Using Bitcoin Lightning Network - Programmer explains

in #bitcoin3 years ago

Bitcoin Lightning Network is growing day by day and the technology is really the future of Bitcoin. Today we install the wallet, look at the world map with all the lightning nodes on the testnet and buy coffee using Lightning Network!


Command that you need to write from screen:
npm --add-python-to-path="true" --debug install --global windows-build-tools

Guide:
https://medium.com/@jadmubaslat/bitco...

Free TestNet BTC:
https://testnet.manu.backend.hamburg/...

World Map Lightning Network TestNet:
https://explorer.acinq.co/#/n/03c4b20...

Starblocks - Buy Coffee on the TestNet using Lightning:
https://starblocks.acinq.co

Andreas Lightning Network Centralized?

...

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DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make.

Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, diffenrent altcoins.

Ivan on Tech by Ivan Liljeqvist

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Lightning network is not what I signed up for when I first invested in Bitcoin and other cryptocurrencies in 2013. That you are both for lightning network and steem at the same time is very odd to me. Bitcoin was made to fight the banks, but now it is becoming modern banking system. This is not going to work out. Since the end of last year I do not own a single Bitcoin. The majority of my holdings are now in Bitcoin Cash. Lets see what happens when BitPay adds Bitcoin Cash. Do not say I did not told you so.

Lightning Network is only for MICROPAYMENTS, not for big. It can be decentralized, if would be for bigger payments.

Recently i've read an article regarding this that some major bit coin holder transffered his all coins into BCH and said that BCH is future. Now your comment is also proving it true.

BitPay added BCH about a month ago. 🤔 Seems it remains about 80% less than Bitcoin.

No, they did not add Bitcoin Cash. I am speaking about BitPay for merchants obviously, not the wallet. The main thing that made cryptocurrencies popular and the Bitcoin have the price it has today, is the market effect and positive reinforcement loop of merchant adoption and users.

Shows how cool I am I guess, BitPay is just a wallet to me. I’d never toss my btc, more power to you, I’m comfortable with both.

No, not using Bitcoin as a currency is not cool. The title of the bitcoin whitepaper is "peer to peer electronic cash" not store of value. And there cannot be store of value without usefulness as a currency. I wish you good luck.

Thanks. So far, so great. You’ll never see me on here or anywhere else saying something like I traded all my bitcoin.... 👍🏿 I just checked my blockfolio and you’ll be pleased to know that both BCH and BTC still work against banks and still have me financially comfortable.

So far I haven't seen any KYC code in LN. Please let me know if you find any

Have a look at this article. It features some videos that dispel some fears around LN:
https://steemit.com/bitcoin/@xsid/the-lightning-network-is-real-and-it-s-almost-ready

Thank God, finally something good came out of bitcoin community after some long time.
You know what, my very biggest concern about bitcoin recently was how we are going to adopt it and start using it on mass level when we can't buy a burger at Mc'Donalds when we have to wait for 30 minutes.

You can thank Blockstream for making you wait 30 minutes at MC Donald. If they did not take over development of Bitcoin and force a redicilous 1 MB blocks size limit, you would be waiting only 5 seconds from making your payment til you would get that burger.

Yeah that is so true.
But now community is thinking to make it better so I am happy. At least something is better than nothing.

@ivanli, thanks for this awesome video, the lightning network is now clear to me, i used to have a great difficulty understanding this in the past but all is clear right now. The bitcoin community is a great relief to several questions about bitcoin.

Thanks man.

good comment ...good support

I didn't watch your video or read anything on your post. Can I have an up-vote please? Thanks.

Haha, this is classic :D

Is this part of the Sunday morning funny’s? Lol

Informative video but there is still the problem of price volatility, which means merchants will charge a high percentage to cover for the risk but will keep an eye on this though I must confess I would rather buy coffee with cash, 10 years from now I dont want to be that guy that bought pizza with 10,000 bitcoins haha.

Bitcoin as a currency can be used only if it hits crazy numbers like 1000000 USD. Then the volatility will be gone completely. Youll buy coffee with satoshi.

Hey Ivan, thanks for explaining lightning network! Looking forward to watching your video!
CU,
Chris

Suddenly, I have a strong urge for delicious blockachino☕☕! 🤣👌 👍
P.S.: Your video works fine, but the video "Andreas Lightning Network Centralized?" does not work.

