Bitcoin Lightning Network

Bitcoin Lightning Network May Prove To Be a Boon For Cryptocurrency

For Bitcoin to compete on a global scale for its payment transactions, the total number of transactions every second has to match the demand. Bitcoin needs to satisfy the market’s desire for micro-transactions. Paying bitcoin for a beer is not possible with the existing state of the protocol.

For crypto enthusiasts, Bitcoin Lightning Network claims a scalable solution with the real-world instances.

Bitcoin Lightning Network Solution

Indeed, the underlying blockchain protocol of Bitcoin is quite slow and burdensome for creating a system that’s capable of hosting the world’s digital financial transactions. Many credit card companies are yet faster and more convenient in this regard, leaving a lot of skeptical of Bitcoin’s ability to disrupt the existing payment system.

In order to fix the issues like that of scalability, lack of micropayments, and high transaction fees, a second-layer software solution is under development that’s known as the Bitcoin Lightning Network.

  • Built atop the current Bitcoin Protocol. The hard fork isn’t required to implement the Lightning Network.
  • Develop a network of nodes for facilitating transactions. Anyone with a system can help host the network.
  • Permits for unlimited micro-transactions with astronomically small fees. 1:1 transfers are infinite theoretically.
  • Incentivizes another layer of transactions without weighing down the original blockchain.

The technology that underpins Bitcoin Lightning Network is still in its infancy, yet the working products have proved their ability to work.

Bitcoin Lightning Network – When Will It Be Available?

The Lightning Network is, in the present, operational, however, not functional on a global scale by far. Puzzle ITC is a firm developing an application making it easy for people to buying beer using Bitcoin, without excessive transaction fees.

Many real-world instances are coming online regularly. The demand to make Bitcoin a default global transaction system is about to take more work than many thought in the beginning. But, Lightning Network is already proving itself as the new first step in Bitcoin global domination.