Lightning Network Bitcoin May Not Remedy Transfer Time
Bitcoin, in contrast to its initially planned and established vision, is meeting increasing demands and difficulty in serving its customers quickly. The demand for Bitcoin, which promises fast, secure and inexpensive money transfer to the person as a philosophy in the first place, increases very seriously, leading the crypto money; it began to live a serious boredom in meeting this demand. Today, Bitcoin uses much less traffic than Visa and MasterCard payment methods, but it is a rather heavy and expensive payment method.
This proved to be a real problem for the team behind Bitcoin. The developer team that is trying to solve this problem is having serious problems in the face of stubbornness of the problem.
Bitcoin, which is a digital gold with 21 million pieces of gold, or even some of the modern times, is trying to develop new payment methods to solve this problem. However, the main problem here is that it is theoretically impossible to create a system that is not entirely decentralized. At the same time it is difficult to find an effective payment system and a constant money supply. Here are Bitcoin's chronic problems ...
Bitcoin Movement Too Few
If we look at the gold standards of the old world, there will be no such problems here. Because the system is already central. For example, in the 19th century , the classical gold standard achieved by the United Kingdom was very successful at that time, and it succeeded in getting one out of every three gold in the world . At the same time the British Pound was also the world's trade currency at the time and pound; It was supported by gold.
In the standardized countries, the UK countries were already natural, but in other countries, this standard had to be natural in order to be able to adapt to trade. At the same time, these other countries have even considered the Pound as the main currency so that things in their trade are easier.
On the web part of the job , the Bank of England managed to make this business online and has been creating the most central trading system since the Roman Empire.
But for Bitcoin, the fact that the system is not centered has brought about different characteristic features. Seriously increased demand and the prices on the airplane have also affected Bitcoin's stability in the long run.
The main reasons explaining volatility and variability in bitcoin prices are increasing demand. The fact that Bitcoin is not unlimited means that it is almost impossible to meet the increasing demand and it is at a level where it will almost become scarcity . Increasingly serious prices have also increased the desire of people to keep them in place, rather than using bitcoin for shopping, and the movement of money has diminished. People began to see Bitcoin as a means of making profits in a short period of time, rather than seeing it as a money instrument to be used in the future. A lot of people hold Bitcoin in a very small amount of money for 1 million dollars a day and we have 3-5 something to win, which narrows the usage area of the money.
If you come to the mining section of your job; yes, with Bitcoin mining this crypto money can still be removed, it is certainly not worth the amount to meet increasing demands. Once again, the miners also show the expeditiousness of spending that we have mentioned in the upper paragraph, this time the business is becoming incomprehensible.
In addition, the increased transaction volumes in the serious sense lead to serious hesitations and slowdowns in the network. Bitcoin is only doing verification, so there is no such thing as increasing the capacity. Miners also approve the payments of people who paid more money by acting in capitalist order in a shorter time. Customers who do not want to be the result of this imbalance in the bitcoin price or who want to avoid more damage, are also racing to complete the transfers immediately, paying serious money. If you do not pay serious money, the process can take a very long time to be approved.
This and many other cases are now the end, serious questions are being asked in the crypto money market. You will not be able to spend it, and the question of what to do with the money you can not turn into another currency has begun to be spoken seriously.
Does this have a solution or can it be solved? A lot of people are currently thinking about this issue and the common solution is the Lightning Network. The solution here is to provide a faster and faster method of payment by making all payments with an off-line system and reducing the concentration ...
What is this system?
The lightning payment method is a fast payment system that is double-sided and out-of-block. The payment types to be made here are actually smaller amounts. Let's just say that you want to buy and listen to a song you like on an important music platform, and you want to do it using Bitcoin. You can pay by paying a very small amount, but in the current system it will take a very long time and you will probably pay a lot more than you will pay for the submission; the stone you throw away, your fears will not touch the frog.
If people in the Lightning Network open enough channels to pay, the density will spread to every corner of the network, which will make things easier. But the problem is, how does the process work?
The developers of the system desire to build a system that selects the shortest method for the payment path and performs the payment by calculating which points on the network are most ready to pay. Congratulations if the system works this way; the problem is solved.
However, this is the theoretical part of the job right now. Of course, this is not what we mentioned above. The two basic problems can be confronted at this point:
The first problem is that since the Lightning system works with prepayment of payment channels, these money can also be used for other purposes when a total money investment is made. For this reason, if people are depositing money at one time, they can choose to keep their blood vessels at a low level by making less payments.
Another possible problem is that payments made to the channel often change. Typically, people pay for channels and gradually use their care. However, after the payment has been made, a substantial amount of residue may accumulate, it may melt away in a short time.
If a large majority of people choose the day they receive a salary to make a payment and want to use it from that car next month, the density on the network will not be as messy as it might seem; and especially in serious payments, the system will have serious problems in finding and selecting the most suitable route.
Actually, the Lightning payment system is at least as unstable as Bitcoin.
In the future, serious payment channels can be set up to solve these kinds of problems that people are likely to face, and these channels can always be kept in sufficient care to make large payments. But if this is done, then this payment system will be far from being centralized.
In addition , the channels returned by such large money payments will become a paradise for thieves. If a channel gets in the hands of hackers, you do not even want to think about the salvation of very serious payments on that channel.
One way to prevent this is to temporarily reduce these channels when they are paid. But this time, it will be something that violates Bitcoin's gold-like situation . If you want to trade gold but you do not have gold, you can not trade that very simple logic is required.
Of course these and similar payment methods are still upgradeable systems. But in the meantime, we are a long way from deciphering Bitcoin's chronic problems.