Thanks. This is a really good video about how the lightning network will work.
I am, however, doubtful that it will work with everyday transactions (like coffee) the way people think it will. Because one party needs to close the payment chanel to cash out BTC from the lightning network onto the BTC chain, it would still increase the transactions on the mainnet, especially if it is adopted for these everyday transations. At COB for any business, they will do the settlement of their POS credit terminals. The process usually takes no more than a minute. Even with the reduction of everyday transations on the main network, I can't see Bitcoin reducing their transactions times within this vicinity.
Perhaps we'll get to the point of multi-layered lightning networks one day?
thanks for the video !!
Thanks. This is a really good video about how the lightning network will work.
I am, however, doubtful that it will work with everyday transactions (like coffee) the way people think it will. Because one party needs to close the payment chanel to cash out BTC from the lightning network onto the BTC chain, it would still increase the transactions on the mainnet, especially if it is adopted for these everyday transations. At COB for any business, they will do the settlement of their POS credit terminals. The process usually takes no more than a minute. Even with the reduction of everyday transations on the main network, I can't see Bitcoin reducing their transactions times within this vicinity.
Perhaps we'll get to the point of multi-layered lightning networks one day?
agree...Lightening network reminds me of how credit/debit cards work, they flag it as pending until they get confirmed withing 2-3 days!
Check these other 2 videos. they probably shed more lights:
https://steemit.com/bitcoin/@ka82/lightening-network-vs-bitcoin-cash
https://steemit.com/bitcoin/@ka82/how-the-banks-bought-bitcoin-or-lightening-network
Thanks really useful. I made a basic infographic regarding bitcoin & lightening network
https://steemit.com/bitcoin/@maxxxks/bitcoin-how-transactions-can-become-cheaper-and-faster