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Lightning Network is a bitcoin savior

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Lordlibra

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Anyone who uses Bitcoin and transfers payments knows that the commission in its network is very high. The number of transfers all the time increases, the network is overloaded. Because of this, there are problems with payments, they go too long and those who cannot wait have to pay higher fees for making the payment pass quickly.

This led to the fact that some users began to leave for Alt-Coins, where small commissions and payments are made much faster.

To correct the situation LN was created. This is an add-on over Bitcoin blockchain main network. In other words, it is in addition to blockchain. All transactions in LN are free and carried out in a matter of seconds, since they are not recorded in the blockchain. This dramatically reduces the load on the main network.

Transfers using this technology are carried out as follows - you should conduct a standard transaction. The user will be required to enter their personal data. The Lightning Network protocol is created in such a way that gives a full guarantee of correct translation. Each of the participants in the transaction can be sure that no one will deceive him. This is especially important now, when crypto market is flooded with fraudulent structures.

Due to the use of LN, the Bitcoin network stops using the peak hours overload. Since it carries very little data into the recording of the blockchain, the network itself is simplified. They can even used by a newbie, which is one of its most important advantages.

Since all translations are very fast thanks to it, this allows Bitcoin to be used in completely different segments. In addition, LN makes it possible to improve the scalability of the bitcoin itself. Due to this, the first cryptocurrency has new chances for rapid advancement in the cryptocurrency market.

Another advantage is that LN is able to function without crypto-exchange, and they, as you know, also charge fees for their services. Users using this technology note that transactions are carried out with almost no delays.

Analysts believe that, thanks to the Lightning Network, Bitcoin opens its second wind, and the number of participants in the currency will continue to grow. If the developers make a number of improvements in it, then it can be argued that LN saved Bitcoin from collapse.

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14 Jan, 2019 12:48