Currently i learn more about these extensions to Bitcoin. As i understood Lightning Network is a layer on top of Bitcoin and it can speeding up transactions significantly to millions and billions (per second?). Visa achieved 47,000 per second in 2013. Many argue that this is just a temporary solution which is not consistent because Bitcoin was not intented for such usage. I think of a kind of plugin code which uses the existing core of a software architecture and tries to implement advanced features which were not planned in the beginnings.
Some argue that also with Lightning Network the transaction fees are too high for micro payments, therefore Satoshi Pay made a cut and is now is engaged with IOTA. Obviously they love Bitcoin for pioneering works but sometimes it seems like a Rube-Goldberg machine it has to do many complicated things first to do some standard functions.
animation from giphy.com
That's just my gut feeling from a newcomer in the crypto world. It looks like Bitcoin is trying to catch up with new contenders which already have all the features on board!
tôi thích litecoin ........chúng ta hãy đầu tư vào litecoin thay vì bitcoin
nice its work on lightning network which fast from waves @crypto-p
great Video, thank you for detailed explanations!
Currently i learn more about these extensions to Bitcoin. As i understood Lightning Network is a layer on top of Bitcoin and it can speeding up transactions significantly to millions and billions (per second?). Visa achieved 47,000 per second in 2013. Many argue that this is just a temporary solution which is not consistent because Bitcoin was not intented for such usage. I think of a kind of plugin code which uses the existing core of a software architecture and tries to implement advanced features which were not planned in the beginnings.
What do you think, can Lightning Network with Segwit activation compete with 2nd and 3rd generation blockchains? For example EOS possibly will make millions of transactions per second, IOTA has infinite scaling features and zero transaction fees, others will come.
Some argue that also with Lightning Network the transaction fees are too high for micro payments, therefore Satoshi Pay made a cut and is now is engaged with IOTA. Obviously they love Bitcoin for pioneering works but sometimes it seems like a Rube-Goldberg machine it has to do many complicated things first to do some standard functions.
animation from giphy.com
That's just my gut feeling from a newcomer in the crypto world. It looks like Bitcoin is trying to catch up with new contenders which already have all the features on board!
animation from giphy.com
Thank you for any hint!
Great knowledge share. Thanks crypto-p