Congratulations! - Now We Are Getting Ready For Mass Adoption! - Lightning Wallet Eclair Main Net Goes Beta! - Android Wallet Next Week!
After years of scaling debate and civil war the most promising scaling solution is about to be available for the common user! Eclair announced today that the main net Lighting wallet is online and the Android wallet will follow next week! Congratulations!
What is Lightning?
Lightning is a system of payment channels that runs on top of the Bitcoin blockchain. Payments in a payment channel take place off chain and are instant and extremely cheap. When multiple payment channels are open you only have to connect with one of the nodes in the network to be able to make payments with everyone connected.
You only have to create one on chain transaction to fund your Lightning wallet and one to take BTC out. When this is done a normal BTC transaction fee have to be paid. This system will greatly increase the capacity of the network, because once a funding transaction is made you can transact unlimited without putting load on the blockchain.
HERE I wrote recently that the Lightning Network is moving fast and we need some patience for a consumer ready wallet. I expected it to take a few months, but after a few days it is already here!!
Bitcoin and Litecoin will be enormously scalable together
As written HERE, the Lightning Networks of BTC and LTC will be connected and exchangeable through atomic swaps. This means that you can send someone LTC and they can receive BTC if they prefer, and all for a tiny fee and instant!
The capacity of LTC is 4 times bigger than BTC, so together the capacity is 5 times as big as Bitcoin alone. When scaling effect of the Lightning network is added to that we see a huge capacity. Bitcoin is finally ready for mainstream adoption!
Uhhh, not so fast
Ok I have to admit, the network is not complete like described tomorrow. When the Android wallet comes out it will be ‘send only’ first. The reason is that you need to be online all the time to avoid cheating when you receive funds.
This will be solved by implementing watch towers, this are other nodes that earn a fee by watching incoming transactions to offline nodes and direct them to te blockchain as a judge when they are cheating. This will cost some time to implement, but this will not be long! Mass adoption won’t happen overnight, so when it starts now I believe Bitcoin can scale fast enough to absorb the growing demand.
Conclusion:
Over the previous months the Lightning Network was growing exponentially, but the common user couldn’t use it yet because they would have to set up a node and this is fairly complicated. Today the first online wallet came out and next week you will be able to use LN on your smartphone too.
Since many Lapps are build already the wallet will be useful from the start and adoption could skyrocket! You can now already buy VPN at Torguard or top up your phone at Bitrefill and when you own a website that is build in Wordpress you can easily accept LN payments using the plugin!
Disclaimer
This is no financial advice, just my view on the market.
Never stress in a bear market anymore: Follow my diversification protocol
Store your Bitcoins securely
Ledger hardware wallet
Trezor hardware wallet
Protect your privacy with VPN and pay with crypto
Torguard
Buy gold securely with Bitcoin and store in Singapore
Bullionstar
Like this post? RESTEEM AND UPVOTE!
Something to add? LEAVE A COMMENT!
Well done a very informative and positive post. I keep reading article after article in the MSM and crypto media pronouncing yet again the death of Bitcoin.
The U.S. Congress recently released its 2018 Economic Report, which included a chapter on Bitcoin/crypto. It gave a bullish endorsement to blockchain but did concede that cryptos such as Bitcoin had the potential to transform the financial industries on a global scale. We should all try and do our bit through talking to family friends promote developments such as Lightning to cut across the avalanche of FUD that Bitcoin and crypto are experiencing at the moment.
Nice post brooo
Is forex is better than cryptocurrencies?
Any suggestion please ?
Anyone opinion would be awesome.
Forex gains $5,580 in 3 days.
https://steemit.com/forex/@salahuddin2004/forex-prediction-2-usdjpy-successful-total-profit-usd5-858
Forex is much more volatile than cryptos. Moreover, if you are trading on a FX trading platform, your trades will be subject to margin calls, which can quickly result in major losses.
If you hold cryptos in your personal wallet, you can simply ride out the dips. Or, better yet, buy the dips.
One other point about forex. It's all fiat currencies, backed by nothing except manipulative central banks. And all fiat currencies eventually drop to their inherent value of .... ZERO. 'Nuff said.
Nice posr like it.....
very informative post about bitcoin and litecoin. thanks sir @michiel for sharing with us.
thank you very much @ michiel, your port is worth following, because it is discussing the issue of bitcoin that is ups and downs, maybe this is only temporary munurun, hopefully this
You got a 6.65% upvote from @postpromoter courtesy of @michiel!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
This is huge!! @michiel
Check this game out, look close with an open mind with what this new concept is doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income. The game has passed the crypto kitties game on the Dapp Radar. The smart contract is coded to tax 10% of the ETH. when users purchase the (P)roof (O)f (W)eak (H)ands tokens and divides the ETH. tax to people who are already holding and also 10% of when users sell “20% total”. The name of the game is to hold as long as you can while you get earnings from the constantly taxed “Strong hand” buys and the taxed “weak hand” sells. If you don’t want to play anymore, you can pull out all your earnings all at once but with a 10% tax fee that gets divided to the stronger hands. This is what the ERC-20 smart contract is programed to do. Doesn’t hurt to look at the contracts open source code at least, don’t let the opportunity pass you by.
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e
When Mass Adoption actually happens....you will see this type of move....and most of the public will miss the boat if they don't buy this pullback here..
https://steemit.com/bitcoin/@heyimsnuffles/the-bitcoin-bubble-4-0-the-best-is-yet-to-come
Lightning will be a massive step forward for bitcoin and at that point it will really test the potential of this technology.
LN on smartphone that will be amazing