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Bitcoin Lightning Network Explained

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#bitcoinscaling #lightningnetwork #bitcoinwallet

The Bitcoin Lightning Network, the long talked about and seemingly desired bitcoin scaling solution, hasn’t gained much traction in its current form. It’s still reserved for Bitcoin geeks and has yet to enter mainstream conversation. However, you don’t have to know what a bitcoin lightning node is to understand how it works. Tune in as we succinctly answer the question, “what is the Bitcoin Lightning Network?” In simple terms.

What is Bitcoin? Lightning Network Explained, chapters:

0:00 Introduction: What is Bitcoin & Bitcoin History recap.
0:46 Bitcoin Scalability: Bitcoin transaction speed remains a barrier to Bitcoin adoption.
1:07 Transferring Money Across Borders: Bitcoin is a better solution than using traditional financial system
1:38 Bitcoin Lightning Network: This Bitcoin scaling solution is a layer 2 network that runs on top of Bitcoin.
3:39 Lightning Network Progress: The Bitcoin Lightning Network still has ways to go in terms of user-friendliness needed for wider adoption.

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Bitcoin Lightning Network Explained with Layah Heilpern

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21 Comments

  1. Holy smokes this was mindblowing for me. I had no idea how lightning actually worked – the concept of an open channel is amazing. If the balance check of each party only occurs at the beginning of opening a channel, how can we ensure that the counter party hasn't opened a channel with someone else too and hasn't spent the same funds with us and their other counterparty? Or is it a deposit at the beginning and not a balance check?

  2. Lightning network is FIAT 2.0 and leads the original concept of Bitcoin as a peer to peer electronic cash system ad absurdum.
    Just make the blocks bigger and read the whitepaper again and understand what Bitcoin is all about. Lightning network has nothing to do with cryptocurrency and is completely unnecessary.

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