a possibility that you might lose your money since it's not included in the blockchain itself.

It doesn't affect the BTC price value and not a threat on the existing network but still, we must support the blockchain network. Some people said that the idea of Satoshi might die due to this method but I don't think it will happen.

Lanatsa

hero member

Activity: 2786

Merit: 646

Quote from: TimtheYoutuber on August 16, 2019, 08:48:23 PM

Weather you like it or not, the Lightning Network is an interesting solution to the scalability problem Bitcoin is currently facing.

Just like what others said here,Bitcoin doesn't need to be saved up.Lightning network do really able to solve scability issues and lessen up fees
but as we all know this one isn't fully implied yet its still on development and there still bugs that's why we do rarely see these had been used.

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

I wouldn't go so far as say that Bitcoin is in need of saving, it's done pretty OK for the past 10 years but LN would be a nice improvement. One of the main complaint about BTC is that transaction queues can get congested and that the fees for microtransactions deter people from using it for small purchases.

LN would alleviate these problems and could help improve adoption as it becomes even easier to use for thing we might usually use cash for, like eating out.

BrewMaster

legendary

Activity: 2114

Merit: 1292

There is trouble abrewing

Quote from: TimtheYoutuber on August 17, 2019, 10:06:38 AM

I've paid $2 for a bitcoin transaction and it hasn't confirmed in over 30 minutes. $2 sounds like a good price in the traditional market, but microtransactions get killed.

well, you either wildly overpaid or your transaction size was huge. you should know that in bitcoin you don't pay for transferring money, you are paying for the space in the immutable ledger called blockchain. so when your transaction is huge (like having a lot of dust) you will ask for a bigger space hence pay a higher cost.

fiulpro

hero member

Activity: 1862

Merit: 830

Well I would love to say *yes* , the lightning network is actually incredible and it has provided immense opportunities to actually use bitcoins in day to day activities.
Now personally I loved it but it still needs some work , since it does have a problem with security at places and at the same time...but we should understand this lightning network is the reason people are actually able to buy stuff using bitcoins.
With a little upgradation yes ofc.. it can save bitcoins.

rdluffy

legendary

Activity: 2226

Merit: 1304

I don't agree with your statement about BTC needing to be saved

Lightning Network will be awesome, no doubts, it'll help BTC achive scalability and will permit to be used to make small transactions, and this is a great thing
But BTC is doing fine right now, no need to worry

yazher

hero member

Activity: 2184

Merit: 585

You own the pen

Quote from: pooya87 on August 16, 2019, 11:00:17 PM

bitcoin doesn't need "saving" because it is not failing to want that!

lightning network, like many other things that were either added to bitcoin or built on top of bitcoin as their underlying technology over the past 10 years, is an addition to improve bitcoin more than it currently is. to add functionalities that weren't possible before, in a decentralized and secure manner.

This is the correct statement, Agreed with this. the lightning network it just some fancy thing to at least make some update on bitcoin current state but without it, bitcoin still dominate all of the current ranks from all other Altcoins.

There are many resources that you can use to add something on what Bitcoins can do today. You can use those resources to further develop your knowledge about bitcoins and contribute to this technology.

TimtheYoutuber

full member

Activity: 1708

Merit: 125

www.positivebetting.com

I've paid $2 for a bitcoin transaction and it hasn't confirmed in over 30 minutes. $2 sounds like a good price in the traditional market, but microtransactions get killed. The lightning network could potentially solve this.

dkbit98

legendary

Activity: 2212

Merit: 7064

Cashback 15%

Lightening network can SAVE only our fees and make them lower.

Bitcoins does not need saving, but you can always find someone who is thinking something opposite

Topic: Will the Lightning Network save bitcoin? (Read 279 times)