Mundo Crypto EN
Mundo Crypto EN 3 minutes reading from Bitcoin

Lightning Network: Can You Pay Daily With Bitcoin?

🔴 Do Bitcoin transactions seem very slow to you?

The Lightning Network fixes it! Don't worry, it's not another currency...

It is a Bitcoin layer two solution that enables near-instant payments in BTC

Find out now how you can take advantage of it.

🧵👇🏼

❌The Bitcoin Problem:

Perhaps one of the biggest limitations to achieve the MassAdoption of Bitcoin is that the speed of transactions is slow and the cost per transaction is not convenient to make micro payments.

The key is in the Lightning Network👀

📍 What is the LightningNetwork?

The Lightning Network is a solution that is built separately from the Bitcoin network but constantly interacts with it, in order to help solve Bitcoin's scalability and transaction cost issues.

What can the Lightning Network be used for?

🔹Instant transactions in BTC

🔹Micropayments: the low rates in Lightning make it possible to pay daily with BTC

🔹Privacy: Individual Lightning payments are not publicly recorded on the BTC

network

🔎How does it work?

The Lightning Network works through a system of payment channels. These channels form the connection between users who want to transact in Bitcoin.

Thus, a user “A” will be able to send BTC to a user “B” in Lightning through a channel.

⚠️To keep in mind:

LightningNetwork works quite well. However, this does not imply that it is perfect. Despite interacting with the Bitcoin network, Lightning does not use its security, so it could be more vulnerable to attacks.

🚀Lightning Network is a great change for Bitcoin .

With Lightning, Bitcoin gains true capabilities to be a global medium of exchange. Just like SatoshiNakamoto always wanted it.

Have you ever paid with BTC through the Lightning Network?

This post is based on this twitter thread.

Comments

Please login to comment.