What is the bitcoin lightning network and which wallets support it?

[BrolySSJ]

Bitcoin is a very good coin for an investment, however the simple truth is that when it comes to the actual use of bitcoin and its practical application in terms of the possible merchants where you can use it to pay for items, its use becomes increasingly limited by the high transaction fees. In fact if you are making a payment that is less than ten dollars you can often see a transaction fee that is either greater than or equal to the value of the transaction that you are making. In this way it is not feasible at all and can deter people away from it quite a bit as well.

From what I hear there is a bitcoin lightning network that is able to reduce the transaction fees and the confirmation times of a bitcoin transaction? From those that may have used this in the past, is this true? And if so, what wallet is there that supports this as a way to transact with bitcoin in this way?

 

[Iamsodex]

The is the first time I'm hearing anything like like Bitcoin lightning, I've not come across it online or through any Bitcoin forum but that would be a good solution to the issue we are currently facing in regards to high transaction fees on the Bitcoin network and I hope there's one for ethereum also because the gas fee needed for transactions these days are high

 

[Tinaconcept]

I haven't heard of bitcoin lightning before but if there will be such development as bitcoin lightning I think its a welcome idea because it will help curtail all the difficulties faced in bitcoin transactions most especially the high rate of charges faced.

 

[Akinwale701]

you're

Bitcoin is a very good coin for an investment, however the simple truth is that when it comes to the actual use of bitcoin and its practical application in terms of the possible merchants where you can use it to pay for items, its use becomes increasingly limited by the high transaction fees. In fact if you are making a payment that is less than ten dollars you can often see a transaction fee that is either greater than or equal to the value of the transaction that you are making. In this way it is not feasible at all and can deter people away from it quite a bit as well.

From what I hear there is a bitcoin lightning network that is able to reduce the transaction fees and the confirmation times of a bitcoin transaction? From those that may have used this in the past, is this true? And if so, what wallet is there that supports this as a way to transact with bitcoin in this way?

You're indeed right about bitcoin transactions fee being on the high side, I have also noticed that if you are sending bitcoin to a wallet which is not of the same type with the wallet you are sending from. This is one of the reasons I don't normally prefer paying for goods with bitcoin.

 

[BrolySSJ]

The is the first time I'm hearing anything like like Bitcoin lightning, I've not come across it online or through any Bitcoin forum but that would be a good solution to the issue we are currently facing in regards to high transaction fees on the Bitcoin network and I hope there's one for ethereum also because the gas fee needed for transactions these days are high

Actually I did hear about it through one of the platforms online and also one of the merchants that I used to make payments via cryptocurrencies actually does except the lightning network and so that was what made me curious about what the network is and how it could be of benefit to bitcoin transactions. I think it is necessary for both bitcoin and ethereum because the transaction fees that we are seeing at the moment are nothing short of ridiculous.

 

[Ralphjoe]

This is actually the first time that I am hearing about the Bitcoin lightning feature that you said is capable of reducing it's fees and the time if takes to confirm transactions. Well I don't need such a feature as the transaction fees on my Bitcoin wallet is okay.

 

[BrolySSJ]

This is actually the first time that I am hearing about the Bitcoin lightning feature that you said is capable of reducing it's fees and the time if takes to confirm transactions. Well I don't need such a feature as the transaction fees on my Bitcoin wallet is okay.

I don't think that it is on the Bitcoin wallet from what I have being seen on this topic. In fact, I think that it has to do with an entirely different wallet, and it is only subject to those places that state that they accept it on the lightning network. However, I cannot be sure, as I am still learning about it and am hoping to get more information on it through the future responses here.

 

[Nomad]

I have heard people using the term bitcoin lightning network, but I do not know what it actually means. I also see problems of bitoin being used as a payment solution for every day needs because of its high transaction cost and low transaction speed.

 

[Yusuf]

I only know about Bitcoin as an asset to make some good amount of money from. I really don't know anything about Bitcoin lightning and I'm just hearing it for the first time. I will make more research about it

 

[BrolySSJ]

I only know about Bitcoin as an asset to make some good amount of money from. I really don't know anything about Bitcoin lightning and I'm just hearing it for the first time. I will make more research about it

From what I have seen the lightning network is actually a very good bitcoin payment platform that allows you to transact with very low transaction fees as well as a very fast transaction time which is not something that is typically offered on the regular bitcoin network.

