Bitcoin Lighting Network

Chit Chat
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Still in the spirit of awaiting final S4 Hackathon results
Few hours to go, Let learn about LN.

What Is the Lightning Network?
The Lightning Network is a second layer for the Bitcoin blockchain, which serves to speed up transaction times and decreases network congestion by introducing off-chain transactions.

Understanding the Lightning Network?
Joseph Poon and Thaddeus Dryja first proposed the Lightning Network in 2016, and it has been under development since then. The problems the Lightning Network was devised to solve were Bitcoin’s slow transaction time and throughput, or processing time, as well as costs.1

What issues Does the Lightning Network Try To Address?
Bitcoin wasn’t designed to be scalable.
Some issues the Lightning Network attempts to correct are:

  • Sluggishness in confirming transactions
  • High energy costs

The Lightning Network uses channels between participants, so that multiple transactions can be handled without waiting for the slower main net to confirm single exchanges.

Concerns About the Lightning Network?
Lightning Network nodes may become similar hubs or centralized nodes in the network by having more open connections with others. Other concerns are fraud, fees, hacks, and price volatility.

Lately, I learnt from @Prince-Onscolo about
using the LN you pay 0 transaction fee
THE SPEED :zap: :zap: :zap:

https://twitter.com/Machankura8333?t=sdnvFbaWotzHD7LMXj5cAQ&s=09

Where we can use lightning network to send and receive BTC without delay, even with no internet connection.

So guys, what do you all think of the
LIGHTING NETWORK?

Original information derived from
INVESTOPEDIA By JAKE FRANKENFIELD
Updated April 18, 2023

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Perfect, add this using the LN you pay 0 transaction fee
THE SPEED :zap: :zap: :zap: :zap:

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All done and fix
Thanks boss

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Great, thanks brooo !

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Ligthning como bien has dicho tu y @Prince-Onscolo tiene el factor de la rapidez, ademas permite abrir canales privados de pago en p2p, que emiten varias operaciones entre dos personas, cuando decides cerrar el canal, es como un tipo de asiento contable y se ejecuta en la red central de BTC.
Mediante un dispositivo te permite estar fuera de línea y crear tu propio nodo, entre otras cosas.

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Yes, thanks for your input.
Also, The Lightning Network uses channels between participants, so that multiple transactions can be handled without waiting for the slower main net to confirm single exchanges.

Between the opening and closing of a channel, parties can shift funds between themselves as needed until they close the channel. Once the channel is closed, the transactions go to the main net for confirmation.

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Great addition bro, my question is can this lighting network be integrated into all chains?

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Bro, the last time you asked me to check if the person who programmed the USSD code can have some for tron or other chain, he said no he only works with bitcoin.

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Yes you made mention of that
I think he is BITCOIN MAXIMALIST.

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They don’t want stories :joy: so most bitcoiners do not do altcoins

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Lols.
Me is the opposite.
Tronics

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Creo que no, en principio se creó parar BTC, se va perfeccionando con el tiempo.
A mi parecer es un buen comodín, ofrece varias ventajas.

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Haha maybe it’s a sign because I’ve come across this almost 10 times in 4days

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To add more to your input
They are usually kept offchain until they need to be settled or until it’s more efficient or cost-effective to broadcast them to the blockchain.

Also if an offchain transaction is left offchain indefinitely without being broadcasted to the blockchain, it will not be recognized as a valid transaction and the parties involved in the transaction will not be able to enforce it.

Also blockchain built on Bitcoin protocols can also inherit from it sample the LTC (lite coin)

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Yeah bitcoiners are really serious about adoption

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Sure, now I buy airtime with sats
Very simple and convenient

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Oh nice, new thing to learn. Eeerm one thing I have realized is, sending btc from the wallets which provide the LN charge a lot of fees when sending to on chain addresses

Check the screenshot below

IMG_2195
IMG_21951242×424 26.7 KB

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Wow that’s expensive, 0.5%?

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Seems I’m lost here
Does fees apply here too

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Yeah when sending it to onchain address. This is not to LN address