The Lightning Network Is Almost Here!

in #cryptocurrency • 7 years ago

FUD, FUD EVERYWHERE!

Many of the current concerns behind cryptocurrencies, Bitcoin in particular, are the increased transaction times and fees. Don't you miss the good ol' days when the transaction took only a few minutes to clear, and it didn't cost an arm and a leg to send $10. As it stands now, using Bitcoin as a payment method is just not pheasible.

Lucky for us, Litecoin and the lightning network are here to rescue us all! Basically the idea behind the lightning network is that you'll have a network similar to Tor sitting atop the Bitcoin blockchain. This network will allow users to open up channels between other users and have their transactions process almost instantly. Small, cheap and secure transactions that don't rely on a third party is something this world desperately needs.

For a lot more details on the lightning network, check out this article. 👌 http://reason.com/archives/2018/01/30/free-banking-for-bitcoin-how-the-lightni

#steemit #blog #money #news
7 years ago in #cryptocurrency by
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