Lightning Protocol 1.0 Compatibility Achieved – Lightning Developers – Medium

in #bitcoin9 years ago

Today the transaction capacity of Bitcoin today is only 4-10 transactions per second. That's measly to say the least, and the reason Bitcoin transactions are so slow and fees so high. Bitcoin today is useless for everyday transactions, so its utility is limited. With sophisticated technology LN can increase the capacity of Bitcoin to millions of instant transactions per second at close to zero fees. There aren't even any drawbacks, because LN is just a layer on top of the Bitcoin protocol, and is completely voluntary to use. Noone, not even miners, can stop you from using LN, because it is the equivalent of just keeping tabs between you and those you transact with.

If LN does what it promises, and gets successfully implemented and widely adopted, I predict that the price of Bitcoin will continue to skyrocket with 5x+ gains each year. LN has been grossly undercommunicated, so I suspect the price today doesn't reflect Bitcoin's true value. I suspect that most people who use bitcoin today hardly know anything about LN, and probably think that the fees and transaction times will remain like they are today. The ignorance is even worse among people who have never even used bitcoin.

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