Bitcoin Lightning Network.
Bitcoin Auto Micro Payments will change the world!
A news website, say THE GUARDIAN could automatically charge you 0.5p for every article you read. Without you having to lift a finger.
NETFLIX could charge you by the 2p per 10mins for watching content.
Most people cant be bothered to sign up to various organisations for a monthly subscription so to funding a one size funds all Lightning channel as a one off - not a problem.
How to Creating a Lighning Wallet
Micro Payments are now possible and the possibilities are endless.
Bitcoin by its self is unable to process enough transactions to become a world currency. Something else was needed, a second layer that could deal with all the volume of transactions, such as the Lightning Network or Liquid.
It was amazing for a while everything worked the price was rising Bitcoin looked unstoppable.
Then in 2017 the bitcoin network was being used so much that it started to slow down taking up to 3 days to send a transaction.
You could not buy your "Coffee" with Bitcoin.
Not good for a world currency. People would have to pay a higher and higher transaction fees to get there transaction processed quicker. People became disillusioned the price dropped. Accusations of spamming the network where leveld at governments and certain other crypto currency leaders.
The trouble with ALL blockchains is the more transactions - the slower it gets. This applies to all Cryptos. So when people say this or that crypto is faster, its never been tried at scale. Different things have been invented like Dash's Master nodes, staking and bigger blocks, and to some extent they taken some of the BTC share of the market. This has caused all sorts of arguments - See Crypto Twitter where the arguments are still raging.
BUT - the lightning network is (we hope) starting to solve these issues. You can buy coffee or a penny chew or send 1 tenth of a penny right down to 1 satoshi virtually instantly! It may not be as secure as using Bitcoin directly, but its fine for Coffee - and you can still send Bitcoin in its original form.
- So if I was buying coffee I'd use Lightning and it would cost virtually nothing and be instantaneous.
- If I was sending $1000,000 to Zimbabwe, I'D use the original blockchain and it would still cost a lot less than a wire transfer and still be way faster ( 1 hr ).
Below a very early snapshot of Lightning Network how it looked.
What you need.
A bitcoin full node : eg Casa hodl.
A software lightning wallet. E.G. Zap wallet
Go Here https://zap.jackmallers.com
There is a list of items to download a few for MAC - Linux - Windows etc after trying the one file and getting nowhere I downloaded all of them but I guess you would just download the relevant ones to your O.S.
Casa Hodl Bitcoin node
Getting your lioghtning node connected:-
Thor: Lightning Channel-Opening Service
As the Lightning Network grows in capacity, we are doing our best to take advantage of its capabilities and offer utilities that Bitcoiners can take advantage of.
Thor allows you to open private channels with our well-connected Lightning node, on demand, with custom capacities (300,000 to 16,000,000 sats).
The lightning way ⚡️
Receive tips and micro-payments everywhere
with this Lightning Network wallet.
Cash out anytime.
If you still want to learn more about LN, check these links :-
Live on CryptoPurchase Gift Cards or Mobile Refills from more than 1650 businesses in 170 countries. Get eGifts & pay mobile bills quickly, safely, and privately with Bitcoin and other cryptocurrencies
How to create a store that accepts Bitcoin Lightning Payments.
Lightning Labs Wallet Apps
Fun with Lightning
Gambling - https://lightningspin.com/
Highest score for the day takes all. 1p to play.
Buy merchandise with lightning payments.
Shop Merchandise (Bitcoin Lightning only)