Biggest problem with lighting currently. It's wrapped BTC. If I have real BTC and you want real BTC. Sending you BTC over lightning is going to cost more in onoff ramping from lightning. The other problem is it's not really simple to hold my own Lbtc with out doing a third-party services
No. Closing a lightning channel will take more space on chain, but there is no limit to the number of layer 2 transactions it settles. Of course if you are doing it wrong by constantly opening and closing new channels, it will cost you more fees.
Fair point about open/closing fees. But there are strategies to reduce the total cost of delivering bitcoin you purchased to another wallet. First, bitcoin is predominantly a store of value. It will take some time for mass adoption of bitcoin as a means of exchange. So, if you’re using bitcoin as a means of exchange for any purchases it’s difficult to learn and use. But just hodl your bitcoin and “play” with Lightning to get an idea of how it works. Second, if you use Lightning to make lots of payments, fund your wallet to manage perhaps twenty payments. And keep the channel open. This allows the cost of the funding transaction ($1-$3) to be spread across the twenty payments. Total transaction cost for one payment is therefore 1/20 of the funding fee plus the Lightning routing/service charge. Third, look at the big picture: -a credit card charge increases merchant costs by about 3 to 3-1/2%.Merchants pass this cost to consumers. A Bitcoin TX for larger transactions and a Lightning TX, when managed well is much below 1% per transaction. Fourth, No point-if-sale solutions allow either bitcoin or Lightning transactions anywhere in the world. So, other than bitcoin maxi to bitcoin maxi payments or remittances, the use case for widespread adoption of bitcoin as currency is very low. That’ll change over time in the US. But it’s catching on in places like Turkey, Lebanon and Argentina and the other countries mentioned in this video where high or hyperinflation is killing the native currency’s use case as a store of value. Bitcoin, Lightning and swaps for USD-tied stablecoins are a big thing now.
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Good convo.
What happened to the developer quitting the lighting network because of several security breaches?
He said in the meantime he plans to focus more on bitcoin core development.
great interview. Thank you!
Great Research.
LN is strong. I use LN all the time, its great.
Establishing a... time value of bitcoin
We dont need to hear everyones "Bitcoin Story" anymore.
facts
Why? I never get tired of hearing those.
Yeah enough stories. It's getting tiresome and repetitive and listening to them is quite pointless.
Lol
I'm new and like hearing them. Helps Bitcoin grow. You could not be more wrong!
Thx
Thank you. Appreciate your work.
Is lightning transaction anonymous and private untraceable?
Biggest problem with lighting currently.
It's wrapped BTC.
If I have real BTC and you want real BTC. Sending you BTC over lightning is going to cost more in onoff ramping from lightning.
The other problem is it's not really simple to hold my own Lbtc with out doing a third-party services
No.
Closing a lightning channel will take more space on chain, but there is no limit to the number of layer 2 transactions it settles.
Of course if you are doing it wrong by constantly opening and closing new channels, it will cost you more fees.
Security breach was found recently inside the lighting network
Fair point about open/closing fees. But there are strategies to reduce the total cost of delivering bitcoin you purchased to another wallet.
First, bitcoin is predominantly a store of value. It will take some time for mass adoption of bitcoin as a means of exchange. So, if you’re using bitcoin as a means of exchange for any purchases it’s difficult to learn and use. But just hodl your bitcoin and “play” with Lightning to get an idea of how it works.
Second, if you use Lightning to make lots of payments, fund your wallet to manage perhaps twenty payments. And keep the channel open. This allows the cost of the funding transaction ($1-$3) to be spread across the twenty payments. Total transaction cost for one payment is therefore 1/20 of the funding fee plus the Lightning routing/service charge.
Third, look at the big picture:
-a credit card charge increases merchant costs by about 3 to 3-1/2%.Merchants pass this cost to consumers. A Bitcoin TX for larger transactions and a Lightning TX, when managed well is much below 1% per transaction.
Fourth, No point-if-sale solutions allow either bitcoin or Lightning transactions anywhere in the world. So, other than bitcoin maxi to bitcoin maxi payments or remittances, the use case for widespread adoption of bitcoin as currency is very low. That’ll change over time in the US. But it’s catching on in places like Turkey, Lebanon and Argentina and the other countries mentioned in this video where high or hyperinflation is killing the native currency’s use case as a store of value. Bitcoin, Lightning and swaps for USD-tied stablecoins are a big thing now.
Još jedan način da čovek sjebe novce. 😂