Ever tried Lighting Network and Blockassino Coffee ?
If you are aware soon transactions on BTC will be almost free and super fast. All due to LN which should be implemented around May of this year (bullish date!).
Currently on of providers made a Eclair Wallet on testnet that supports this technology. Works on Android only.
https://play.google.com/store/apps/details?id=fr.acinq.eclair.wallet
Now you have testnet wallet with coins.. what to do? Well enter Starblocks - https://starblocks.acinq.co The LN test coffee shop.
Fun way to test how future technology will work and support fun company.
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Good luck with that. May isn't guaranteed and a lot can change in that time. New challengers are always just around the corner and Bitcoin hasn't done much yet to speed things up and make transactions cheaper. I guess I'm still in the "I'll believe it when I see it" camp for now.
Yeah it seems the general rule is slow and safe-ish or fast and breakable. I'm interested to see how some of the newer coins deal with attacks on their networks, we've already seen iota get hammered and have yet to see a big raiblocks attack. Each coin's dev team will have to come up with innovative solutions when transaction fees are so low or near-zero.
Bch is getting terabyte blocks with 7 million tx per sec!? Damn! Segwit and lighting need 3rd party permission to function on a massive scale. That's a big problem. https://twitter.com/VecchioAsh/status/953051924668076032
Excellent post!
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Great post @kingscrown
Sweet. BTC needs it. Transactions are slow and expensive. This is definitely bullish for BTC...
it's like they're victims of their own success
Thanks! I keep telling people and all the Bitcoin Cash pushers that
the devs, the LN, etc, are really going to solve all of these scaling and trx time problems, so just hold on and accumulate what you can now. With all the gains this year it's hard for most to grasp that BTC's price is still "low" right now.
I certainly hope that the Lightning Network will solve all problems, but I do not believe it to be any magic bullet. What Bitcoin really needed was a modest block size increase already previous year plus lightning network.
What I'm seeing is that one part of the Bitcoin community has been very negative towards SegWit and Lightning, while another part of the Bitcoin community has been very negative towards bigger blocks - while in reality we need both Lightning and bigger blocks.
I believe core is going to actually do a big block increase when LN is up and running and is used on 60% of all transaction got it from some reddit posts of core updates.
there is no soft forking way about going for bigger blocks. bitcoin core doesn't like hardforking unless its a must.. im a bitcoin maxamalist and i believe if bitcoin cant make it none other can. im patient. we need a currency that will stand the test of time and be there for the people that need and depend on it, no unnecessary risks
The funny thing is that most of the "small-blockers" who said "hardforks shouldn't be done, as they can cause a harmful chain split" later were rallying in support for UASF, apparently ignoring the fact that any attempt on forcing through a contentious soft fork with less than 50% mining support most likely would cause a harmful chain split. I think that's rather dishonest. It seems to me that the "hard fork"-terminology has been invented just for the purpose of keeping the current capacity limit unchanged, rather than the hard fork cost being the real reason why the capacity cannot be raised.
I tend to believe that deliberately failing to meet market demand is by far the biggest risk to Bitcoin. By now Bitcoin is down to around 33% market dominance according to coinmarketcap, that's dramatic! Only once before has it ever dipped below 50%.
What we're seeing now is an uncontrolled inflation in the crypto space, as people rather hold altcoins than Bitcoin. It would be OK if there was one dominant worthy competitor to Bitcoin taking over ... but it isn't, people prefer to invest in the newest crypto currency project in the space, hoping it will grow from near zero to a lot.
Well I got BCH because BTC was just plain hurt...
It seems you were right, the transfer fees charged for transferring bitcoin has reduced drastically recently. Still a long way to go before the mainstream inclusion of bitcoin as a payment method.
God bless you
Seriously as soon as this is stable and tested and in the real world BTC is going to triple if not more! Stock up babes! :P
In other news, Lightning is already working on the main chain - with one VPN-provider accepting lightning payments already. I really hope Lightning will "save the day" for Bitcoin, but I don't believe so. 2 MB block size already previous year + lightning this year would have been good, but I'm concerned Bitcoin will never get back to its former self now that it has even dipped below 33% crypto market cap according to CoinMarketCap.
I find it hard to believe lightning to be a silver bullet. For one thing, one still needs capacity on the blockchain to open and close channels. There is the network effect, why would one want to fund a channel if there is nothing to spend lightning on. Adoption will be slow - with SegWit all that was needed was to upgrade software and distribute new addresses, it was all fully compatible with the existing Bitcoin network - with Lightning the receiver must be on the Lightning network as well (and on the same network - I'm concerned we may get several isolated "network islands" on Lightning).
... just to mention a few problems I see with Lightning.
Not just BTC
Very bullish, investigated a lot in LN recently and it will really change the picture totally. Combined with the pressure on Coinbase to implement Segwit and make their systems more efficient BTC could be very useful as medium of exchange soon!
BTW do you know a wallet that supports main net lightning already? I want to play with real BTC and buy VPN on Torguard (they accept LN main net payments, but I can't find a main net wallet). When I bought it myself I plan to write about it and promote it via their affiliate program (promote LN and the first company to adopt and make some money).
Not user friendly yet.
Free and fast transaction on BTC? Can't wait!
when will BTC reach one million USD
With the implementation of the lightning network it might reach that million mark in a few years. I was getting worried for bitcoin in the last couple of weeks. The price has stagnated while other coins are surging.
LN is kinda mainnet all already it just the most of the working is now for user friendliness