Bitcoin transactions to become FREE and INSTANT thanks an ace up its sleeves: the Lightning Network @BlockRush

Bitcoin has not been doing well despite SegWit and with the better performance of Bitcoin Cash, many people are wondering if Bitcoin will survive. In our previous post we explained the potential fate and future of Bitcoin.

If you have not read that post, then we advice you to do for more insights: Bitcoin down to $3,700 - your top 3 questions are answered about the fate and future of Bitcoin @BlockRush.

Earlier this week the Coin Telegraph reported that the Lightning Network infrastructure could be coming to Bitcoin "tomorrow".

In this post we will go further by looking how an infrastructure called the Lighting Network could be used to address some of its Bitcoin basic challenges: speed of confirmation time and fees.

What is the Lightning Network?

Lightning network is the technology to build an intermediary virtual mining channel that allow us to process Bitcoin transactions off the main net onto a separate side-chain.

Lightning Network will mean that we will be able to keep certain "unnecessarily and trivial" transaction like refunds and micro-payments of the mainnet so we reserve the main net for only final and important transactions.

All Bitcoin transactions that pass through the Lightning Network will be INSTANT and FEELESS - yes that is the deal. The support for free and instant transactions allow Bitcoin to scale upto to support billions of users and trillions of transactions making Bitcoin once again great.

Also, by serving as a thirdparty custom infrastructure, we can literally build "apps" on it. OMG! Forget all the competitors of Ethereum and EOS - Lighting Network could make upgrade Bitcoin to Bitcoin 2.0 and allow us to build DApps and launch ICO on Bitcoin!

The proposal for Lightning Network has been around since last years and is being worked on by several major Bitcoin stakeholders including Bit Fury, Acinq, Lightning Labs, and MIT’s Media Lab.

Bit Fury's team has successfully tested the Lightning Network on the main Bitcoin network. SegWit is what was needed to make the Lightning Network work and now that its already activated, it means it is simply laziness that is keeping the Core developer from implementing the Lightning Network.

Seriously its about time someone did something about Bitcoin, this price bubbling is giving some of us a heart trauma while the 1 hour confirmation time is just ridiculous. We cannot even remember the last time we heard any good news about Bitcoin. SegWit was activated but Bitcoin is still slow and Bitcoin Cash is just stealing the show.

On Sunday one of Bitcoin development insiders, Ferdous tweeted about the the Lighting Network might be available from Tuesday, which was supposed to be yesterday.

That does it mean for you? TL;DR:
1) Trustless instant nearly zero-fee transactions
2) Scales to billions of users
3) Thousands of new apps— Ferdous (@ferdousbhai) August 20, 2017 

The slow-but-sure improvement of Bitcoin

How soon the Lightning Network will be implemented on the Bitcoin network we do not know, however what we do know for sure is that it could be at any moment: today(good), tomorrow(bad) or even in next century(ugly).

Like every other Bitcoin improvement proposal, it need the consensus of the irreconcilable Bitcoin stakeholders of investors, miners and developers to see it work.

However, in the face of the potential split on November 1, the falling prices and the rise of the "superior" Bitcoin Cash, perhaps Bitcoin stakeholders would be pressured to let go of their pride and greed and finally agree on something.

With Bitcoin;'s transaction speed improved, it will see more users, attract more merchants and explode in price. The best times are still ahead people! Do not loose hope in Bitcoin!

Long live Bitcoin!

Image credits: Bitcoin.com

With Bitcoin falling to $3,774, there are many important questions to ask:

• Why are Bitcoin prices down?
• Are price speculations normal?
• and finally - Will Bitcoin recover?

For a comprehensive understanding of the situation as well as the answers to these questions see our previous post:

Bitcoin down to $3,700 - your top 3 questions are answered about the fate and future of Bitcoin @BlockRush

Receive Bitcoin & Blockchain news and reports!

If you are not a part of those receiving our reports, then follow@BlockRush now to receive intriguing Bitcoin & Blockchain news analysis and reports. Join the unrestricted post promotion Facebook group by @SteemitNetwork at https://facebook.com/groups/steemitnetwork

Did you like our post? Upvote and resteem so others can find it. Keep the conversations ongoing by leaving a comment below.