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/messageLTB #419 Altcoins and Ancient History with Charlie Lee
LTB#418 Statechains, and Trading the Panopticon for Magical Internet Money
LTB #417 Adoption and Mimicry on the Blockchain
LTB! Update (Season 2 Coming Soon!)
LTB#416 Why?
LTB #415 A Domino Effect
LTB #414 Let's Talk Bitcoin! Live Q&A
LTB #413 Origin Stories and Earned Experience
LTB #412 Let's Talk Bitcoin Live!
LTB #411c Growing to Fit
LTB #410 Before the Flood
LTB #409 Another Perspective on India
LTB #408 Bitcoin Game Theory for Countries
LTB #407 India's Catch-22 & How to Work With Money when Money Doesn't Work
Thailand, FATF and the US Treasury's Concerns - Token Rumors Pilot Episode
LTB#406 Hyperinflation, Official, and HODL Currencies (or, "Incentives are Destiny")
LTB #405 It's All Bitcoin
LTB #404 Crypto Plastic & Bitcoin's 90/10 in India
LTB #403 Efficiency and Timing
LTB #402 The Whole Crypto Game Just Changed
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