Hey @ivanli great informative article. Would love to learn from you.. followed you and added you as a connection on LinkedIn.

But the big question is: what will happen when all of the BTC supply were all mined?

Anyway, here's my take on the current situation of Bitcoin being a bubble and how we should react to it.

Your explanation is impressive. Continue your good work. Cheers!!

Life made simpler with bitcoin so interesting that one doesnt need to move with solid cash i just love technology. Steemit for you to leran indeed

Hey Ivan. Thank you for this in depth explanation. I am not sure about all of the terms because I am really new to all of this but I do get the concepts and am learning more. I have also followed you to keep updated.

The currency of the globe
This is amazing bro
Nice thoughts

I knew that you would end up putting this type of video together. Thanks and much appreciated. I actually understand this stuff now. Not bad for someone who had no idea what all this stuff was about 2 months ago. Yaay for me. Keep the good stuff coming please.

I heard from the developers you should not be using it as of yet its not ready.

Very good network

Hey Ivan... Great video... thank you... I can almost imagine the day when we paying for coffees and donuts with bitcoin... #excited :)

Hi Ivan , we are really glad for this update . Hoping more updates regarding Bitcoin Lightning network. Great work , keep going. Thanks.

You guys are doing a good Jon.keep it up while we try to catch up with the innovations.

Buy art with btc lightning: www.lightning.lighting

That link doesn’t do go anywhere, you may want to check it.

If lightning network suceeds, then Bitcoin could become faster and most importantly cheaper to use. It can result in huge number of transactions without actually stressing the Bitcoin block chain. This would be seriously amazing

So basically, I can be tracked where ever I am.

I explained how to make money with Lightning Network nodes, in this article.
https://steemit.com/lightning/@coinsity/a-guide-to-make-money-with-bitcoin-lightning-network-nodes

I prefer Bitcoin Cash...the real BitcoiN?

Essential info. Thank you!

impressive

Hi Ivan !

Thank you so much for showing how to set up a node.

The only worry I have with lightning network is how it’s predicated on participation by many people/nodes. With the increase in fees and slower speed over past year or so, most people have moved away from BTC as a daily payment method and as everyday we get more coins that can do the same or faster and cheaper transactions, I think lightning will find tough competition.
At the same time, no other coin has the name recognition that bitcoin has, and with so many new people entering crypto space, putting out the lightning as soon as possible will probably be best because the new people will be able to use bitcoin for daily payments which for most noobs will likely be the only coin they have even heard of prior to entering crypto.

Fantastic article! I've followed and up-voted your post i look forward to your future content!

For info and technical and fundamental analysis of Crypto's, an insight into how the whales manipulate the market and how to get involved in an exciting 12 month millionaire challenge we've recently started, check out @cryptobroye :)

When do you think all exchanges and wallets will use this lighting network technology?
Also, when it will be ready for people to use it easily?

If that happened, I duess that will effect positively on the price and many people around the world will come and join the crypto industry

Litecoin looking great!

Thank you Ivan for your time and information. However, kindly note that I will not upvote because I disagree with the banner you used under your video. It is a highly distracting visual noise. One of the reasons I loved steemit is the lack of visual ad noise. You do not need to use subliminal autosuggestion to promote your content and get more upvotes. All you need to do is create valuable content and people will appreciate it because they loved it not because of the consistent suggestion.

If many users did the same, steemit content will not look good. Remember, at the end of the day steemit is a revolution in value and content sharing. Lets keep our content pure and worthy.

Are you ever going to talk about Steem on your channel? Just sayin 😀

did this morning :)

Really, going to check it out :)

Video not working... fail post. I'm sorry. Still thanks to my upvoters god bless you.

Lighting can solve two fundamental problems of Bitcoin. First, scaling, because not every coffee transaction needs to be recorded on the blockchain forever, and secondly, transaction fees, because off-chain transactions will be far cheaper and instant.

believe with this Bitcoin is only going to rock.. the network will become faster and faster which is actually very slow during the transactions. No pressure on blockchain... This is rocking thing.. thanx man

Lightning network is not what I signed up for when I first invested in Bitcoin and other cryptocurrencies in 2013. That you are both for lightning network and steem at the same time is very odd to me. Bitcoin was made to fight the banks, but now it is becoming modern banking system. This is not going to work out. Since the end of last year I do not own a single Bitcoin. The majority of my holdings are now in Bitcoin Cash. Lets see what happens when BitPay adds Bitcoin Cash. Do not say I did not told you so.

