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    Author Topic: Bitcoin Lightning Update  (Read 153 times)

    • silent17 (OP)
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    January 30, 2018, 04:16:24 AM
     #1
    According to this Article http://fortune.com/2018/01/21/bitcoin-lightning-network-upgrade/

    Because of this update, bitcoin transaction fee will be cheaper and faster than ever,
    what do you think will happen to the bitcoin price if bitcoin is successfully updated?
    and will this update really solve the problem about the transaction time difference?

  • pooya87
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    January 30, 2018, 05:38:12 AM
     #2
    Lightning Network is a very interesting addition on top of bitcoin, side chains in general are interesting. and they will add a lot of necessary features to bitcoin.
    but LN is not going to fix the big back log of bitcoin because it has always been a spam attack so far causing such issues with bitcoin. and nothing is stopping the same group(s) behind the spam attacks to do it again and cause the same issues. that is why fees are there, they prevent it from going on long but not prevent all of it.

  • Kakmakr
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    January 30, 2018, 06:26:35 AM
     #3
    Quote from: silent17 on January 30, 2018, 04:16:24 AM
    According to this Article http://fortune.com/2018/01/21/bitcoin-lightning-network-upgrade/

    Because of this update, bitcoin transaction fee will be cheaper and faster than ever,
    what do you think will happen to the bitcoin price if bitcoin is successfully updated?
    and will this update really solve the problem about the transaction time difference?

    The Lightning Network is not really a once-off Update that would trigger change with a flip of a switch. People will continue experimenting with it on the TestNet and some even on the MainNet, until it has been proven to be safe. Once more companies like TorGaurd jump into the deep end and trust the system, other companies will follow their lead.

    At this stage the accumulated funds in these active "Test" channels are about 4 bitcoins. ^smile^ <They are testing with small amounts>
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  • Cryptoipad
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    January 30, 2018, 07:32:28 AM
     #4
    Quote from: Kakmakr on January 30, 2018, 06:26:35 AM
    Quote from: silent17 on January 30, 2018, 04:16:24 AM
    According to this Article http://fortune.com/2018/01/21/bitcoin-lightning-network-upgrade/

    Because of this update, bitcoin transaction fee will be cheaper and faster than ever,
    what do you think will happen to the bitcoin price if bitcoin is successfully updated?
    and will this update really solve the problem about the transaction time difference?

    The Lightning Network is not really a once-off Update that would trigger change with a flip of a switch. People will continue experimenting with it on the TestNet and some even on the MainNet, until it has been proven to be safe. Once more companies like TorGaurd jump into the deep end and trust the system, other companies will follow their lead.

    At this stage the accumulated funds in these active "Test" channels are about 4 bitcoins. ^smile^ <They are testing with small amounts>

    The lightning network of update to world level system of bitcoin busines.the general bitcoin scalability can be achieving using a large network of payment system.the bitcoin transaction output with a funds and can be exchanged of lightning network.many bitcoin services use the transaction on the blackchain.the network of world lightning to bitcoin transaction costs

  • JPCain
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    January 30, 2018, 07:47:10 AM
     #5
    When do people think LN will be rolled out. I've heard couple of months, I've heard 6 months and I've also heard not this year.

    Anyone got an idea as the likely announcement.
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  • rommelzkie
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    January 30, 2018, 07:56:41 AM
     #6
    Quote from: silent17 on January 30, 2018, 04:16:24 AM
    According to this Article http://fortune.com/2018/01/21/bitcoin-lightning-network-upgrade/

    Because of this update, bitcoin transaction fee will be cheaper and faster than ever,
    what do you think will happen to the bitcoin price if bitcoin is successfully updated?
    and will this update really solve the problem about the transaction time difference?

    That bitcoin lightning network upgrade is already a long due. this was told before but until now we are still waiting in vain. i hope this year 2018 lightning network will be implemented. I dont care  for segwit 2x. lightning network will solve the slow transaction and high fees issue of bitcoin.
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  • Turkish88
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    January 30, 2018, 08:00:22 AM
     #7
    Lightning network, looks like a one big exchange for bitcoins. I think many users dont want use them and continue overload main network.
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  • bisdsad
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    January 30, 2018, 08:03:20 AM
     #8
    If this update is successful, then bitcoin prices will surely go up again, as the cost of intermediate transactions is declining and demand is bound to rise. Bitcoin wiped out by the whales will surely get more people to take over.

  • Pursuer
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    January 30, 2018, 08:12:31 AM
     #9
    Quote from: JPCain on January 30, 2018, 07:47:10 AM
    When do people think LN will be rolled out. I've heard couple of months, I've heard 6 months and I've also heard not this year.

    Anyone got an idea as the likely announcement.

    LN is not some product that you "roll out" at some arbitrary date. Lightning Network is a network which already exists out there on bitcoin main-net which you can choose to use if you wanted right now.
    there are many nodes/wallets made for it just like there are many nodes/wallets made for bitcoin. you choose one out of these and join this network and start using it.
    https://github.com/lightningnetwork
    https://github.com/ElementsProject/lightning
    https://github.com/ACINQ/eclair
    https://github.com/LN-Zap/zap-desktop

    but since these are new and have not been used as much, they may have bugs. so be careful if you decided to use them with real money/bitcoin.
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