The Lightning Network is arguably the most anticipated scaling solution for Bitcoin to date. Why isn’t everyone using it?
“Speaking of Bitcoin” hosts Adam B. Levine, Andreas M. Antonopoulos and Stephanie Murphy are joined by Rene Pickhardt, Bitcoin and Lightning Network Developer. The four lead a conversation on the still in development yet rapidly growing Lightning Network. It’s a second-layer network that enables fast, secure, private and inexpensive payments that don’t make sense to store on bitcoin’s base layer. But while that might sound ideal, it’s not simple in practice. A scrappy community of companies and developers have been pushing the tech consistently forward as the number of hard problems still to solve ticks down.
Even as early as we are, Lightning has proven to be a radical improvement on the user experience of bitcoin. On the bitcoin network, fees vary but typically range from $1–5 and complete with confirmation in an average of ten minutes. With Lightning, fees and transaction times drop dramatically: the transaction fees are generally 1/100th or 1/10th of a penny and take just seconds.
If the improvements of Lightning are clear, why isn’t everyone using it today? Listen to hear more about the challenges and solutions coming to this rapidly-evolving aspect of bitcoin.
Additional reading:Album art created using AI by Adam Levine/Pixelmind.ai
--- Send in a voice message: https://podcasters.spotify.com/pod/show/originalltb/messageSOB #486.5 Why Cryptoization Scares the IMF (Part II)
SOB #486 Why Is the IMF Afraid of Cryptozation?
SOB #485 The Sure Thing, the Force Multiplier, and the Underdoge
SOB #484 A Brief History of Bitcoin Tipping (and Where Twitter Fits in it)
SOB #483 Exit, Voice & Bitcoin
SOB #482 Life on Bitcoin (2021 Edition)
Upcoming Episodes
SOB #481 On National Adoption of Bitcoin
SOB #480 Is Axie Infinity's Play-to-Earn Economic Empowerment or Exploitation?
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SOB #479 Ethereum, Bitcoin; Hard Fork, Soft Fork: How Decentralized Change Is Made
SOB #478 The Expert Incentive, or ‘God Save the King of Kong'
SOB #477 Stoner Cats Chaos and the Mainstreaming of NFTs
SOB #476 - Digging Into El Salvador's Bitcoin Bill
SOB #475 Emergent Complexity and Building Systems We Don’t Understand
SOB #474 - Bitcoin Neutrality
SOB #473 - The New Renaissance
SOB #472 Wisdom of Crowds and the Information Disease
SOB #471 How and Why Governments Lie About Inflation
SOB #470 Challenges Towards a Post-Scarcity World (and the Bullshit Economics of Star Trek)
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