The majority of my holdings are now in Bitcoin Cash.The bitcoin community is a great relief to several questions about bitcoin.

nice post...
i upvoted your post 100% please upvote me.

Very good post.

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This is my post in an opportunity to introduce
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My name is young cs, old 22 years.
For now I am a student. I studied Telecommunication Engineering.
And Hope I join this steemit is, to add relationships, experiences and spread benefits.
I hope the steemian friend will direct and guide me in working in this steemit.
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So many of my introductions, greetings to all steemians friends and wish us all to be successful.
Thank you..!

<Follow me @young-cs

Sincerely speaking @ivanli, this is an awesome post. Any body want to advance in crypto knowledge should follow @ivanli. I could not hesitate join thesse links , upvote and resteem this post.

Hello @ivanli. The explanation you gave on bitcoin lightening programme is exclusively rich. Can you send me a link to join your cryptocurrency group. Thanks. Awesome post!!

Thanks for the information. I learn several new things a day on steemit and I love it!

Great video Ivan.Really interesting and with great detail!

wow It's so nice, finally something goes well, @ivanli ! By the way does it tie up the parties Bitcoins until they finalize the transaction?

And thanks for the detail and including the extra videos as well.

Appreciate this update on the Lightning Network, @ivanli. Curiousity has already killed a few of my cats. 😎

I just followed you cause your posts seems to be informative post you can find similar crypto news on my steemit that might be productive for you too...
@reewy

very important video for us..
thank you for shareing.

The real problem with using the lightning network on mainnet is that it is not quite ready yet but people already using it in the hope to accelerate deployment, while in fact they stall development because the small team of 10 developers has to work additionaly on backward compatibility then.

@ivanli - very interesting topic as always. Lightning network enabled wallets and nodes, brings up a lot of potential & opportunity. But is this without risk? I would say no, there is always market risk based on the cryptocurrency you have in the wallet and also the crypto that is traded.

There is also some currency exchange risk, because if you are a US-based lightning network user & want to get your bitcoin exchanged for dollars- and the dollar has risen against your crypto, then you'll have to exchange more bitcoin for your dollars. This is something to investigate for sure. Nice work on this post... upvoted!

thanks I actually heard about this week ago and finally I came to know what it is all about, Lightning network will help users switch to crypto due to its lightning speed hope we get to see some more user friendly development with this network so that we can have enough people using this technology.

Bitcoin being a decentralized currency working Peer to Peer , If lightning network is succeeded , it cannot be reverse engineered

best wishes forBitcoin Lightning Network

How long is estimated until lightning network will be used? Because it seems like it is still very far away.

I want to try this one. Nice one. Thanks for this information bru. ☺️

Insightful & revealing read.
But what's the downside of the lighting network?
As i am convinced it's not all positive...

thanks - very interested - keep us informed

Screenshot_20180214-103956.png gambar tangkap layar dari hp saya

WoW! great information this post.

thank you for the post, I like your information you are the best, I will support you and I will follow you))

Whatever happened to that blond chick in your video on YouTube that was staring you up and down 😂😂

Nice concept ivanli!!the world is really moving into cryptocurrency and i strongly believe that you are gonna make a great impact in it!

Just FYI,
The lightning network isn’t Ivan’s concept

Your link is very good.It spreads our knowledge.

I'm new to cryptocurrency so this was a very interesting read, Thanks!

Lightning network is not what I signed up for when I first invested in Bitcoin and other cryptocurrencies in 2013. That you are both for lightning network and steem at the same time is very odd to me. Bitcoin was made to fight the banks, but now it is becoming modern banking system. This is not going to work out. Since the end of last year I do not own a single Bitcoin. The majority of my holdings are now in Bitcoin Cash. Lets see what happens when BitPay adds Bitcoin Cash. Do not say I did not told you so.

Bitcoin is a remarkable achievement in the field of cryptography, and its ability to create something that can not be duplicated (faked) in the digital world is of great importance.

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