The Bitcoin LightningNetwork is a decentralized payment protocol that operates on top of the Bitcoin blockchain. It enables fast and cheap transactions between participating nodes and has been touted as a solution to the Bitcoin scalability problem. BTC
The LightningNetwork allows users to set up payment channels between any two parties on the network. These channels can remain open for as long as needed, allowing users to make an unlimited number of transactions without ever touching the blockchain.
The Bitcoin LightningNetwork is important as it enables near-instant, low-cost, and secure payments for Bitcoin users. It is a layer on top of the BTC blockchain that enables users to open payment channels with each other,
Allowing them to transfer funds almost instantaneously with minimal fees. The LightningNetwork also helps to reduce the strain on the Bitcoin blockchain due to a lack of capacity.
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This post is based on this twitter thread.