 

[Dowenship]

Bitcoin is a very good coin for an investment, however the simple truth is that when it comes to the actual use of bitcoin and its practical application in terms of the possible merchants where you can use it to pay for items, its use becomes increasingly limited by the high transaction fees. In fact if you are making a payment that is less than ten dollars you can often see a transaction fee that is either greater than or equal to the value of the transaction that you are making. In this way it is not feasible at all and can deter people away from it quite a bit as well.

From what I hear there is a bitcoin lightning network that is able to reduce the transaction fees and the confirmation times of a bitcoin transaction? From those that may have used this in the past, is this true? And if so, what wallet is there that supports this as a way to transact with bitcoin in this way?

If there's anything bitcoin lightning that reduces transaction fees and confirmation times i think it will encourage more investors but I doubt of such exist...

 

[Nurudeen]

I have not used the Bitcoin lightning transaction network but I think I will definitely give this a trial and see how it goes in the long run. Thank for sharing the information

 

[jeff87]

Bitcoin is a very good coin for an investment, however the simple truth is that when it comes to the actual use of bitcoin and its practical application in terms of the possible merchants where you can use it to pay for items, its use becomes increasingly limited by the high transaction fees. In fact if you are making a payment that is less than ten dollars you can often see a transaction fee that is either greater than or equal to the value of the transaction that you are making. In this way it is not feasible at all and can deter people away from it quite a bit as well.

From what I hear there is a bitcoin lightning network that is able to reduce the transaction fees and the confirmation times of a bitcoin transaction? From those that may have used this in the past, is this true? And if so, what wallet is there that supports this as a way to transact with bitcoin in this way?

I can't give you the answer now. I will research first about Bitcoin lightning network that you are talking about. That is also my complain about Bitcoin that it has great transaction fees.

 

[BrolySSJ]

I can't give you the answer now. I will research first about Bitcoin lightning network that you are talking about. That is also my complain about Bitcoin that it has great transaction fees.

Recently I have noticed that the transaction fees have reduced significantly for bitcoin and I think it has to do with the traffic on the network and also the fact that there was a recent upgrade that could have helped with managing various cryptocurrency transactions on the blockchain at any given point.

 

[Josemendez]

I have heard people using the term bitcoin lightning network, but I do not know what it actually means. I also see problems of bitoin being used as a payment solution for every day needs because of its high transaction cost and low transaction speed.

The lightning network was created to solve the scalability issues and the high gas fee associated with coins . The only challenge with it is that coins cannot be sent to address outside its network

 

[BrolySSJ]

The lightning network was created to solve the scalability issues and the high gas fee associated with coins . The only challenge with it is that coins cannot be sent to address outside its network

That is a major concern because there are not a lot of wallets and payment platforms that do make use of the lightning network online and this is something that i have noticed with time. Hopefully companies become more accepting of the lightning network in the future.

 

[harrypaul]

You have to be careful of where you save your crypto currency and where you do your trading otherwise you may get scammed and you may lose everything.
I have never heard of any crypto lighting app.
Please be guided

 

[BrolySSJ]

You have to be careful of where you save your crypto currency and where you do your trading otherwise you may get scammed and you may lose everything.
I have never heard of any crypto lighting app.
Please be guided

This is not an app but rather a network that is used in order to have bitcoin transactions that take place at a cheaper rate and at a faster rate as well. So it can be very helpful for those that do accept it.

 

[Bousine123]

I think it will greatly help a lot. Had to pay a lot of fees for most of my Bitcoin transaction offlate. But I feel my wallet will soon adopt this system.

 

[soxcryp]

Lightning Network is a network that works as layer 2 of Bitcoin, but its permanence is volatile.

I explain: Juan and Maria open a channel on LN. To this channel they send a defined amount of BTC to trade with each other, let's say: Juan $50 in BTC and Maria $10 in BTC. Juan has bought an article and will pay him $20 for this channel. He then he makes a second trade for $10 more. And, after the negotiation, they decide to close the channel, withdrawing their respective funds.

It is then that a single transaction is sent to the main BTC chain, in which Juan is now the holder of $20 in BTC less commissions, and Maria of $40 in BTC less commissions respectively (the commission that is generated is the one that happened when entering and leave the LN channel, in many cases, the internal transactions of the channel do not generate commissions).

If a channel remains open for a long time, that is where the greatest benefit is produced for its members.

Another important aspect in this matter is that the Lightning Network is not like the other networks that have stable connection nodes, but that the connection is of the P2P type (person to person). Therefore, the connections are established through the channels that the connected people open. Which leads to the weakness attributed to LN in its accessibility, mostly characterized by Apps and settings that can be obnoxious for the average user.